H.R. 6042 (110th): Price Stability and Inflation Targeting Act of 2008

Introduced:
May 13, 2008 (110th Congress, 2007–2009)
Status:
Died (Referred to Committee)
Sponsor
James “Jim” Saxton
Representative for New Jersey's 3rd congressional district
Party
Republican
Text
Read Text »
Last Updated
May 13, 2008
Length
4 pages
Related Bills
H.R. 6053 (Related)
Price Stability Act of 2008

Referred to Committee
Last Action: May 14, 2008

 
Status

This bill was introduced on May 13, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced May 13, 2008
Referred to Committee May 13, 2008
 
Full Title

To mandate price stability as the primary goal of the monetary policy of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee.

Summary

No summaries available.

Cosponsors
none
Committees

House Financial Services

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


5/13/2008--Introduced.
Price Stability and Inflation Targeting Act of 2008 - Declares that the primary and overriding goal of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee with regard to monetary policy shall be the achievement of price stability.
Authorizes the Board and the Committee to suspend such goal if the Committee, by a majority vote, and the President jointly determine such suspension necessary due to war or an economic emergency.
Requires the Board and the Committee to: (1) establish a definition of the goal of price stability; (2) implement such definition through inflation targets; and (3) specify a timeframe for achieving such goal.
Directs the Board to determine in advance what action it will take if the goal of fully achieving price stability is not met within the timeframe established by the Board and the Committee.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

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