,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #ceda  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #ag1 #bjae  
,mr4 ,cony]s 7= himself1 ,ms4 ,kaptur1  
,ms4 ,wilson ( ,florida1 ,mr4 ,ellison1 
,ms4 ,jackson ,lee1 ,mr4 ,johnson (     
,georgia1 & ,mr4 ,payne7 introduc$ !    
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! ,f$]al ,res]ve ,act  
to modify ! goals ( ! ,bo>d ( ,gov]nors 
( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al    
,op5 ,m>ket ,committee4  #a4 ,%ort title
 ,?is ,act may be cit$ z ! ,! ,full     
,employm5t ,f$]al ,res]ve ,act ( #bjae4 
#b4 ,f9d+s ,congress f9ds ! foll[+3     
7#a7 ,9 rec5t decades1 ! economy has    
/opp$ work+ = work+ families 9 ! ,unit$ 
,/ates4  7#b7 ,despite significant ga9s 
9 work]s' productivity & gross dome/ic  
product ov] ! pa/ #cj ye>s1 work]s h se5
 _! wages /agnate & sometimes fall4     
7#c7 ,! b5efits ( ! p[]ful economy ( !  
,unit$ ,/ates h gone almo/ entirely to !
 ri*e/ p 9 society1 :i* has creat$ a    

gr[+ gap betwe5 ! weal?y & ! re/ ( our  
c\ntry4  7#d7 ,su* wid5+ disp>ities are 
unheal?y = our democracy & unheal?y = ! 
broad swa? ( work+ families :o are      
unable to af=d to pay _! r5t or buy a   
home1 save = _! *ildr5's high]          
education1 or af=d ! basic necessities  
to live a dignifi$ & full life4  7#e7   
,"o major factor contribut+ to ?is gr[+ 
economic crisis has be5 ! lack ( full   
employm5t 9 ! economy ( ! ,unit$ ,/ates4
  7#f7 ,too _m work]s /ruggle to f9d    
jobs1 & ! jobs t are available (t5 d n  
pay a good wage4  7#g7 ,9 ! abs5ce ( a  
tight labor m>ket & g5u9e full          
employm5t1 work]s are at ! m]cy ( _!    
employ]s & _c ask = raises or leave =   
bett] job opportunities4  7#h7 ,z a     
result ( work]s' decreas$ b>ga9+ p[]1   
corporate pr(its & executive comp5sation
 h acc\nt$ = an increas+ly l>ge %>e (   
gross dome/ic product1 leav+ ! l>ge     
majority ( work]s 9 ! ,unit$ ,/ates     
beh9d4  7#i7 ,s9ce #aihj1 ! economy ( ! 
,unit$ ,/ates has _h an excessively high

 level ( unemploym5t #gj p]c5t ( ! "t1  
accord+ to ! ,congressional ,budget     
,(fice's (ficial e/imate ( full         
employm5t 7t is1 ! nonaccel]at+         
inflation rate ( unemploym5t1 or        
,,nairu74  7#aj7 ,?is contra/s ) !      
#aidi-aigi era1 :5 ! economy ( ! ,unit$ 
,/ates 0 function+ bel[ full employm5t  
only #ca p]c5t ( ! "t4  7#aa7 ,?is      
p]si/5tly weak labor m>ket has _h       
trem5d\s consequ5ces n only = !         
unemploy$ & und]employ$1 b also =       
employ$ work]s :o h be5 unable to       
negotiate = high] wages & bett] work+   
conditions1 includ+ ! foll[+ examples3  
7,a7 ,s9ce #aigi1 al?\gh economy-wide   
productivity has gr[n by #fd4c p]c5t1   
wom5's m$ian wages h ris5 by only #bj4f 
p]c5t & m5's m$ian wages h actually     
fall5 by #h4i p]c5t1 & ! /ati/ics =     
,black & ,hispanic work]s are ev5 worse 
?an = ,:ite work]s4  7,b7 ,work]s' %>e (
 corporate income has %runk             
significantly1 f #hb4c p]c5t dur+ ! full
 employm5t economy ( #bjjj to #ge4e     

p]c5t today1 a decl9e t means t work]s w
 e>n #ece billion less ?is ye> ?an !y   
w\ld h _h ! %>e rema9$ /able1 or        
approximately #c1ggj p] work] ?is ye>4  
7,c7 ,betwe5 #bjjb & #bjad1             
inflation-adju/$ h\rly wages = ! bottom 
sev5 deciles 7t is1 #gj p]c5t ( !       
work=ce ( ! ,unit$ ,/ates7 fell1 %[+ t  
wage /agnation is n limit$ to l[-income 
families4  7,d7 ,ev5 highly educat$     
work]s are n ?riv+ 9 ?is economy2 wages 
= college-educat$ & advanc$-degree      
work]s fell 9 #bjac & #bjad1 a "t (     
economic gr[? = ! economy at l>ge4      
7#ab7 ,congress has m&at$ t ! ,bo>d (   
,gov]nors ( ! ,f$]al ,res]ve ,sy/em     
pursue a dual m&ate ( maximum employm5t 
& /able prices1 :i* ! ,bo>d ( ,gov]nors 
has int]pret$ to mean full employm5t t  
is consi/5t ) an inflation rate ( #b    
p]c5t4  7#ac7 ,s9ce ! ,great ,recession1
 ! economy ( ! ,unit$ ,/ates has        
consi/5tly _h an unemploym5t rate high] 
?an ! ,bo>d ( ,gov]nors ( ! ,f$]al      
,res]ve ,sy/em's ,,nairu & an inflation 

rate bel[ ! #b-p]c5t t>get2 consi/5tly  
miss+ bo? t>gets has caus$ untold h>m to
 hundr$s ( millions ( p4  7#ad7 ,today's
 headl9e unemploym5t rate und]/ates !   
cont9u$ weakness ( ! economy ( ! ,unit$ 
,/ates1 includ+ ! foll[+ examples3  7,a7
 ,long-t]m unemploym5t is elevat$4  7,b7
 ,involunt>y "p-"t employm5t rema9s v   
high1 indicat+ a l>ge pool ( work]s :o  
w\ld pref] to be giv5 m h\rs4  7,c7 ,!  
portion ( prime-age adults :o are 9 !   
labor =ce rema9s depress$1 because s _m 
millions ( p h giv5 up look+ = "w4      
7#ae7 ,al?\gh !re is no empirical       
evid5ce t an inflation rate ( #c or #d  
p]c5t w\ld be h>mful1 or w\ld be        
difficult to ma9ta9 at a /able rate1 _m 
obs]v]s believe t ! ,bo>d ( ,gov]nors ( 
! ,f$]al ,res]ve ,sy/em actually treats 
its #b-p]c5t inflation t>get z a ceil+4 
7#af7 ,ov] rec5t decades & ev5 today1   
refusal by ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em to tol]ate any    
inflation means t x has consi/5tly rais$
 int]e/ rates prematurely dur+          

recov]ies1 prev5t+ ! economy f rea*+    
full employm5t4  7#ag7 ,inflation rema9s
 bel[ ! already cons]vative #b-p]c5t    
t>get ( ! ,bo>d ( ,gov]nors ( ! ,f$]al  
,res]ve ,sy/em & %[s no signs (         
accel]at+ uncontrollably4  7#ah7 ,dur+ !
 late #aiijs1 ! economy ( ! ,unit$      
,/ates began to rea* g5u9e full         
employm5t1 ) an unemploym5t rate ( bel[ 
#d p]c5t1 :i* _h trem5d\s b5efits = !   
va/ majority ( p1 includ+--  7,a7 high] 
wages = ev]yone1 includ+ ^? at ! bottom 
( ! income ladd]2  7,b7 robu/ wage ga9s 
= ,african-,am]icans & ,hispanics1 :i*  
%rank ! trem5d\s racial disp>ities 9 pay
 & weal?2 &  7,c7 a l>ge ,f$]al budget  
surplus 7& ,/ate budget surpluses71 :i* 
meant money 0 available = key s]vices l 
education1 heal? c>e1 & infra/ructure   
inve/m5t4  7#ai7 ,"o key reason t !     
economy approa*$ full employm5t 0 t !   
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em resi/$ pressures to raise int]e/ 
rates & let ! unemploym5t rate cont9ue  
to fall4  7#bj7 ,a*iev+ g5u9e full      

employm5t %\ld be ! =emo/ economic      
priority ( ! ,unit$ ,/ates1 & all       
bran*es ( ! ,f$]al ,gov]nm5t %\ld use _!
 full p[] to accompli% ?is goal4  #c4   
,modification to ! goals ( ! ,bo>d (    
,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! 
,f$]al ,op5 ,m>ket ,committee ,section  
#b;,a ( ! ,f$]al ,res]ve ,act 7#ab      
,u4,s4,c4 #bbe;a7 is am5d$-- 7#a7 by    
ins]t+ 7def9$ z an economy ) an         
unemploym5t rate ( n m ?an #d p]c5t & t 
g5]ally includes a labor m>ket 9 :i*    
m$ian wages are ris+ ) work]            
productivity1 job seek]s c f9d "w1 &    
involunt>y "p-"t "w is at a m9imum7 aft]
 maximum employm5t2 &  7#b7 by /rik+    
/able prices & ins]t+ a /able rate (    
inflation4