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.)

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