Re-Establish Price Stability as Fed's Single Mandate

Senator Bob Corker
2013-02-08 18:23:10
Bob Corker - U.S. Senator, Tennessee [image = corker.enews.senate.gov//images/user_images/1277156967_Twitter_48x48.png] [link 1] [image = corker.enews.senate.gov//images/user_images/FacebookIcon_thumb.png] [link 2] [image = corker.enews.senate.gov//images/user_images/YoutubeIcon_thumb.png] [link 3] *E-MAIL UPDATES* *Yes, please periodically send me e-mail updates.** Click Here [link 4] *By subscribing to my e-mail updates, you are authorizing me to send regular e-mail updates from my office to your e-mail account. Survey/Question [survey] *Update from Senator Bob Corker February 8, 2013* *Re-Establish Price Stability as Fed's Single Mandate* Senator�Corker introduced legislation this week to re-establish price stability as the Federal Reserve�s single mandate, saying, �Providing the Fed with a clear and explicit focus on keeping inflation low will serve America better than the broad, bipolar mandate it has today. The dual mandate blurs the line between fiscal and monetary policy and allows Congress to shirk its responsibility to enact sound budgets and policies that produce economic growth. The best way to achieve full employment in the long-run is to provide markets certainty that long-term price stability will be maintained.� Stanford�Economist John Taylor and St. Louis Federal Reserve President James Bullard have both expressed support for returning the Fed to a single mandate of price stability. For more information, click here [link 5]. *In the News* *Knoxville News Sentinel: Corker's committee work raises his national profile [link 6]* "Sen. Bob�Corker wasted no time in getting down to business as the top Republican on the Senate Foreign Relations Committee. The day his fellow Republicans voted to elevate him to the �ranking� position, Corker called for an examination of the of the State Department and the U.S. Agency for International Development, which he says haven't undergone a comprehensive review in decades. �There's a sclerosis at the State Department, and I think a top-to-bottom review would be helpful to people who want to move the State Department ahead,� Corker says� The committee has jurisdiction over legislation relating to foreign policy, including foreign assistance, treaties and declarations of war. Thus, members of the panel often find themselves in the midst of some of the most significant issues of the day. The day after Corker was elevated to the position, he could be seen on national television questioning Secretary of State Hillary Rodham Clinton during a hearing about the terrorist attack on the U.S. consulate in Libya. The next day, he made national news again by questioning Clinton's successor, John Kerry, during his confirmation hearing. Corker has said he wants to see the committee play an even more relevant role in international relations and to look at national interests in the longer view. Right now, he says, many of the issues before the panel come via the White House. �It's almost a hair-on-fire mentality,� Corker says, and it happens that way regardless of which party is in the White House. Corker has been a member of the committee since he entered the Senate in 2007. He has visited 48 countries since taking office. He realizes some people may wonder how his involvement in international affairs benefits his constituents back in Tennessee. But he says he gets lots of questions about issues such as international trade when he travels the state. �These issues are very important to the quality of life of Tennesseans,� he says. Tennessee also has a lot of military assets, and Corker says his leadership on the committee will give him more involvement in where the nation dispatches its men and women in uniform. �I think taxpayers in the state of Tennessee want to know they are getting the most out of the State Department and that our foreign aid is being delivered effectively, efficiently and in a way that is in line with our interests,� he says.� Read more here [link 7].

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Update from Senator Bob Corker
February 8, 2013

Re-Establish Price Stability as Fed's Single Mandate

Senator Corker introduced legislation this week to re-establish price stability as the Federal Reserve�s single mandate, saying, �Providing the Fed with a clear and explicit focus on keeping inflation low will serve America better than the broad, bipolar mandate it has today. The dual mandate blurs the line between fiscal and monetary policy and allows Congress to shirk its responsibility to enact sound budgets and policies that produce economic growth. The best way to achieve full employment in the long-run is to provide markets certainty that long-term price stability will be maintained.�

Stanford Economist John Taylor and St. Louis Federal Reserve President James Bullard have both expressed support for returning the Fed to a single mandate of price stability.

For more information, click In the News


"Sen. Bob Corker wasted no time in getting down to business as the top Republican on the Senate Foreign Relations Committee. The day his fellow Republicans voted to elevate him to the �ranking� position, Corker called for an examination of the of the State Department and the U.S. Agency for International Development, which he says haven't undergone a comprehensive review in decades. �There's a sclerosis at the State Department, and I think a top-to-bottom review would be helpful to people who want to move the State Department ahead,� Corker says� The committee has jurisdiction over legislation relating to foreign policy, including foreign assistance, treaties and declarations of war. Thus, members of the panel often find themselves in the midst of some of the most significant issues of the day. The day after Corker was elevated to the position, he could be seen on national television questioning Secretary of State Hillary Rodham Clinton during a hearing about the terrorist attack on the U.S. consulate in Libya. The next day, he made national news again by questioning Clinton's successor, John Kerry, during his confirmation hearing. Corker has said he wants to see the committee play an even more relevant role in international relations and to look at national interests in the longer view. Right now, he says, many of the issues before the panel come via the White House. �It's almost a hair-on-fire mentality,� Corker says, and it happens that way regardless of which party is in the White House. Corker has been a member of the committee since he entered the Senate in 2007. He has visited 48 countries since taking office. He realizes some people may wonder how his involvement in international affairs benefits his constituents back in Tennessee. But he says he gets lots of questions about issues such as international trade when he travels the state. �These issues are very important to the quality of life of Tennesseans,� he says. Tennessee also has a lot of military assets, and Corker says his leadership on the committee will give him more involvement in where the nation dispatches its men and women in uniform. �I think taxpayers in the state of Tennessee want to know they are getting the most out of the State Department and that our foreign aid is being delivered effectively, efficiently and in a way that is in line with our interests,� he says.� Read more