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H.R. 1396 105th Congress House

Economic Growth and Price Stability Act of 1997

Official title: To require the Board of Governors of the Federal Reserve System to focus on price stability in establishing monetary policy to ensure the stable, long-term pur… Show full official titleShow less

Official title: To require the Board of Governors of the Federal Reserve System to focus on price stability in establishing monetary policy to ensure the stable, long-term purchasing power of the currency, to repeal the Full Employment and Balanced Growth Act of 1978, and for other purposes.

Introduced: April 17, 1997 See on congress.gov
Economics and Public Finance Civil Rights and Liberties, Minority IssuesCommerceCongressCongressional reporting requirements
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CreditEconomic growthFederal Reserve SystemFinance and Financial SectorForeign Trade and International FinanceFull employment policiesIndustrial productivityInterest ratesLabor and EmploymentLabor productivityMonetary policyOpen market operationsPrice regulationPricesPurchasing powerRight of propertySaving and investmentStandard of livingTax ratesTaxation
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 7 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 16, 1997
Referred to the Subcommittee on Domestic and International Monetary Policy.
May 2, 1997
Referred to the Subcommittee on Postsecondary Education, Training and Life-Long Learning.
Apr 17, 1997
Referred to House Budget
Apr 17, 1997
Referred to House Education and the Workforce
Apr 17, 1997
Referred to House Banking and Financial Services
Apr 17, 1997
Referred to the Committee on Banking and Financial Services, and in addition to the Committees on Education and the Workforce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Apr 17, 1997
Introduced in House
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 Latest action May 16, 1997

Referred to the Subcommittee on Domestic and International Monetary Policy.

 Plain-English summary Congressional Research Service

Economic Growth and Price Stability Act of 1997 - Amends the Federal Reserve Act to repeal the mandate of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to maintain long run growth of monetary and credit aggregates in order to promote maximum employment, stable prices, and moderate long-term interest rates. Replaces such mandate with a mandate to: (1) establish an explicit numerical definition of "price stability"; and (2) maintain a monetary policy that effectively promotes long-term price stability.

Repeals the mandate of the Board and the Committee to report biannually to the Congress on national economic trends, taking into account unemployment, investment, and productivity. Replaces such mandate with a mandate to consult semiannually with the Congress and report on their plans and the time required to achieve price stability.

Repeals the Full Employment and Balanced Growth Act of 1978 (Humphrey-Hawkins Act). Amends the Employment Act of 1946 and the Congressional Budget Act of 1974 to reflect the provisions of this Act.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 5
 Cosponsors 2
All 2 Republican 1
R
Graham, Lindsey
South Carolina · Apr 17, 1997
SMITH, NICK
· Apr 17, 1997
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1396: Economic Growth and Price Stability Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-HR-1396/
MLA
"H.R. 1396: Economic Growth and Price Stability Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-1396/.
Bluebook (legal)
H.R. 1396, 105th Cong. (2026), https://openamerica.io/bill/105-HR-1396/.
Markdown link
[H.R. 1396: Economic Growth and Price Stability Act of 1997](https://openamerica.io/bill/105-HR-1396/)
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