Federal_Reserve_Reform_Act_of_1977
The Federal Reserve Reform Act of 1977[1] enacted a number of reforms to the Federal Reserve, making it more accountable for its actions on monetary and fiscal policy and tasking it with the goal to "promote maximum employment, production, and price stability".[2] The act explicitly established price stability as a national policy goal for the first time.[3] It also required quarterly reports to Congress "concerning the ranges of monetary and credit aggregates for the upcoming 12 months."[4] It also modified the selection of the Class B and C Reserve Bank Directors. Discrimination on the basis of race, creed, color, sex, or national origin was prohibited, and the composition of the directors was required to represent interests of "agriculture, commerce, industry, services, labor and consumers".[4] The Federal Reserve Act, which created the Federal Reserve in 1913, made no mention of services, labor, and consumers. Finally, the act established Senate confirmation of chairmen and vice chairmen of the Board of Governors of the Federal Reserve. The Federal Reserve Reform Act made the Federal Reserve more transparent to Congressional oversight.[5]