H.R. 6053 (110th): Price Stability Act of 2008

Introduced:
May 14, 2008 (110th Congress, 2007–2009)
Sponsor:
Rep. Paul Ryan [R-WI1]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on May 14, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced May 14, 2008
Cosponsors
5 cosponsors (5R) (show)
Committees

House Education and the Workforce

House Financial Services

House Budget

The committee chair determines whether a bill will move past the committee stage.

Full Title

To require the Board of Governors of the Federal Reserve System to focus on price stability in establishing monetary policy to ensure the stable, long-term purchasing power of the currency, to repeal the Full Employment and Balanced Growth Act of 1978, and for other purposes.

Summary

No summaries available.

Text

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Last updated May 14, 2008.
9 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/14/2008--Introduced.
Price Stability Act of 2008 - Declares it is US policy that the principal economic responsibilities of the Government are to establish both long-term economic growth and increases in living standards, maintain free markets, low taxes, respect for private property, and the stable, long-term purchasing power of US currency. Declares that the promotion of price stability should be the primary long-term goal of the Board of Governors of the Federal Reserve System. Amends the Federal Reserve Act to revise the mandate of the Board and the Federal Open Market Committee to require them to: (1) establish a numerical definition of the term "price stability"; and (2) maintain a monetary policy that promotes long-term price stability. Requires the Board to consult with, and report to, Congress semi-annually about Board and Committee objectives and plans to achieve and maintain price stability. Repeals the Full Employment and Balanced Growth Act of 1978.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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