It might also be constructive to get feedback from a wider audience on a proposal to set an explicit inflation target before proceeding in this direction. It would, however, be problematic for the United States to follow the approach in many inflation-targeting countries of having the ministry of finance (in our case, the Treasury Department) set the inflation target.
Such an approach is more comfortable politically in a parliamentary system, in which the legislative and executive branches are always controlled by the same party or coalition. It seems unlikely that the Congress would delegate this responsibility to the Treasury Department.