Mike Pence, Republican Conference Chair, Introduces Bill to End the Federal Reserve's Dual Mandate

Common Sense Legislation once again from the Congressman from Indiana, Mike Pence. Why are we not surprised this dual mandate goes back to 1977 when Jimmy Carter was President? Two really bad President's in my lifetime -- Carter and Obama. Hope this is the last of the President's who don't seem to have a clue.

Word to the wise -- Republicans need to nominate a candidate who is intelligent, has experience in Government, can interview and speak very well without a teleprompter, know the subjects they are talking about including geography, and can appeal to independents as well as Republicans because without the independents we don't win in the general election.  Most independents are center right so that should be no problem for a good conservative candidate with Common Sense!

November 16, 2010

Pence Introduces Bill to End the Federal Reserve's Dual Mandate

“It’s time to return the Federal Reserve to the singular mission of protecting the fundamental strength and integrity of the dollar.”

Washington, DC - U.S. Congressman Mike Pence, Chairman of the House Republican Conference, released the following statement today as he introduced legislation to scale back the mandate of the Federal Reserve:

“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.”