§1022e Inflation

Summary

Congress requires that the goal of achieving reasonable price stability as soon as feasible (set out in sections 1022(a)(3) and 1022a(a)) must be pursued by the methods and rules in section 1022b(b). Congress also says relying only on fiscal or monetary policy can make inflation and unemployment worse. It says fiscal and monetary steps should be used together with targeted policies. The President must start specific policies to lower inflation. The President must recommend actions to Congress when needed and include recommendations in the Economic Report and the President’s budget when possible. Possible structural policies cover 8 types of actions, including a system to track inflation and bottlenecks; programs to ease shortages (especially food, energy, and critical industrial materials); stockpiles of farm and other critical commodities; steps to raise productivity through voluntary labor-management arrangements; actions to increase competition and help small businesses (including stronger antitrust, patent, and tax rules); removing or changing government rules that add costs; boosting exports and international competitiveness; and other administrative actions and legislative recommendations the President thinks useful to promote reasonable price stability.