H.R. 492: FFOCUS Act of 2013

113th Congress, 2013–2015. Text as of Feb 04, 2013 (Introduced).

Status & Summary | PDF | Source: GPO and Cato Institute Deepbills

I

113th CONGRESS

1st Session

H. R. 492

IN THE HOUSE OF REPRESENTATIVES

February 4, 2013

(for himself, Mr. Mulvaney, Mr. McClintock, Mr. Westmoreland, Mr. Thornberry, Mr. Nugent, Mr. Woodall, Mr. Pearce, and Mr. Young of Indiana) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment.

1.

Short title

This Act may be cited as the Focusing the Fed on the Currency of the United States Act of 2013 or the FFOCUS Act of 2013.

2.

Removal of dual mandate

Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended by striking maximum employment, stable prices, and inserting stable prices.