Rep. Hill Introduces the Price Stability Act to Narrow Federal Reserve Focus to Inflation
Price Stability Act of 2026
The Price Stability Act of 2026 has been approved by the House Committee on Financial Services and was placed on the Union Calendar on June 23, 2026. The bill is now waiting for the House leadership to schedule a vote on the floor. While the bill has made progress by leaving committee, it is not guaranteed a vote because floor time is limited.
This is a major change to economic policy that lacks broad support from the opposing party. It is likely to face strong resistance in the Senate and from the White House.
This bill’s path across every version that has carried it.
Reintroduced
Reintroduced from H.R. 6117 (118th), which died when its Congress ended.
H.R. 6117 (118th) →Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Union workers often benefit from a Fed that weighs employment alongside inflation. If the Fed no longer has a legal duty to consider jobs, it could raise interest rates more aggressively during downturns, leading to layoffs in manufacturing, construction, and other unionized sectors. Workers in cyclical industries would lose an institutional backstop that currently tempers the Fed's willingness to sacrifice jobs in the name of lower inflation.
“amended by striking ``maximum employment, stable prices,'' and inserting ``stable prices''.”
Placed on the Union Calendar, Calendar No. 616.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-710.
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 21.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
The HFSC is examining H.R. 5396, the Price Stability Act of 2025, which would amend Section 2A of the Federal Reserve Act by striking 'maximum employment, stable prices,' and inserting 'stable prices'. This surgical edit removes the employment leg of the Fed's dual mandate established in 1977.
Legislation sponsored by U.S. Rep. French Hill would replace the Federal Reserve's mandate of promoting maximum employment and stable prices with a single price stability mandate. Supporters argue the dual mandate has been a distraction from the Fed's true mission of keeping inflation under control.
As Kevin Warsh is confirmed as the new Fed Chair, debate intensifies over H.R. 5396, the Price Stability Act. Rep. Ayanna Pressley warned that stripping the employment mandate would 'devastate our economy,' while proponents argue it allows the Fed to prioritize crushing inflation without distraction.
No votes or related bills recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Price Stability Act of 2026
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