From WSJopinion: In keeping with its historical mandate, the Fed should pursue a more coordinated relationship with both Congress and the president, writes judyshel
On August 19, 2019, Business Roundtable redefined its mission, pushing for CEOs to benefit stakeholders, as well as shareholders who own the company. Image: APThe role of the Federal Reserve as an instrument of public economic power could use some clarification. The central bank’s status as an independent agency derives from an act of Congress in 1913, and is reinforced by oft-invoked references to its statutory “dual mandate”: to achieve stable prices and full employment.
But the Fed’s job description is more complicated than people usually think. Its purposes have evolved through various legislative changes over the decades, the most notable of which was imposed by Congress in...
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