Will Republicans push to end the dual mandate of the Federal Reserve?

Tsing Tao

Tsing Tao

interesting clip and article on the subject here:

http://www.zerohedge.com/article/ar...h-eliminate-employment-part-feds-dual-mandate

today, bob corker, junior senator from Tennessee has just come out with this statement:

http://www.bizjournals.com/nashville/news/2010/11/16/corker-federal-reserve-economic-recovery.html

calling for an end to the fed focusing on unemployment as part of their mandate, and focusing only on inflation.

if that is the case, and this gains steam, ben bernanke might just lose his excuse for keeping free money...er...free.

we can pray.
 
Quote from Random.Capital:

This would remove the Fed as convenient whipping boy - I doubt very much this goes anywhere.
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i think it gathers steam if inflation does. the problem is that the dual mandate conflicts, as everyone knows it does. so the fed has carte blanche on deciding which part of the mandate it wants to address. name one other central bank in the world that has this type of dual mandate.
 
I'm not arguing that the mandate should or shouldn't be changed - I am merely suggesting that Congress is unlikely to make a change that would take away one of their favorite scapegoats.
 
Republican lawmakers plan to introduce a bill today requiring the Fed to promote price stability while no longer seeking maximum employment.
 
Quote from ASusilovic:

Republican lawmakers plan to introduce a bill today requiring the Fed to promote price stability while no longer seeking maximum employment.
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This is basically the BOE mandate and one with more realistic goals.

The current Fed mandate is poppycock
 
Congress has very little (if any) control over what the Fed does and does not do. The banking system runs this country.
 
Some of the most corrupted individuals who walk the earth are members of Congress. They also happen to be some of the most ignorant and thoughtless buffoons we could possibly find.

It really is a stretch to believe that this collective clusterfuck of stupidity and corruption could come together on such an initiative. Instead, they'll be dragged into a conference room and told that doing such will crash the markets, lol.

The irony is that I'd bet a larger percentage of the population would actually welcome a crash in the markets if it crashed commodities and strengthened the dollar. Of course, the media would try to brainwash all of the sheeple into believing that the "deflationary monster" will kill us all.
 
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