Rep. Kevin Brady (R) Tex., will introduce the “Sound Dollar Act” in March. Mr. Brady is Vice-Chairman of the Joint Economic Committee and must be under the influence of Ron Paul. Here is what his bill will accomplish:
- Replace the Fed’s current dual mandate with a single mandate to maintain the purchasing power of the dollar in order to foster long-term growth and stability;
- Expand the voting membership of the Fed Open Market Committee (FOMC) to include all 12 regional Federal Reserve Bank presidents;
- Speed public access to FOMC transcripts; and
- End “too big to fail” and a number of other financial market distortions.