The dual mandate refers to the first two goals, and the long-term interest rate goal is viewed as likely to emerge from the macroeconomic environment associated with achievement of the employment and price stability goals (Mishkin, 2007). Thus, the interest rate goal of the Federal Reserve Reform Act can be regarded as subsumed within the dual mandate. 21  See U.S. Congress (1935).
4  BIS central bankers’ speeches  In the area of governance and accountability to the public, policymakers also recognized the need for reforms to improve the Federal Reserve’s structure and decisionmaking. The Banking Act of 1935 simultaneously bolstered the legal independence of the Federal Reserve and provided for stronger central control by the Federal Reserve Board.