Full Employment and Balanced Growth Act of 1978
E47400
The Full Employment and Balanced Growth Act of 1978, also known as the Humphrey–Hawkins Act, is a U.S. law that set national goals for full employment, price stability, and economic growth while formalizing the Federal Reserve’s responsibility for monetary policy reporting and objectives.
Aliases (4)
Statements (73)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
→
employment policy law → macroeconomic policy law → |
| alsoKnownAs |
Humphrey-Hawkins Full Employment Act
→
Humphrey–Hawkins Act → |
| amends |
Employment Act of 1946
→
|
| chamberOfOrigin |
United States House of Representatives
→
|
| codifiedIn |
Title 15 of the United States Code
→
|
| country |
United States
→
|
| creates |
semiannual Humphrey–Hawkins testimony
→
|
| dateSigned |
1978-10-27
→
|
| emphasizes |
use of fiscal policy to achieve national economic goals
→
use of monetary policy to achieve national economic goals → |
| establishes |
national employment goals
→
national price stability goals → national production goals → national real income goals → |
| focusesOn |
coordination of monetary and fiscal policy
→
reduction of cyclical unemployment → reduction of structural unemployment → |
| formalizesRoleOf |
Board of Governors of the Federal Reserve System
→
Federal Open Market Committee → |
| goalHorizon |
five-year economic planning horizon
→
|
| historicalContext |
post-1970s stagflation in the United States
→
|
| includesProvision |
backup public employment programs if private sector cannot provide enough jobs
→
job training and placement assistance → priority to private sector employment growth → public service employment programs as a tool to achieve full employment → |
| influenced |
Congressional oversight of monetary policy
→
Federal Reserve communication practices → |
| jurisdiction |
federal government of the United States
→
|
| legislativeBody |
United States Congress
→
|
| namedAfter |
Augustus F. Hawkins
→
Hubert H. Humphrey → |
| obligates |
President of the United States to propose policies to meet employment and inflation goals
→
President of the United States to set medium-term economic goals → President of the United States to specify numerical goals for unemployment and inflation → President of the United States to submit an annual economic plan to Congress → |
| otherChamber |
United States Senate
→
|
| policyArea |
employment policy
→
fiscal policy → macroeconomic policy → monetary policy → |
| presidentAtSigning |
Jimmy Carter
→
|
| primaryObjective |
balanced economic growth
→
balanced federal budget → full employment → price stability → |
| publicLawNumber |
Public Law 95-523
→
|
| relatedTo |
Federal Reserve monetary policy framework
→
United States anti-inflation policy → United States full employment policy → |
| reportingTo |
House Committee on Financial Services
→
Senate Committee on Banking, Housing, and Urban Affairs → |
| requires |
Federal Reserve Chair to testify before Congress twice a year
→
Federal Reserve to provide semiannual monetary policy reports → Federal Reserve to report monetary policy objectives to Congress → federal government to pursue balanced growth → federal government to pursue full employment → federal government to pursue price stability → federal government to reduce inflation → federal government to reduce unemployment → |
| setsTarget |
inflation rate of 0 percent by 1988
→
unemployment rate not exceeding 3 percent for persons aged 20 or over → unemployment rate not exceeding 4 percent overall → |
| shortTitle |
Full Employment and Balanced Growth Act
→
Humphrey–Hawkins Act → |
| signedBy |
Jimmy Carter
→
|
| sponsorInHouse |
Augustus F. Hawkins
→
|
| sponsorInSenate |
Hubert H. Humphrey
→
|
| status |
in force
→
|
| title |
Full Employment and Balanced Growth Act of 1978
→
|
| yearEnacted |
1978
→
|
Referenced by (8)
| Subject (surface form when different) | Predicate |
|---|---|
|
Full Employment and Balanced Growth Act of 1978
("Humphrey-Hawkins Full Employment Act")
→
|
alsoKnownAs |
|
Federal Reserve Act of 1913
→
|
amendedBy |
|
Economic Report of the President
→
|
legalBasis |
|
95th United States Congress
("Humphrey–Hawkins Full Employment Act")
→
|
passedLegislation |
|
Employment Act of 1946
→
|
relatedLegislation |
|
Federal Reserve Reform Act of 1977
("Humphrey–Hawkins Full Employment and Balanced Growth Act")
→
|
relatedTo |
|
Full Employment and Balanced Growth Act of 1978
("Full Employment and Balanced Growth Act")
→
|
shortTitle |
|
Full Employment and Balanced Growth Act of 1978
→
|
title |