Financial Stability Mandate Act

I 118TH CONGRESS 1ST SESSION H. R. 1664 To require the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to consider inflation, employment, and financial stability when setting interest rates. IN THE HOUSE OF REPRESENTATIVES MARCH 17, 2023 Mr. TORRES of New York introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to con- sider inflation, employment, and financial stability when setting interest rates. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Financial Stability 4 Mandate Act’’. 5 SEC. 2. INTEREST RATE CONSIDERATIONS. 6 Section 2A of the Federal Reserve Act is amended— 7 VerDate Sep 11 2014 05:14 Mar 30, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1664.IH H1664 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 1664 IH (1) by striking ‘‘The Board of Governors of the 1 Federal Reserve System and the Federal Open Mar- 2 ket Committee shall’’ and inserting the following: 3 ‘‘(a) IN GENERAL.—The Board of Governors of the 4 Federal Reserve System and the Federal Open Market 5 Committee shall’’; and 6 (2) by adding at the end the following: 7 ‘‘(b) CONSIDERATIONS.—The Board of Governors of 8 the Federal Reserve System and the Federal Open Market 9 Committee shall, when setting interest rates, consider in- 10 flation, employment, and financial stability.’’. 11 Æ VerDate Sep 11 2014 05:14 Mar 30, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H1664.IH H1664 kjohnson on DSK79L0C42PROD with BILLS