H.R. 6053 would require the Board of Governors of the Federal Reserve System to focus on price stability in establishing monetary policy to ensure the stable, long-term purchasing power of the currency, to repeal the Full Employment and Balanced Growth Act of 1978.

== Detailed Summary ==

<summary>
(LogPrice Stability Act of 2008 - Declares it is US policy that the principal economic responsibilities of the Government are to establish both long-term economic growth and increases in living standards, maintain free markets, low taxes, respect for private property, and the stable, long-term purchasing power of US currency.

Declares that the promotion of price stability should be the primary long-term goal of the Board of Governors of the Federal Reserve System.

Amends the Federal Reserve Act to editrevise the wikimandate of the Board and be the firstFederal Open Market Committee to providerequire them to: (1) establish a detailed summarynumerical definition of the bill!)term &quot;price stability&quot;; and (2) maintain a monetary policy that promotes long-term price stability.

Requires the Board to consult with, and report to, Congress semi-annually about Board and Committee objectives and plans to achieve and maintain price stability.

Repeals the Full Employment and Balanced Growth Act of 1978.
</summary>

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== Status of the Legislation ==

<status>
(LogLatest Major Action: 5/14/2008: Referred to House committee. Status: Referred to the Committee on Financial Services, and in addition to edit the wikiCommittees on Education and Labor, and be the firstBudget, for a period to updatebe subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the statusjurisdiction of the bill!)committee concerned.
</status>

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== Points in Favor ==

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== Points Against ==

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