The Full Employment Federal Reserve Act of 2015
This bill amends the Federal Reserve Act with respect to the duty of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee (FOMC) to promote maximum employment and stable prices.
The bill defines "maximum employment" as an economy with an unemployment rate of at most 4% that generally includes a labor market in which median wages are rising with worker productivity, job seekers can find work, and involuntary part-time work is at a minimum.
The Board and the FOMC are also directed to promote a stable rate of inflation (instead of stable prices) as part of long run growth.
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