[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 253 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
S. RES. 253

                      Relating to monetary policy.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

              August 25 (legislative day August 18), 1994

    Mr. Simon (for himself, Mr. Metzenbaum,, Mr. DeConcini, and Mr. 
Bumpers) submitted the following resolution; which was referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                               RESOLUTION


 
                      Relating to monetary policy.

Whereas the Board of Governors of the Federal Reserve System is legitimately 
        concerned about the potential threat of inflation;
Whereas past Congresses and Presidents have compounded the inflation problem by 
        indexing many programs, contrary to the advice of the economics experts 
        of both parties;
Whereas the Congress recognizes its own failure to follow sound fiscal policies, 
        thus making monetary policy even more critical in controlling inflation;
Whereas the Board of Governors of the Federal Reserve System is an independent 
        agency required by law to report to the Congress, implying an advisory 
        role for the Congress;
Whereas higher interest rates can slow home construction and reduce investment 
        in industrial capacity, thereby reducing the Nation's productivity;
Whereas lower unemployment does not necessarily or automatically lead to higher 
        inflation, especially if low unemployment is accompanied by higher 
        productivity; and
Whereas there is evidence that at the present time inflation is not a serious 
        threat to the Nation: Now, therefore, be it
    Resolved, That it is the sense of the Senate that, in the immediate 
future, it would be a mistake to raise interest rates further, and that 
the Secretary of the Senate shall transmit a copy of this resolution to 
the Board of Governors of the Federal Reserve System.
                                 <all>