The Corner

Pence: ‘End the Fed’s Dual Mandate’

Today, Rep. Mike Pence (R., Ind.) introduced legislation that would limit the mission of the Fed to controlling inflation. The legislation comes as a response to the Fed’s latest round of quantitative easing, which many fear will spur inflation. Pence issued the following statement on the legislation:

“Since 1977 the Fed has been forced to develop monetary policy that balances concerns for employment and inflation. The bill I’m introducing today will end that dual mandate and put the Fed back in the business of solely focusing on price stability and preventing inflation.

“The Fed’s QE2 decision earlier this month to print $600 billion, as an attempt to reduce unemployment, is another example of the failure of its dual mandate. By using monetary stimulus in this way, the central bank has actually taken steps that will prove inflationary in the long run. Printing money is no substitute for sound fiscal policy.

“The Federal Reserve should focus solely on controlling inflation.  Unemployment is a matter of great seriousness to the American people, but it is the job of the Congress and the President to put forth pro-growth policies on taxes, to rein in government spending, and to reduce the regulatory burden in order to create an environment that is friendly to our nation’s job creators and that sustains long-term employment. The Fed’s full employment mandate has, too often, led to short-term fixes with long-term inflationary consequences that will not lead to job creation. It’s time to return the Federal Reserve to the singular mission of protecting the fundamental strength and integrity of the dollar.”

Daniel Foster — Daniel Foster is a former news editor of National Review Online.

Most Popular

Culture

Jussie Smollett Jokes Declared Off-Limits

The Jussie Smollett story has been declared not fit for jokes. "It's a straight-up tragedy," declares the co-creator of a Comedy Central show, South Side, set in Chicago. Bashir Salahuddin, a former Jimmy Fallon writer, says “The whole situation is unfortunate. Particularly for the city, there’s bigger ... Read More
U.S.

What The 1619 Project Leaves Out

“The goal of The 1619 Project, a major initiative from The New York Times that this issue of the magazine inaugurates, is to reframe American history by considering what it would mean to regard 1619 as our nation’s birth year,” The New York Times Magazine editors declare. “Doing so requires us to place ... Read More
PC Culture

Courage Is the Cure for Political Correctness

This might come as some surprise to observers of our campus culture wars, but there was a time, not long ago, when the situation in American higher education was much worse. There a wave of vicious campus activism aimed at silencing heterodox speakers, and it was typically empowered by a comprehensive regime of ... Read More
Film & TV

The Movies Take On Limbaugh, Levin, et al.

Oh, good, here’s the lefty British comic Steve Coogan to give us his take on American right-wing talk radio. Let’s all settle in for some deep insights. The comedy-drama is dismally titled Hot Air. No, seriously. That’s what they came up with. Coogan’s Lionel Macomb is introduced to us via his ... Read More
White House

Trump’s Ignorant Comments on Israel

Making the click-through worthwhile: figuring out what President Trump meant when he said Jews who vote for Democrats show “either a total lack of knowledge or great disloyalty”; examining the data on how American Jews actually feel about Israel; and why Democrats will always find a way or a reason to avert ... Read More