Federal RuleAug 21
62
DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-4975119th CongressWALLET
TOO LATE Act
Sponsored By: Representative Carter, Earl L. "Buddy" [R-GA-1]
Introduced
Summary
Creates a data-based trigger for removing the Federal Reserve Chair. The bill would let the President remove the Chair if the Federal funds target rate moves too far from specified benchmarks for two consecutive quarters.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New trigger to remove Fed Chair
This bill would tie the Fed Chair’s job to rate benchmarks. The President could remove the Chair if, for two quarters in a row, the Fed’s main rate is over 200 basis points (2 percentage points) away from the average of any two of three benchmarks. The benchmarks are: the PCE price index, the 5‑year Treasury minus 5‑year TIPS spread, and the gap between the Fed’s and CBO’s unemployment estimates. If the trigger is met, the President would have to publish a statement using the data and explaining policy, and send it to Congress. House Financial Services and Senate Banking would hold hearings within 30 days. The “Federal funds target rate” here means the upper bound of the FOMC’s target range.
Sponsors & CoSponsors
Sponsor
Carter, Earl L. "Buddy" [R-GA-1]
GA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov