to promote maximum employment.” 15 As later amended in the Humphrey-Hawkins Act, this provision formed the basis of the employment side of the  See Board of Governors of the Federal Reserve System (2021), “Federal Reserve Issues FOMC Statement,” press release, January 27, https://www.federalreserve.gov/newsevents/pressreleases/monetary20210127a.htm. 14 See Joseph T. Glatthaar (2018), The American Military: A Concise History (New York: Oxford University Press).
15 For a discussion, see Aaron Steelman (2013), “Employment Act of 1946,” in Federal Reserve History, https://www.federalreservehistory.org/essays/employment-act-of-1946; the quotation from the act is reprinted in Steelman, paragraph 1. 13  - 10 Fed’s dual mandate. My colleagues and I are strongly committed to doing all we can to promote this employment goal.