Republicans Make First Move on Federal Reserve

[ClydeR]

(CNSNews.com) - Rep. Mike Pence (R-Ind.) says he’s introducing a bill on Tuesday that would require the Federal Reserve to focus solely on inflation.

The bill would strike the “dual mandate” in the Federal Reserve Act of 1977, which directs the Fed to promote stable inflation and maximum employment.

More... (http://www.cnsnews.com/news/article/republican-bill-would-require-federal-re)

I agree with this. The Federal Reserve is just doing this to decrease unemployment, and that will help Obama politically in two years. The Federal Reserve should focus on preserving the value of money owned by people who worked to earn it, instead of trying to make jobs for lazy people.

This will surely help Mike Pence a lot with his presidential aspirations.

[~Rocktar~]

The Federal Reserve has less control over the money supply that one might think. Want to control the value of money, then change the law that limits the ratio of deposit to lending, currently I think it is set at 9 to 1, I could be wrong. If you made the legal limit slowly lower from say 9 to 1 to 8.95 to 1 and take yearly steps to drop down to 8.75 to 1 or lower then you will preserve the value of money far more than anything the Fed can do.

In addition, maximum employment is a good thing, more people working means less people collecting welfare. Less taxes, the repeal of Obama care and the minimum wage hike, again, would enable far more of this than anything the Fed can do.

So, token law, token effort, sounds good but not all that effectual.