Federal Reserve Reform Act of 1977
E47887
The Federal Reserve Reform Act of 1977 was a U.S. law that strengthened congressional oversight of the Federal Reserve and clarified its monetary policy objectives, including promoting maximum employment and price stability.
Statements (43)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
→
monetary policy legislation → |
| amends |
Federal Reserve Act of 1913
→
surface form:
Federal Reserve Act
|
| appliesTo | Federal Reserve System → |
| clarifiedRoleOf |
Federal Reserve Board of Governors
→
surface form:
Board of Governors of the Federal Reserve System
Federal Open Market Committee → |
| codified | explicit statutory objectives for Federal Reserve monetary policy → |
| country |
United States of America
→
surface form:
United States
|
| dualMandateComponent |
maximum employment
→
stable prices → |
| effectOn |
enhanced accountability of the Federal Reserve to Congress
→
increased transparency of Federal Reserve monetary policy → |
| enforcedBy |
federal judiciary of the United States
→
surface form:
United States federal courts
|
| governs | relationship between the Federal Reserve and Congress → |
| historicalContext |
period of high inflation in the United States
→
post–Bretton Woods monetary policy environment → |
| implementedBy |
Federal Reserve Board of Governors
→
surface form:
Board of Governors of the Federal Reserve System
Federal Open Market Committee → |
| jurisdiction |
United States government
→
surface form:
United States federal government
|
| language | English → |
| legalForm | public law → |
| legislativeBody | United States Congress → |
| monetaryPolicyGoal |
maximum employment
→
moderate long-term interest rates → price stability → |
| oversightMechanism | formalized reporting schedule for monetary policy objectives → |
| policyArea |
employment policy
→
inflation control → interest rate policy → |
| policyFramework | dual mandate for the Federal Reserve → |
| purpose |
clarify the monetary policy objectives of the Federal Reserve
→
strengthen congressional oversight of the Federal Reserve → |
| regulates | reporting obligations of the Federal Reserve to Congress → |
| relatedTo |
Full Employment and Balanced Growth Act of 1978
→
surface form:
Humphrey–Hawkins Full Employment and Balanced Growth Act
|
| requires |
regular testimony by the Federal Reserve Chair before Congress
→
semiannual monetary policy reports to Congress → |
| sector |
financial regulation
→
macroeconomic policy → |
| subjectMatter |
central banking
→
congressional oversight → monetary policy → |
| timePeriod | 1970s United States economic policy reforms → |
| typeOfOversight | ex post review of monetary policy actions → |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.