Former Vice President Mike Pence is calling for an end to the Federal Reserve’s dual mandate, saying the central bank should focus solely on fighting inflation and leave creating jobs to Congress and the president. Know more:
Former Vice President Mike Pence is calling for an end to the Federal Reserve’s dual mandate, saying the central bank should focus solely on fighting inflation and leave creating jobs to Congress and the president.
“We would do well as a nation to return the Federal Reserve to its historic mission of ensuring sound monetary policy and look after the strength of our currency and let elected officials worry about full employment,” Pence said in the interview. Asked about Trump’s contention during a CNN town hall last week that default would have more of a psychological effect, Pence said, “I have to believe it would not be good, particularly at a time that other foreign powers, notably China, are making efforts to replace the American dollar as the reserve currency on global markets.”
Pence and others largely abandoned the push to narrow the Fed’s mandate when he was vice president to Trump, who pressed Powell to keep rates low to stimulate the economy.At the event hosted by the Josiah Bartlett Center for Public Policy in Concord, Pence talked about the need for slashing government spending and reforming Social Security and Medicare, a contrast to Republicans such as Trump and McCarthy who say the popular entitlement programs shouldn’t be touched.
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