The Federal Reserve is the Congressionally-authorized Central Banker for the United States. In 1977, Congress set the overall mandate of the Federal Reserve to conduct monetary policy so as to promote effectively the goals of maximum employment, stable prices, and moderate long term interest rates. With the third goal, moderate long-term interest rates having been roundly ignored, the other two goals are referred to as the Dual Mandate of the Federal Reserve: Price Stability (that is, low inflation) and Maximum Employment (which is not the same as maximum Labor Force Participation Rate nor Low Unemployment).

Which of the following (or something else) should be the mandate for the Federal Reserve? Why?

-Should Maximum employment remain as part of the official mandate?

-Should that part of the mandate be changed to maximum Labor Force Participation Rate?

-Should that part of the mandate be changed to minimum Unemployment Rate?

-Should the Fed mandate be changed so that the Fed focus is only on monetary policy that achieves stable prices?

(This is all one question, it's just very long. Also, please use in your own words, thank you)