WASHINGTON, D.C. – Today, Rep. French Hill (AR-02) spoke on the House Floor in opposition to House Democrats’ bill expanding the Federal Reserve’s mandate to address socio-economic disparities. Inflation is at a 40-year high and Rep. Hill offered an amendment to focus the Federal Reserve solely on fighting inflation.
Topline Quotes:
- "Instead of working with Republicans on policies that could see bipartisan support in the House, Democrats put together a partisan package of bills that politicize our central bank and does nothing to address the inflation that's hurting American families and workers."
- "At a time when our central bank has failed to carry out its current mandate to contain inflation, Democrats want the Fed to not only be a climate regulator, but to end racial inequity too.”
- "Expanding the Fed’s mandate to address socio-economic disparities would further inject uncertainty and risk into the Fed’s monetary policy and politicize our historically independent central bank.”
- “House Republicans believe Congress should return to pre-pandemic debates on spending priorities, abandon economic pop science fads like Modern Monetary Theory, and urge the Federal Reserve to focus on its core mission – sound money and price stability.”
Further Background:
- Rep. Hill and Rep. Donalds introduced H.R. 7209 in March. The bill would amend the Federal Reserve Act, to return the Federal Reserve Board of Governors and the Federal Open Market Committee to the single mandate to maintain stable prices.
- On April 6, 2022, Rep. Hill and Rep. Donalds published an op-ed in The Hill outlining the Price Stability Act and urging Congress to reassess the Federal Reserve’s dual mandate.
