To mandate price stability as the primary goal of the monetary policy of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee.
Price Stability Act of 1997 - Declares that the primary and overriding goal of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee with regard to monetary policy shall be the achievement of price stability.
Authorizes the Board and the Committee to suspend such goal if the Committee, by unanimous vote, and the President jointly determine such suspension necessary due to a public interest exigency.
Instructs the Board and the Committee to establish an explicit numerical definition of the goal of price stability using prescribed criteria.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Domestic and International Monetary Policy.
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