Today, Rep. French Hill (AR-02) joined CNBC’s Squawk Box to discuss his bill, H.R. 7209, the Price Stability Act, and his efforts to end the Federal Reserve’s (the Fed’s) dual mandate and direct the Fed to focus solely on fighting inflation.
To watch the interview, click HERE.
Topline Quotes:
- “I think the priority for the central bank should be sound money and therefore price stability.”
- “I believe the 1977 act adding full employment to the concept of sound money made their job tougher.”
- “In August of 2020, the Fed changed its longstanding policy of almost four decades, which is they were going to let inflation run ahead of its target because they felt like there was no risk to inflation running away, and here we are just two years later at forty-year highs in inflation due to, in my view, very fast M2 growth at the Fed, very expansive monetary policy combined with the Biden Administration’s bad fiscal policy since coming into office.”
- Further Background:
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- On March 24, 2022, Rep. Hill and Rep. Byron Donalds (FL-19) introduced H.R. 7209, to focus the Fed solely on containing inflation.
- 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 Fed’s dual mandate.
- On June 15, 2022, Rep. Hill spoke on the House Floor in opposition to House Democrats’ bill expanding the Fed’s mandate to address socio-economic disparities. Rep. Hill offered the Price Stability Act as an amendment to replace the underlying bill.
