Sec. 4. Studies
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Section 2B(b) of the Federal Reserve Act ( 12 U.S.C. 225b(b) ) is amended— by striking The Board shall and inserting ; and —The Board shall
(1)In general. by inserting at the end the following: In each report required under paragraph (1), the Board shall include— the results of a study of the past estimates of the Board on longer-run unemployment rates, including— an assessment of the accuracy of such estimates; an assessment of the effect of such estimates on decisions of the Board; and recommendations of the Board to improve the accuracy of such estimates; a study of the inflation target, including— information on each measurement of inflation used to calculate such target; information on each period during which the Board determines that any such measurement is above or below such target; and a summary of the arguments for and against setting the inflation target at 2 percent inflation; an estimate of the impact that the projected pathway for the Federal funds rate is likely to have on labor market conditions and on a variety of demographic groups, including demographic groups that experience unemployment rates above the national rate; an assessment of whether alternative monetary policy approaches would affect such conditions and on such groups; and a description of the confidence interval on each projection that the Federal Reserve System, or any participant in the Federal Open Market Committee, provides for the longer-run rate of unemployment. .
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