Today, U.S. Rep. Steve Pearce joined five other members of Congress in introducing the FFOCUS Act of 2013, a bill to "Focus the Fed on the Currency of the United States."
"I'm proud to introduce this important legislation" said Pearce. "As the Fed continues printing money and expanding its reach, Americans see their hard-earned savings lose value. The FFOCUS Act will provide the clearly defined role the Fed needs, for a stronger and more stable currency that will give us a dependable future for our economy."
The Federal Reserve Bank (commonly known as the Fed) refers to its overreach into monetary policy as "Quantitative Easing." Despite a reassuring name, the Fed's actions do little to ease our economy. The Fed's "easing" means printing more money, which in turn devalues our currency. The purchasing power of the U.S. dollar is declining, and has been for a century: the dollar's value has decreased by 96% since the Fed was established. The FFOCUS Act terminates the "full employment" mandate of 1978. Removing a full employment mandate from the Fed's purview would end an era of misguided monetary policy hung over from the Carter Administration that weakened our economy and inflicted staggering interest rates, and now threatens severe inflation on Americans. Today's bill redirects the Fed toward long term price stability for a healthy economy, preserving the value of the dollar.
Congressman Pearce is an original co-sponsor of the FFOCUS Act of 2013.