Maybe Ryan has the real "economics seat" in Congress, eh?
Now comes George Will:
Rep. Paul Ryan (R-Wis.), has, as usual, a better idea: Repeal the Humphrey-Hawkins Full Employment Act of 1978 that, he says, "dangerously diverted the Fed from its most important job: price stability." For 65 years after its creation in 1913, the Fed's principal duty was to preserve the currency as a store of value by preventing inflation from undermining price stability. Humphrey-Hawkins gave it the second duty of superintending economic growth......in the midst of a column regarding the Ron Paul v. Bernanke brouhaha.
Ryan's right. Bernanke (who inherited most of his problems from "Easy Al" Greenspan anyway) cannot both preserve the dollar's value (thus 'price-stability') AND 'promote economic growth.'
Maintaining the value of the USD is paramount, not only for the sake of US citizens who buy gasoline, but for citizens of OTHER countries which rely on the USD for trade.