Presumably the emphasis on exchange rate policies was included to deal with the difficulty that if other countries peg to the dollar, then a significant part of the normal adjustment mechanism is neutralized – and that the pegging decision was not that of the United States.
That is understandable, but should not have led to what appears to be a too narrow focus on exchange rate policies rather than overall economic policy. As a central banker from a small economy, I am also concerned that the new decision may focus too narrowly on external stability.