Economic Growth and Price Stability Act of 1999

Summary

Economic Growth and Price Stability Act of 1999 - 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 Congress, and to 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.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 August 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 August 1999

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• Introduced in Senate

  summary · EN · 4 August 1999

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