Economic Growth and Price Stability Act of 1997
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Apr 17, 1997)
Economic Growth and Price Stability Act of 1997 - Amends the Federal Reserve Act to repeal the mandate of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to maintain long run growth of monetary and credit aggregates in order to promote maximum employment, stable prices, and moderate long-term interest rates. Replaces such mandate with a mandate to: (1) establish an explicit numerical definition of "price stability"; and (2) maintain a monetary policy that effectively promotes long-term price stability.
Repeals the mandate of the Board and the Committee to report biannually to the Congress on national economic trends, taking into account unemployment, investment, and productivity. Replaces such mandate with a mandate to consult semiannually with the Congress and report on their plans and the time required to achieve price stability.
Repeals the Full Employment and Balanced Growth Act of 1978 (Humphrey-Hawkins Act). Amends the Employment Act of 1946 and the Congressional Budget Act of 1974 to reflect the provisions of this Act.
What just happenedMay 16, 1997
Referred to the Subcommittee on Domestic and International Monetary Policy.
Who’s behind it
- Introduced in HouseApr 17, 1997
- May 16, 1997CommitteeH11000
Referred to the Subcommittee on Domestic and International Monetary Policy.
Domestic and International Monetary Policy Subcommittee - May 2, 1997CommitteeH11000
Referred to the Subcommittee on Postsecondary Education, Training and Life-Long Learning.
Postsecondary Education, Training and Life-Long Learning Subcommittee - Apr 17, 1997IntroReferralH11100
Referred to House Budget
Budget Committee - Apr 17, 1997IntroReferralH11100
Referred to House Education and the Workforce
Education and Workforce Committee - Apr 17, 1997IntroReferralH11100
Referred to House Banking and Financial Services
Financial Services Committee - Apr 17, 1997IntroReferralH11100-A
Referred to the Committee on Banking and Financial Services, and in addition to the Committees on Education and the Workforce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Apr 17, 1997IntroReferralIntro-H
Introduced in House
- Apr 17, 1997IntroReferral1000
Introduced in House