The Fed needs better rules. This Democratic bill is a start.

The Federal Reserve has two jobs. Unfortunately, over the past few decades, it's been doing one of them quite poorly: Ensuring unemployment remains low and wage growth high.

Rep. Ro Khanna (D-Calif.) thinks this is an issue Democrats should take on. And this afternoon he's releasing a bill to get the ball rolling.

The "Coretta Scott King Full Employment Federal Reserve Act of 2018" — named after the African-American activist who made full employment a hallmark of her civil rights efforts — would amend the Federal Reserve's obligations in several ways.

Right now, the mission statement Congress gave the Federal Reserve says the central bank should promote "stable prices" (i.e.