H.R. 245: To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment.
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H.R. 245: To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment.
112th Congress · introduced 2011-01-07 · Economics and Public Finance · Latest: Subcommittee Hearings Held.
federal
Follow this bill, step by step
- Where it came from: introduced 2011-01-07 · official record
- Who proposed it: Rep. Pence, Mike [R-IN-6] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Subcommittee Hearings Held. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment.
Plain summary
Amends the Federal Reserve Act to repeal the joint mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to make maximum employment one of the goals of their duty to maintain long run growth of the monetary and credit aggregates commensurate with the U.S. economy's long run potential to increase production.
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
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A “Yea” vote
If it passes both chambers and is signed, it becomes law.
A “Nay” vote
If it is not passed, current law stays as it is.
PSI Sci description of the legislative step (not an opinion).
What does this mean? (plain words)
Official text
To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment.
Source: Congressional Research Service summary (Introduced in House)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Rep. Pence, Mike [R-IN-6] · 4 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
Tom McClintock (R-CA)
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr245.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>
Record fed-us-cong112-hr245 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112