ICYMI: WSJ LETTER TO EDITOR: CONGRESS CAN MAKE THE FED FOCUS ON INFLATION
WASHINGTON, D.C.,
December 3, 2024
Congress Can Make the Fed Focus on Inflation
by Rep. French Hill (R-AR) and Rep. Byron Donalds (R-FL) December 3, 2024 Judy Shelton is right: “Trump Should Challenge the Fed’s Policies” (op-ed, Nov. 29). As President-elect Trump prepares for his second term, recalibrating the Federal Reserve’s focus to its core mission—price stability—should be at the top of Trump’s priority list. We are the authors of the Price Stability Act, the only bill in Congress that calls for price stability to be the Fed’s sole mandate. The Fed needs to end its dual mandate, steer clear of policy fads like climate mandates and give the whole of its attention to taming inflation. With Mr. Trump in command, we have an opportunity to return the Fed to making data-driven decisions on monetary policy. It can take a rules-based approach to setting interest rates that achieve its core, essential mission of price stability—no matter if rates go up or down. It is time we let our financial institutions focus on their core mission of fueling economic growth with accessible credit. The Fed must focus on its core mission of taming inflation. |
