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Association of Insurance Supervisors (or a similar organi-
zation).’’; and 
(2) in the table of contents for such chapter, by 
adding at the end the following new item: 
‘‘5156B. International processes.’’. 
(e) SECURITIES AND EXCHANGE COMMISSION RE-
QUIREMENTS.—Section 4 of the Securities Exchange Act 
of 1934 (15 U.S.C. 78d) is amended by adding at the end 
the following new subsection: 
‘‘(j) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Commission par-
ticipates in a process of setting financial standards 
as a part of any foreign or multinational entity, the 
Commission shall— 
‘‘(A) issue a notice of the process, includ-
ing the subject matter, scope, and goals of the 
process, to the Committee on Financial Services 
of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate; 
‘‘(B) make such notice available to the 
public, including on the website of the Commis-
sion; and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
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graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), 
the Commission shall issue a public report on the 
topics that were discussed at the process and any 
new or revised rulemakings or policy changes that 
the Commission believes should be implemented as a 
result of the process. 
‘‘(3) NOTICE
OF
AGREEMENTS; CONSULTA-
TION.—At least 90 calendar days before the Com-
mission participates in a process of setting financial 
standards as a part of any foreign or multinational 
entity, the Commission shall— 
‘‘(A) issue a notice of agreement to the 
Committee on Financial Services of the House 
of Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the 
public, including on the website of the Commis-
sion; and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated ef-
fects such agreement will have on the economy. 
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‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
SEC. 11. AMENDMENTS TO POWERS OF THE BOARD OF 
GOVERNORS OF THE FEDERAL RESERVE SYS-
TEM. 
(a) IN GENERAL.—Section 13(3) of the Federal Re-
serve Act (12 U.S.C. 343(3)) is amended— 
(1) in subparagraph (A)— 
(A) by inserting ‘‘that pose a threat to the 
financial stability of the United States’’ after 
‘‘unusual and exigent circumstances’’; and 
(B) by inserting ‘‘and by the affirmative 
vote of not less than nine presidents of the Fed-
eral reserve banks’’ after ‘‘five members’’; 
(2) in subparagraph (B)— 
(A) in clause (i), by inserting at the end 
the following: ‘‘Federal reserve banks may not 
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accept equity securities issued by the recipient 
of any loan or other financial assistance under 
this paragraph as collateral. Not later than 6 
months after the date of enactment of this sen-
tence, the Board shall, by rule, establish— 
‘‘(I) a method for determining 
the sufficiency of the collateral re-
quired under this paragraph; 
‘‘(II) acceptable classes of collat-
eral; 
‘‘(III) the amount of any dis-
count of such value that the Federal 
reserve banks will apply for purposes 
of calculating the sufficiency of collat-
eral under this paragraph; and 
‘‘(IV) a method for obtaining 
independent appraisals of the value of 
collateral the Federal reserve banks 
receive.’’; and 
(B) in clause (ii)— 
(i) by striking the second sentence; 
and 
(ii) by inserting after the first sen-
tence the following: ‘‘A borrower shall not 
be eligible to borrow from any emergency 
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lending program or facility unless the 
Board and all federal banking regulators 
with jurisdiction over the borrower certify 
that, at the time the borrower initially bor-
rows under the program or facility, the 
borrower is not insolvent.’’; 
(3) by inserting ‘‘financial institution’’ before 
‘‘participant’’ each place such term appears; 
(4) in subparagraph (D)(i), by inserting ‘‘finan-
cial institution’’ before ‘‘participants’’; and 
(5) by adding at the end the following new sub-
paragraphs: 
‘‘(F) PENALTY RATE.— 
‘‘(i) IN GENERAL.—Not later than 6 
months after the date of enactment of this 
subparagraph, the Board shall, with re-
spect to a recipient of any loan or other fi-
nancial assistance under this paragraph, 
establish by rule a minimum interest rate 
on the principal amount of any loan or 
other financial assistance. 
‘‘(ii) MINIMUM
INTEREST
RATE
DE-
FINED.—In this subparagraph, the term 
‘minimum interest rate’ shall mean the 
sum of— 
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‘‘(I) the average of the secondary 
discount rate of all Federal Reserve 
banks over the most recent 90-day pe-
riod; and 
‘‘(II) the average of the dif-
ference between a distressed corporate 
bond yield index (as defined by rule of 
the Board) and a bond yield index of 
debt issued by the United States (as 
defined by rule of the Board) over the 
most recent 90-day period. 
‘‘(G) FINANCIAL
INSTITUTION
PARTICI-
PANT
DEFINED.—For purposes of this para-
graph, the term ‘financial institution partici-
pant’— 
‘‘(i) means a company that is pre-
dominantly engaged in financial activities 
(as defined in section 102(a) of the Dodd- 
Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5311(a))); and 
‘‘(ii) does not include an agency de-
scribed in subparagraph (W) of section 
5312(a)(2) of title 31, United States Code, 
or an entity controlled or sponsored by 
such an agency.’’. 
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(b) 
CONFORMING
AMENDMENT.—Section 
11(r)(2)(A) of such Act is amended— 
(1) in clause (ii)(IV), by striking ‘‘; and’’ and 
inserting a semicolon; 
(2) in clause (iii), by striking the period at the 
end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
clause: 
‘‘(iv) the available members secure the affirma-
tive vote of not less than nine presidents of the Fed-
eral reserve banks.’’. 
SEC. 12. INTEREST RATES ON BALANCES MAINTAINED AT A 
FEDERAL RESERVE BANK BY DEPOSITORY 
INSTITUTIONS ESTABLISHED BY FEDERAL 
OPEN MARKET COMMITTEE. 
Subparagraph (A) of section 19(b)(12) of the Federal 
Reserve Act (12 U.S.C. 461(b)(12)(A)) is amended by in-
serting ‘‘established by the Federal Open Market Com-
mittee’’ after ‘‘rate or rates’’. 
SEC. 13. AUDIT REFORM AND TRANSPARENCY FOR THE 
BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM. 
(a) IN GENERAL.—Notwithstanding section 714 of 
title 31, United States Code, or any other provision of law, 
the Comptroller General of the United States shall annu-
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ally complete an audit of the Board of Governors of the 
Federal Reserve System and the Federal reserve banks 
under subsection (b) of such section 714 within 12 months 
after the date of the enactment of this Act. 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 90 days after 
each audit required pursuant to subsection (a) is 
completed, the Comptroller General— 
(A) shall submit to Congress a report on 
such audit; and 
(B) shall make such report available to the 
Speaker of the House, the majority and minor-
ity leaders of the House of Representatives, the 
majority and minority leaders of the Senate, the 
Chairman and Ranking Member of the com-
mittee and each subcommittee of jurisdiction in 
the House of Representatives and the Senate, 
and any other Member of Congress who re-
quests the report. 
(2) CONTENTS.—The report under paragraph 
(1) shall include a detailed description of the find-
ings and conclusion of the Comptroller General with 
respect to the audit that is the subject of the report, 
together with such recommendations for legislative 
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or administrative action as the Comptroller General 
may determine to be appropriate. 
(c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 
(b) of section 714 of title 31, United States Code, is 
amended by striking the second sentence. 
(d) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) IN
GENERAL.—Section 714 of title 31, 
United States Code, is amended— 
(A) in subsection (d)(3), by striking ‘‘or 
(f)’’ each place such term appears; 
(B) in subsection (e), by striking ‘‘the 
third undesignated paragraph of section 13’’ 
and inserting ‘‘section 13(3)’’; and 
(C) by striking subsection (f). 
(2) FEDERAL
RESERVE
ACT.—Subsection (s) 
(relating to ‘‘Federal Reserve Transparency and Re-
lease of Information’’) of section 11 of the Federal 
Reserve Act (12 U.S.C. 248) is amended— 
(A) in paragraph (4)(A), by striking ‘‘has 
the same meaning as in section 714(f)(1)(A) of 
title 31, United States Code’’ and inserting 
‘‘means a program or facility, including any 
special purpose vehicle or other entity estab-
lished by or on behalf of the Board of Gov-
ernors of the Federal Reserve System or a Fed-
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eral reserve bank, authorized by the Board of 
Governors under section 13(3), that is not sub-
ject to audit under section 714(e) of title 31, 
United States Code’’; 
(B) in paragraph (6), by striking ‘‘or in 
section 714(f)(3)(C) of title 31, United States 
Code, the information described in paragraph 
(1) and information concerning the transactions 
described in section 714(f) of such title,’’ and 
inserting ‘‘the information described in para-
graph (1)’’; and 
(C) in paragraph (7), by striking ‘‘and sec-
tion 13(3)(C), section 714(f)(3)(C) of title 31, 
United States Code, and’’ and inserting ‘‘, sec-
tion 13(3)(C), and’’. 
SEC. 14. REPORTING REQUIREMENT FOR EXPORT-IMPORT 
BANK. 
The Board of Governors of the Federal Reserve Sys-
tem shall include, as part of the monthly Federal Reserve 
statistical release titled ‘‘Industrial Production or Capac-
ity Utilization’’ (or any successor release), an analysis 
of— 
(1) the impact on the index described in the 
statistical release due to the operation of the Export- 
Import Bank; and 
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(2) the amount of foreign industrial production 
supported by foreign export credit agencies, using 
the same method used to measure industrial produc-
tion in the statistical release and scaled to be com-
parable to the industrial production measurement 
for the United States. 
SEC. 15. MEMBERSHIP OF BOARD OF DIRECTORS OF THE 
FEDERAL RESERVE BANKS. 
Section 4 of the Federal Reserve Act (12 U.S.C. 302) 
is amended— 
(1) in the eleventh undesignated paragraph (re-
lating to Class B), by striking ‘‘and consumers’’ and 
inserting ‘‘consumers, and traditionally underserved 
communities and populations’’; and 
(2) in the twelfth undesignated paragraph (re-
lating to Class C), by striking ‘‘and consumers’’ and 
inserting ‘‘consumers, and traditionally underserved 
communities and populations’’. 
SEC. 16. ESTABLISHMENT OF A CENTENNIAL MONETARY 
COMMISSION. 
(a) SHORT TITLE.—This section may be cited as the 
‘‘Centennial Monetary Commission Act of 2015’’. 
(b) FINDINGS.—Congress finds the following: 
(1) The Constitution endows Congress with the 
power ‘‘to coin money, regulate the value thereof’’. 
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(2) Following the financial crisis known as the 
Panic of 1907, Congress established the National 
Monetary Commission to provide recommendations 
for the reform of the financial and monetary systems 
of the United States. 
(3) Incorporating several of the recommenda-
tions of the National Monetary Commission, Con-
gress created the Federal Reserve System in 1913. 
As currently organized, the Federal Reserve System 
consists of the Board of Governors in Washington, 
District of Columbia, and the Federal Reserve 
Banks organized into 12 districts around the United 
States. The stockholders of the 12 Federal Reserve 
Banks include national and certain State-chartered 
commercial banks, which operate on a fractional re-
serve basis. 
(4) Originally, Congress gave the Federal Re-
serve System a monetary mandate to provide an 
elastic currency, within the context of a gold stand-
ard, in response to seasonal fluctuations in the de-
mand for currency. 
(5) Congress also gave the Federal Reserve 
System a financial stability mandate to serve as the 
lender of last resort to solvent but illiquid banks 
during a financial crisis. 
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(6) In 1977, Congress changed the monetary 
mandate of the Federal Reserve System to a dual 
mandate for maximum employment and stable 
prices. 
(7) Empirical studies and historical evidence, 
both within the United States and in other coun-
tries, demonstrate that price stability is desirable be-
cause both inflation and deflation damage the econ-
omy. 
(8) The economic challenge of recent years— 
most notably the bursting of the housing bubble, the 
financial crisis of 2008, and the ensuing anemic re-
covery—have occurred at great cost in terms of lost 
jobs and output. 
(9) Policymakers are reexamining the structure 
and functioning of financial institutions and markets 
to determine what, if any, changes need to be made 
to place the financial system on a stronger, more 
sustainable path going forward. 
(10) The Federal Reserve System has taken ex-
traordinary actions in response to the recent eco-
nomic challenges. 
(11) The Federal Open Market Committee has 
engaged in multiple rounds of quantitative easing, 
providing unprecedented liquidity to financial mar-
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kets, while committing to holding short-term interest 
rates low for a seemingly indefinite period, and pur-
suing a policy of credit allocation by purchasing 
Federal agency debt and mortgage-backed securities. 
(12) In the wake of the recent extraordinary ac-
tions of the Federal Reserve System, Congress—con-
sistent with its constitutional responsibilities and as 
it has done periodically throughout the history of the 
United States—has once again renewed its examina-
tion of monetary policy. 
(13) Central in such examination has been a re-
newed look at what is the most proper mandate for 
the Federal Reserve System to conduct monetary 
policy in the 21st century. 
(c) ESTABLISHMENT OF A CENTENNIAL MONETARY 
COMMISSION.—There is established a commission to be 
known as the ‘‘Centennial Monetary Commission’’ (in this 
section referred to as the ‘‘Commission’’). 
(d) STUDY AND REPORT ON MONETARY POLICY.— 
(1) STUDY.—The Commission shall— 
(A) examine how United States monetary 
policy since the creation of the Board of Gov-
ernors of the Federal Reserve System in 1913 
has affected the performance of the United 
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States economy in terms of output, employ-
ment, prices, and financial stability over time; 
(B) evaluate various operational regimes 
under which the Board of Governors of the 
Federal Reserve System and the Federal Open 
Market Committee may conduct monetary pol-
icy in terms achieving the maximum sustainable 
level of output and employment and price sta-
bility over the long term, including— 
(i) discretion in determining monetary 
policy without an operational regime; 
(ii) price level targeting; 
(iii) inflation rate targeting; 
(iv) nominal gross domestic product 
targeting (both level and growth rate); 
(v) the use of monetary policy rules; 
and 
(vi) the gold standard; 
(C) evaluate the use of macro-prudential 
supervision and regulation as a tool of mone-
tary policy in terms of achieving the maximum 
sustainable level of output and employment and 
price stability over the long term; 
(D) evaluate the use of the lender-of-last- 
resort function of the Board of Governors of 
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the Federal Reserve System as a tool of mone-
tary policy in terms of achieving the maximum 
sustainable level of output and employment and 
price stability over the long term; 
(E) recommend a course for United States 
monetary policy going forward, including— 
(i) the legislative mandate; 
(ii) the operational regime; 
(iii) the securities used in open mar-
ket operations; and 
(iv) transparency issues; and 
(F) consider the effects of the GDP output 
and employment targets of the ‘‘dual mandate’’ 
(both from the creation of the dual mandate in 
1977 until the present time and estimates of 
the future effect of the dual mandate ) on— 
(i) United States economic activity; 
(ii) Federal Reserve actions; and 
(iii) Federal debt. 
(2) REPORT.—Not later than December 1, 
2016, the Commission shall submit to Congress and 
make publicly available a report containing a state-
ment of the findings and conclusions of the Commis-
sion in carrying out the study under paragraph (1), 
together with the recommendations the Commission 
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considers appropriate. In making such report, the 
Commission shall specifically report on the consider-
ations required under paragraph (1)(F). 
(e) MEMBERSHIP.— 
(1) NUMBER AND APPOINTMENT.— 
(A) APPOINTED VOTING MEMBERS.—The 
Commission shall contain 12 voting members as 
follows: 
(i) Six members appointed by the 
Speaker of the House of Representatives, 
with four members from the majority party 
and two members from the minority party. 
(ii) Six members appointed by the 
President Pro Tempore of the Senate, with 
four members from the majority party and 
two members from the minority party. 
(B) CHAIRMAN.—The Speaker of the 
House of Representatives and the majority 
leader of the Senate shall jointly designate one 
of the members of the Commission as Chair-
man. 
(C) NON-VOTING
MEMBERS.—The Com-
mission shall contain 2 non-voting members as 
follows: 
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(i) One member appointed by the Sec-
retary of the Treasury. 
(ii) One member who is the president 
of a district Federal reserve bank ap-
pointed by the Chair of the Board of Gov-
ernors of the Federal Reserve System. 
(2) PERIOD OF APPOINTMENT.—Each member 
shall be appointed for the life of the Commission. 
(3) TIMING OF APPOINTMENT.—All members of 
the Commission shall be appointed not later than 30 
days after the date of the enactment of this section. 
(4) VACANCIES.—A vacancy in the Commission 
shall not affect its powers, and shall be filled in the 
manner in which the original appointment was 
made. 
(5) MEETINGS.— 
(A) INITIAL
MEETING.—The Commission 
shall hold its initial meeting and begin the oper-
ations of the Commission as soon as is prac-
ticable. 
(B) FURTHER MEETINGS.—The Commis-
sion shall meet upon the call of the Chair or a 
majority of its members. 
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(6) QUORUM.—Seven voting members of the 
Commission shall constitute a quorum but a lesser 
number may hold hearings. 
(7) MEMBER OF CONGRESS DEFINED.—In this 
subsection, the term ‘‘Member of Congress’’ means 
a Senator or a Representative in, or Delegate or 
Resident Commissioner to, the Congress. 
(f) POWERS.— 
(1) HEARINGS AND SESSIONS.—The Commis-
sion or, on the authority of the Commission, any 
subcommittee or member thereof, may, for the pur-
pose of carrying out this section, hold hearings, sit 
and act at times and places, take testimony, receive 
evidence, or administer oaths as the Commission or 
such subcommittee or member thereof considers ap-
propriate. 
(2) CONTRACT AUTHORITY.—To the extent or 
in the amounts provided in advance in appropriation 
Acts, the Commission may contract with and com-
pensate government and private agencies or persons 
to enable the Commission to discharge its duties 
under this section, without regard to section 3709 of 
the Revised Statutes (41 U.S.C. 5). 
(3) OBTAINING OFFICIAL DATA.— 
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(A) IN GENERAL.—The Commission is au-
thorized to secure directly from any executive 
department, bureau, agency, board, commission, 
office, independent establishment, or instrumen-
tality of the Government, any information, in-
cluding suggestions, estimates, or statistics, for 
the purposes of this section. 
(B) REQUESTING
OFFICIAL
DATA.—The 
head of such department, bureau, agency, 
board, commission, office, independent estab-
lishment, or instrumentality of the government 
shall, to the extent authorized by law, furnish 
such information upon request made by— 
(i) the Chair; 
(ii) the Chair of any subcommittee 
created by a majority of the Commission; 
or 
(iii) any member of the Commission 
designated by a majority of the commission 
to request such information. 
(4) ASSISTANCE FROM FEDERAL AGENCIES.— 
(A) 
GENERAL
SERVICES
ADMINISTRA-
TION.—The Administrator of General Services 
shall provide to the Commission on a reimburs-
able basis administrative support and other 
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services for the performance of the functions of 
the Commission. 
(B) OTHER
DEPARTMENTS
AND
AGEN-
CIES.—In addition to the assistance prescribed 
in subparagraph (A), at the request of the 
Commission, departments and agencies of the 
United States shall provide such services, funds, 
facilities, staff, and other support services as 
may be authorized by law. 
(5) POSTAL
SERVICE.—The Commission may 
use the United States mails in the same manner and 
under the same conditions as other departments and 
agencies of the United States. 
(g) COMMISSION PERSONNEL.— 
(1) APPOINTMENT
AND
COMPENSATION
OF 
STAFF.— 
(A) IN GENERAL.—Subject to rules pre-
scribed by the Commission, the Chair may ap-
point and fix the pay of the executive director 
and other personnel as the Chair considers ap-
propriate. 
(B) APPLICABILITY
OF
CIVIL
SERVICE 
LAWS.—The staff of the Commission may be 
appointed without regard to the provisions of 
title 5, United States Code, governing appoint-
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ments in the competitive service, and may be 
paid without regard to the provisions of chapter 
51 and subchapter III of chapter 53 of that 
title relating to classification and General 
Schedule pay rates, except that an individual so 
appointed may not receive pay in excess of level 
V of the Executive Schedule. 
(2) CONSULTANTS.—The Commission may pro-
cure temporary and intermittent services under sec-
tion 3109(b) of title 5, United States Code, but at 
rates for individuals not to exceed the daily equiva-
lent of the rate of pay for a person occupying a posi-
tion at level IV of the Executive Schedule. 
(3) STAFF OF FEDERAL AGENCIES.—Upon re-
quest of the Commission, the head of any Federal 
department or agency may detail, on a reimbursable 
basis, any of the personnel of such department or 
agency to the Commission to assist it in carrying out 
its duties under this section. 
(h) TERMINATION OF COMMISSION.— 
(1) IN GENERAL.—The Commission shall termi-
nate on June 1, 2017. 
(2) ADMINISTRATIVE ACTIVITIES BEFORE TER-
MINATION.—The Commission may use the period be-
tween the submission of its report and its termi-
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nation for the purpose of concluding its activities, 
including providing testimony to the committee of 
Congress concerning its report. 
(i) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to carry out this section 
$1,000,000, which shall remain available until the date on 
which the Commission terminates. 
SEC. 17. ELIMINATION OF SURPLUS FUNDS OF FEDERAL 
RESERVE BANKS. 
(a) IN GENERAL.—Section 7 of the Federal Reserve 
Act (12 U.S.C. 289 et seq.) is amended— 
(1) in subsection (a)— 
(A) in the heading of such subsection, by 
striking ‘‘AND SURPLUS FUNDS’’; 
(B) in paragraph (2), by striking ‘‘depos-
ited in the surplus fund of the bank’’ and in-
serting ‘‘transferred to the Board of Governors 
of the Federal Reserve System for transfer to 
the Secretary of the Treasury for deposit in the 
general fund of the Treasury’’; and 
(C) by striking the first subsection (b) (re-
lating to a transfer for fiscal year 2000). 
(b) TRANSFER TO THE TREASURY.—The Federal re-
serve banks shall transfer all of the funds of the surplus 
funds of such banks to the Board of Governors of the Fed-
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