Carter signs the Humphrey-Hawkins Act, giving the Fed a dual mandate

President Carter signed the Full Employment and Balanced Growth Act on November 27, 1978, codifying the Federal Reserve's dual mandate to pursue both price stability and maximum employment. Sponsored by Senator Hubert Humphrey and Representative Augustus Hawkins, the law also required the Fed chairman to testify before Congress twice a year on monetary policy goals. The dual mandate created structural accountability while preserving the Fed's independence on day-to-day rate decisions.