Rep. Marlin A. Stutzman (R-IN) introduced his FFOCUS Act of 2013 earlier this year. The bill, which has 29 Republican co-sponsors, claims to be about “focusing” the Federal Reserve on its mission of preserving stable prices. To do this, the legislation strips the Board of Governors of the Federal Reserve System and the Federal Open Market Committee of their other mission — encouraging “maximum employment.”
While the Federal Reserve has focused more of its efforts on controlling inflation than on stimulating job growth, monetary policy has the potential to be a key component for spurring job growth. By taking that out of the Fed’s mission altogether, these Representatives would effectively eliminate a major government tool from their alleged “jobs, jobs, jobs” mission.
Among the 29 co-sponsors are:
Reps. Dan Benishek and Bill Huizenga (R-MI), who jointly took part in last year’s “Believe in Michigan – Jobs First” bus tour.
Rep. Larry Bucshon (R-IN), who tweeted last month, “We want to do everything we can to get people back to work.”
Rep. Jason Chaffetz (R-UT), who tweeted earlier this month, “.#4JOBS Time to get going.”
Rep. Tom Cole (R-OK), who said in the “jobs” section of his campaign website, “I am committed to advancing policies that will allow the private sector to flourish.”
Rep. Todd Young (R-IN), whose campaign website says, “Jobs. Too many Americans don’t have them, and folks in Washington spend too little time worrying about them.”
On his official website, Stutzman writes, “The single biggest issue that Congress should focus on is creating an environment for job creation and sustained economic growth.” Apparently, he and his co-sponsors believe that the best way to create such an environment is to prohibit policies that would create such an environment.