Bill would drop "maximum employment" from the Fed's official mandate
Placed on the calendarH.R. 5396Latest action
Sponsor: J. French Hill · Representative · AR
AIDecoded by AI · checked against the recordRead the official text
Official title: Price Stability Act of 2026
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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HR 5396 would remove the Fed's maximum employment goal, leaving stable prices as its main required focus.
40-second read · 4 questions answered below
What does this do?
HR 5396, the "Price Stability Act of 2026," would remove the "maximum employment" requirement from the Federal Reserve Act's dual mandate. This would leave stable prices as the Fed's main legally required goal when setting policies like interest rates.
Who does it affect?
This affects anyone using mortgages, credit cards, business loans, or savings accounts, since Fed policy shapes interest rates and job growth. Workers, businesses, borrowers, savers, and policymakers who rely on the Fed's current dual approach would all see changes.
Why does it matter?
Without an explicit employment mandate, the Fed's rate decisions could focus more narrowly on controlling inflation, without a required weighing of effects on jobs and unemployment. This could shift how the Fed responds during economic downturns.
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Where does it stand?
- IntroducedSep 16, 2025
- House committee
- House voteYou are here · Jun 24, 2026
- Senate
- The president's desk
Right now: it was placed on the , and the official record shows no floor action on it since. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Placed on the Union Calendar, Calendar No. 616.