GOP pressure on the Federal Reserve intensifies as House Financial Services Committee Chairman French Hill introduces a bill to end the Fed’s dual mandate in favor of focusing solely on controlling inflation. Former Fed president Esther George notes no significant difference in outcomes between single and dual mandates. The Fed recently cut rates due to job market weakness, shifting focus away from inflation. President Trump’s appointee to the Fed board, Stephen Miran, questions the central bank’s mandate. Fed Chairman Jerome Powell emphasizes the importance of stable inflation and maximum employment. Powell dismisses the idea of a third mandate focused on long-term interest rates.

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