Price Stability Act of 2005 - Declares that the primary and overriding goal of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee with regard to monetary policy shall be the achievement of price stability.
Authorizes the Board and the Committee to suspend such goal if the Committee, by a majority vote, and the President jointly determine such suspension necessary due to an emergency.
Instructs the Board and the Committee to establish a definition of the goal of price stability using prescribed criteria.