--- title: "Meaning & Key Takeaway of: It may seem strange, but Congress has…" description: "\"It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about t..." image: "https://sms4smile.com/quotes/i/60f/wright-patman-37023_congress_it-may-seem-strange-but-congress-has-nev_3202306.jpg" --- # It may seem strange, but Congress has never developed a… ![“It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote…” quote by Wright Patman](https://sms4smile.com/quotes/i/60f/wright-patman-37023_congress_it-may-seem-strange-but-congress-has-nev_3202306.jpg) [Download](https://sms4smile.com/quotes/i/60f/wright-patman-37023_congress_it-may-seem-strange-but-congress-has-nev_3202306.jpg) [Open image](https://sms4smile.com/quotes/i/60f/wright-patman-37023_congress_it-may-seem-strange-but-congress-has-nev_3202306.jpg) > “It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve.” [Wright Patman](https://sms4smile.com/quotes/author/wright-patman/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Congress set broad goals for the economy but never gave the Fed detailed directives. **In simple terms:** Fed lacks specific congressional guidance. Key Takeaway Advocate clearer policy frameworks. Themes monetary policy legislative oversight economic goals Mood analytical concerned Type policy economic When to use this quote - central banking - economic planning - legislative hearings - policy analysis Key Concepts Federal Reserve independence policy formulation Questions to Reflect On - Should Congress provide more detailed guidance? - How does this affect Fed accountability? A Different Perspective Absence of precise mandates may lead to inconsistent policy. ★ ★ ★ ★ ★ No ratings yet [Congress](https://sms4smile.com/quotes/about/congress/) [Congress Developed](https://sms4smile.com/quotes/about/congress-developed-5949635/) [Country](https://sms4smile.com/quotes/about/country/) [Currency](https://sms4smile.com/quotes/about/currency/) [Customer](https://sms4smile.com/quotes/about/customer/) [Declaring](https://sms4smile.com/quotes/about/declaring/) [Economy](https://sms4smile.com/quotes/about/economy/) [Employment](https://sms4smile.com/quotes/about/employment/) [Federal reserve](https://sms4smile.com/quotes/about/federal-reserve/) [Founding](https://sms4smile.com/quotes/about/founding/) [Founding Congress](https://sms4smile.com/quotes/about/founding-congress-5949637/) [Goal](https://sms4smile.com/quotes/about/goal/) [Goals](https://sms4smile.com/quotes/about/goals/) [Guiding Federal](https://sms4smile.com/quotes/about/guiding-federal-5949636/) [Intention](https://sms4smile.com/quotes/about/intention/) [Liberalism](https://sms4smile.com/quotes/about/liberalism/) [Maximum](https://sms4smile.com/quotes/about/maximum/) [May](https://sms4smile.com/quotes/about/may/) [Needs](https://sms4smile.com/quotes/about/needs/) [Policy](https://sms4smile.com/quotes/about/policy/) [Politics](https://sms4smile.com/quotes/about/politics/) [Productions](https://sms4smile.com/quotes/about/productions/) [Purchasing](https://sms4smile.com/quotes/about/purchasing/) [Purchasing power](https://sms4smile.com/quotes/about/purchasing-power/) [Reserves](https://sms4smile.com/quotes/about/reserves/) [Seems](https://sms4smile.com/quotes/about/seems/) [Spokes](https://sms4smile.com/quotes/about/spokes/) [Strange](https://sms4smile.com/quotes/about/strange/) [Wisdom](https://sms4smile.com/quotes/about/wisdom/) ## Related quotes > [The price of every thing rises and falls from time to time and place to place; and with every such change the purchasing power…](https://sms4smile.com/quotes/alfred-marshall/the-price-of-every-thing-rises-and-falls-from-time-to-time-and-place/) [Alfred Marshall](https://sms4smile.com/quotes/author/alfred-marshall/) > [If the practice persists of covering government deficits with the issue of notes, then the day will come without fail, sooner or later, when…](https://sms4smile.com/quotes/ludwig-von-mises/if-the-practice-persists-of-covering-government-deficits-with-the/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [ Now, the black man here was so-called free by \[Abe\] Lincoln 100 years ago. 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