Text: S.215 — 113th Congress (2013-2014)All Information (Except Text)

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Introduced in Senate (02/04/2013)


113th CONGRESS
1st Session
S. 215


To ensure that the Federal Reserve conducts its policies to ensure long-term price stability and a low rate of inflation.


IN THE SENATE OF THE UNITED STATES

February 4, 2013

Mr. Corker (for himself and Mr. Vitter) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs


A BILL

To ensure that the Federal Reserve conducts its policies to ensure long-term price stability and a low rate of inflation.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Federal Reserve Single Mandate Act of 2013”.

SEC. 2. Amendments to the Federal Reserve Act.

Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended—

(1) by striking “maximum employment, stable prices,” and inserting “long-term price stability, a low rate of inflation,”; and

(2) by adding at the end the following: “The Board shall establish an explicit numerical definition of the term ‘long-term price stability’ and shall maintain monetary policy that effectively promotes such long-term price stability.”.