GOP Senators Push To End Fed's Dual Mandate

Law360, New York (February 4, 2013, 7:53 PM EST) -- Republican senators on Monday introduced legislation that would require the Federal Reserve to focus only on keeping inflation low, eliminating the central bank's other mandate of maximizing employment that has resulted in the purchase of trillions of dollars worth of government debt.

Sen. Bob Corker, R-Tenn., and Sen. David Vitter, R-La., said that their bill would simplify the Fed's function by removing the so-called “dual mandate,” and would force Congress to tackle tough fiscal issues that are masked by the Fed's asset purchases.

“Providing the Fed...
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