U.S. House considers bill to end Fed's dual mandate

The U.S. House Financial Services Committee is considering a bill to amend the Federal Reserve Act, which would eliminate the Fed's dual mandate of maximum employment and price stability in favor of a single mandate focused only on price stability, according to Nick Timiraos of The Wall Street Journal. The proposed legislation would amend Section 2A of the act by removing the phrase "maximum employment, stable prices," leaving only "stable prices." Timiraos noted that it is worth considering whether the Fed would have cut interest rates last year if the bill had already been law.