Full Employment and Balanced Growth Act of 1978

E47400

The Full Employment and Balanced Growth Act of 1978, also known as the Humphrey–Hawkins Act, is a U.S. law that set national goals for full employment, price stability, and economic growth while formalizing the Federal Reserve’s responsibility for monetary policy reporting and objectives.

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Generate an image of the Full Employment and Balanced Growth Act of 1978 (The Full Employment and Balanced Growth Act of 1978, also known as the Humphrey–Hawkins Act, is a U.S. law that set national goals for full employment, price stability, and economic growth while formalizing the Federal Reserve’s responsibility for monetary policy reporting and objectives.)

All labels observed (5)

How this entity was disambiguated

Statements (73)

Predicate Object
instanceOf United States federal statute ⓘ
employment policy law ⓘ
macroeconomic policy law ⓘ
alsoKnownAs Humphrey-Hawkins Full Employment Act ⓘ
Humphrey–Hawkins Act ⓘ
amends Employment Act of 1946 ⓘ
chamberOfOrigin United States House of Representatives ⓘ
codifiedIn Title 15 of the United States Code ⓘ
country United States ⓘ
creates semiannual Humphrey–Hawkins testimony ⓘ
dateSigned 1978-10-27 ⓘ
emphasizes use of fiscal policy to achieve national economic goals ⓘ
use of monetary policy to achieve national economic goals ⓘ
establishes national employment goals ⓘ
national price stability goals ⓘ
national production goals ⓘ
national real income goals ⓘ
focusesOn coordination of monetary and fiscal policy ⓘ
reduction of cyclical unemployment ⓘ
reduction of structural unemployment ⓘ
formalizesRoleOf Board of Governors of the Federal Reserve System ⓘ
Federal Open Market Committee ⓘ
goalHorizon five-year economic planning horizon ⓘ
historicalContext post-1970s stagflation in the United States ⓘ
includesProvision backup public employment programs if private sector cannot provide enough jobs ⓘ
job training and placement assistance ⓘ
priority to private sector employment growth ⓘ
public service employment programs as a tool to achieve full employment ⓘ
influenced Congressional oversight of monetary policy ⓘ
Federal Reserve communication practices ⓘ
jurisdiction federal government of the United States ⓘ
legislativeBody United States Congress ⓘ
namedAfter Augustus F. Hawkins ⓘ
Hubert H. Humphrey ⓘ
obligates President of the United States to propose policies to meet employment and inflation goals ⓘ
President of the United States to set medium-term economic goals ⓘ
President of the United States to specify numerical goals for unemployment and inflation ⓘ
President of the United States to submit an annual economic plan to Congress ⓘ
otherChamber United States Senate ⓘ
policyArea employment policy ⓘ
fiscal policy ⓘ
macroeconomic policy ⓘ
monetary policy ⓘ
presidentAtSigning Jimmy Carter ⓘ
primaryObjective balanced economic growth ⓘ
balanced federal budget ⓘ
full employment ⓘ
price stability ⓘ
publicLawNumber Public Law 95-523 ⓘ
relatedTo Federal Reserve monetary policy framework ⓘ
United States anti-inflation policy ⓘ
United States full employment policy ⓘ
reportingTo House Committee on Financial Services ⓘ
Senate Committee on Banking, Housing, and Urban Affairs ⓘ
requires Federal Reserve Chair to testify before Congress twice a year ⓘ
Federal Reserve to provide semiannual monetary policy reports ⓘ
Federal Reserve to report monetary policy objectives to Congress ⓘ
federal government to pursue balanced growth ⓘ
federal government to pursue full employment ⓘ
federal government to pursue price stability ⓘ
federal government to reduce inflation ⓘ
federal government to reduce unemployment ⓘ
setsTarget inflation rate of 0 percent by 1988 ⓘ
unemployment rate not exceeding 3 percent for persons aged 20 or over ⓘ
unemployment rate not exceeding 4 percent overall ⓘ
shortTitle Full Employment and Balanced Growth Act ⓘ
Humphrey–Hawkins Act ⓘ
signedBy Jimmy Carter ⓘ
sponsorInHouse Augustus F. Hawkins ⓘ
sponsorInSenate Hubert H. Humphrey ⓘ
status in force ⓘ
title Full Employment and Balanced Growth Act of 1978 ⓘ
yearEnacted 1978 ⓘ

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Referenced by (18)

Full triples — surface form annotated when it differs from this entity's canonical label.

Federal Reserve Act of 1913 → amendedBy → Full Employment and Balanced Growth Act of 1978 ⓘ
Employment Act of 1946 → relatedLegislation → Full Employment and Balanced Growth Act of 1978 ⓘ
95th United States Congress → passedLegislation → Humphrey–Hawkins Full Employment Act ⓘ
subject linked to: 95th Congress
linked to: Full Employment and Balanced Growth Act of 1978
Federal Reserve Reform Act of 1977 → relatedTo → Humphrey–Hawkins Full Employment and Balanced Growth Act ⓘ
linked to: Full Employment and Balanced Growth Act of 1978
Economic Report of the President → legalBasis → Full Employment and Balanced Growth Act of 1978 ⓘ
Full Employment and Balanced Growth Act of 1978 → alsoKnownAs → Humphrey-Hawkins Full Employment Act ⓘ
linked to: Full Employment and Balanced Growth Act of 1978
Full Employment and Balanced Growth Act of 1978 → title → Full Employment and Balanced Growth Act of 1978 ⓘ
Full Employment and Balanced Growth Act of 1978 → shortTitle → Full Employment and Balanced Growth Act ⓘ
linked to: Full Employment and Balanced Growth Act of 1978
Carter administration → legislation → Humphrey–Hawkins Full Employment Act ⓘ
linked to: Full Employment and Balanced Growth Act of 1978
Annual Report of the Council of Economic Advisers → hasLegalBasis → Full Employment and Balanced Growth Act of 1978 ⓘ
Humphrey–Hawkins Act → fullOfficialName → Full Employment and Balanced Growth Act of 1978 ⓘ
Federal Reserve reports of monetary policy objectives to Congress → isRelatedTo → Full Employment and Balanced Growth Act of 1978 ⓘ
semiannual Humphrey–Hawkins testimony → legalBasis → Full Employment and Balanced Growth Act of 1978 ⓘ
Public Law 95-523 → officialName → Full Employment and Balanced Growth Act of 1978 ⓘ
Public Law 95-523 → alsoKnownAs → Humphrey–Hawkins Full Employment Act ⓘ
linked to: Full Employment and Balanced Growth Act of 1978
Public Law 95-523 → title → Full Employment and Balanced Growth Act ⓘ
linked to: Full Employment and Balanced Growth Act of 1978
Ninety-fifth United States Congress → passedAct → Humphrey–Hawkins Full Employment Act ⓘ
linked to: Full Employment and Balanced Growth Act of 1978
Monetary Policy Report → legalBasis → Full Employment and Balanced Growth Act of 1978 ⓘ