Full Employment and Balanced Growth Act of 1978

E47400

United States federal statute employment policy law macroeconomic policy law

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.

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All labels observed (5)

Label	Occurrences
Full Employment and Balanced Growth Act of 1978 canonical	9
Humphrey–Hawkins Full Employment Act	3
Full Employment and Balanced Growth Act	2
Humphrey-Hawkins Full Employment Act	1
Humphrey–Hawkins Full Employment and Balanced Growth Act	1

Statements (73)

Predicate	Object
instanceOf	United States federal statute ⓘ employment policy law ⓘ macroeconomic policy law ⓘ
alsoKnownAs	Full Employment and Balanced Growth Act of 1978 ⓘ surface form: 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 of America ⓘ surface form: 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	Federal Reserve Board of Governors ⓘ surface form: 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	United States government ⓘ surface form: 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 ⓘ Economic Report of the President ⓘ surface form: 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 of 1978 self-linksurface differs ⓘ surface form: 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 self-link ⓘ
yearEnacted	1978 ⓘ

Referenced by (16)

Full triples — surface form annotated when it differs from this entity's canonical label.

Federal Reserve Act of 1913 → amendedBy → Full Employment and Balanced Growth Act of 1978 ⓘ

Employment Act of 1946 → relatedLegislation → Full Employment and Balanced Growth Act of 1978 ⓘ

95th Congress → passedLegislation → Full Employment and Balanced Growth Act of 1978 ⓘ

subject surface form: 95th United States Congress

this entity surface form: Humphrey–Hawkins Full Employment Act

Federal Reserve Reform Act of 1977 → relatedTo → Full Employment and Balanced Growth Act of 1978 ⓘ

this entity surface form: Humphrey–Hawkins Full Employment and Balanced Growth Act

Economic Report of the President → legalBasis → Full Employment and Balanced Growth Act of 1978 ⓘ

Full Employment and Balanced Growth Act of 1978 → alsoKnownAs → Full Employment and Balanced Growth Act of 1978 ⓘ

this entity surface form: Humphrey-Hawkins Full Employment Act

Full Employment and Balanced Growth Act of 1978 → title → Full Employment and Balanced Growth Act of 1978 self-link ⓘ

Full Employment and Balanced Growth Act of 1978 → shortTitle → Full Employment and Balanced Growth Act of 1978 self-linksurface differs ⓘ

this entity surface form: Full Employment and Balanced Growth Act

Carter administration → legislation → Full Employment and Balanced Growth Act of 1978 ⓘ

this entity surface form: Humphrey–Hawkins Full Employment Act

Annual Report of the Council of Economic Advisers → hasLegalBasis → Full Employment and Balanced Growth Act of 1978 ⓘ

Humphrey–Hawkins Act → fullOfficialName → Full Employment and Balanced Growth Act of 1978 ⓘ

Federal Reserve to report monetary policy objectives to Congress → isRelatedTo → Full Employment and Balanced Growth Act of 1978 ⓘ

subject surface form: Federal Reserve reports of monetary policy objectives to Congress

semiannual Humphrey–Hawkins testimony → legalBasis → Full Employment and Balanced Growth Act of 1978 ⓘ

Public Law 95-523 → officialName → Full Employment and Balanced Growth Act of 1978 ⓘ

Public Law 95-523 → alsoKnownAs → Full Employment and Balanced Growth Act of 1978 ⓘ

this entity surface form: Humphrey–Hawkins Full Employment Act

Public Law 95-523 → title → Full Employment and Balanced Growth Act of 1978 ⓘ

this entity surface form: Full Employment and Balanced Growth Act