Summary
This lame-duck Congress -- its mandate exhausted, many of its members repudiated -- should merely fund the government for a few months at current spending levels with a "continuing resolution," then apologize for almost everything else it has done, and depart. If, however, the 111th Congress wants to make amends, it should repeal something the 95th did.
The Humphrey-Hawkins Full Employment Act of 1978 gave the Federal Reserve a "dual mandate." Although the central bank is a creature of Congress, it is, in trying to fulfill this mandate, becoming a fourth branch of government.See the full content of this document
Extract
The Fed's Dual Mandate Trap
The Fed's large, and sufficient, original mission was to maintain price stability -- to preserve the currency as a store of value. "Mission creep" usually resu...
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