Federal Reserve Reform: Prioritizing Full Employment and Economic Equity.
This Act modifies the Federal Reserve's mandate, requiring it to actively pursue "maximum employment," defined as minimizing involuntary part-time work, ensuring median wage growth matches productivity, and reducing racial and gender disparities in pay and unemployment. It also restructures regional Fed boards by removing directors representing commercial banks, aiming for greater representation of labor and consumer interests. Citizens should see monetary policy decisions more focused on improving job quality and reducing economic inequality.
Key points
The Fed's primary goal is redefined to include actively reducing disparities in unemployment and pay among demographic groups.
Eliminates directors representing commercial banks (Class A and B) from regional Federal Reserve Bank boards.
Requires regional banks to interview diverse candidates, including those with consumer or labor advocacy experience, for president positions.
Expired
Citizen Poll