Getting your player ready...
WASHINGTON — Treasury Secretary Timothy Geithner said Friday that the Obama administration will oppose any effort in Congress to strip the Federal Reserve of its legal mandate to pursue low unemployment.
Some conservative Republicans have said the central bank should just concentrate on keeping inflation low and abandon its current dual goals of pursuing low inflation and low unemployment.
Geithner, in an interview with Bloomberg Television, said the Fed’s dual mandate has served the country well over time and that the administration was opposed to changing it.
