From the archives: Enacting the Fed’s dual mandate into law

by Sarah Binder on December 13, 2012 · 2 comments

in Political Economy


My brief post yesterday on the legislative origins of the Fed’s new “Evans Rule” deserved a more fitting illustration.  Here is it: President Carter signing into law the Humphrey-Hawkins Full Employment and Balanced Growth Act of 1978.  That’s the statute that mandated the Fed’s dual responsibilities, which the Fed yesterday aggressively embraced in its monetary policy statement.  (Granted, the dual mandate was first codified the year before in the Federal Reserve Act Amendments of 1977.  If you can find a photograph of Carter signing that bill into law, you’ve out-googled me.)

{ 2 comments }

ricketson December 13, 2012 at 6:41 pm

Is Carter really only 2 cm wide? Or is that two meters?

John Baughman December 14, 2012 at 8:54 am

He was in fact only 2cm wide at the time.

A New York Times editorial on September 18, 1994 said, “Mr. Carter, who will be 70 on Oct. 1, deserves the growing harvest of honors from Americans who seem surprised to discover how much the Georgian has grown in stature since his defeat in 1980 by Ronald Reagan.” Now, 34 years of growth later, his width — and height! — are nearly the same as those of the average American adult male.

This photo is proof of just how much his stature has grown.

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