Matt Franko notes in the comments:
Section 2A of the Federal Reserve Act:
"Section 2A. Monetary Policy Objectives
The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates." [emphasis added]
3 comments:
Here is another part of the Humphrey-Hawkins Act:
Sec. 3116 (c) Establishment of project reservoirs; restrictions and requirements of new programs
(1) To the extent that individuals aged sixteen and over and able, willing, and seeking to work are not and in the judgment of the President cannot be provided with private job opportunities or job opportunities under other programs and actions in existence, in accord with the goals and timetables set forth in the Employment Act of 1946 [15 U.S.C. 1021 et seq.], the President shall, as may be authorized by law, establish reservoirs of public employment and private nonprofit employment projects, to be approved by the Secretary of Labor, through expansion of title I of the Workforce Investment Act of 1998 [29 U.S.C. 2801 et seq.] and other existing employment and training projects or through such new programs as are determined necessary by the President or through both such projects and such programs.
(2) New programs as may be authorized by law after October 27, 1978, referred to in paragraph (c)(1) -
(A) shall not be put into operation earlier than two years after October 27, 1978, nor without a finding by the President, transmitted to the Congress, that other means of employment are not yielding enough jobs to be consistent with attainment of the goals and timetables for the reduction of unemployment set forth in the Employment Act of 1946 [15 U.S.C. 1021 et seq.];
(B) shall be designed so that no workers from private employment are drawn into the reservoir projects thereunder;
(C) shall be useful and productive jobs;
(D) shall be mainly in the lower ranges of skills and pay, and toward this end the number of reservoir jobs under such new programs shall, to the extent practicable, be maximized in relationship to the appropriations provided for such jobs;
(E) shall be targeted on areas of high unemployment and on individuals who are structurally unemployed;
(F) shall be phased in by the President as necessary, in conjunction with the employment goals under sections 3(a)(2) and 4(b) of the Employment Act of 1946 [15 U.S.C. 1022(a)(2),1022a(b)].
We have the law on our side.
They have "opinions" and human caprice.
They obviously don't even want to read and respect the laws that are already on the books.
They have no true respect for our country, if they did, they would respect the law.
They have more respect for "profits" than they do for our country; it's borderline traitorous/seditious behavior.
left this over at another thread:
If you read the FRA para above, it implies that we have "production" in the first place in order to facilitate maximum employment, stable prices and moderate interest rates.
"Production" itself is subordinate to achieving the 3 goals ie maximum employment, etc... "production" (and related "productivity") is NOT a goal.
Post a Comment