Full Employment and Balanced Growth Act of 1978


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Full Employment and Balanced Growth Act of 1978

Legislation in the United States, enacted in 1978, that sought to curtail the stagflation that marked most of the 1970s. The Act set up four goals for the federal government: full employment, economic growth, balanced budget, and elimination of inflation. It stated that the government preferred private investment to accomplish these goals, but, if it was not forthcoming, then the government could make investments to spur demand and, if necessary, create make-work jobs along the lines of the New Deal. It set goals to be reached by certain dates; for example, it stated that inflation should be 4% by 1983 and 0% by 1988. Critics of the Act maintained that the four goals are different and that it is often impossible to fulfill them all.
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Finally, and more broadly, the Congress has, in effect, mandated its own review of monetary policy by requiring semiannual reports to the Congress on monetary policy under the Full Employment and Balanced Growth Act of 1978 (also known as the Humphrey-Hawkins Act) and by holding hearings on various monetary policy issues as they arise.
Against the background of the Committee's views regarding prospective economic developments and in keeping with the requirements of the Full Employment and Balanced Growth Act of 1978 (the Humphrey-Hawkins Act), the Committee at this meeting reviewed the ranges for growth in the monetary and debt aggregates that it had set in February for 1991, and it established on a tentative basis ranges for growth in those measures in 1992.
Report submitted to the Congress on July 16, 1991, pursuant to the Full Employment and Balanced Growth Act of 1978,
Report submitted to the Congress on July 19, 1995, pursuant to the Full Employment and Balanced Growth Act of 1978
In keeping with the requirements of the Full Employment and Balanced Growth Act of 1978 (the Humphrey-Hawkins Act), the Committee at this meeting reviewed the ranges for growth in the monetary and debt aggregates that it had established in February for 1995, and it decided on tentative ranges for growth in those aggregates in 1996.