HR 2912 RH1S 
(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. 
(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 
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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-
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. 
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SEC. 3. ESTABLISHMENT. 
There is established a commission to be known as the 
‘‘Centennial Monetary Commission’’ (in this Act referred 
to as the ‘‘Commission’’). 
SEC. 4. DUTIES. 
(a) STUDY OF MONETARY POLICY.—The Commis-
sion shall— 
(1) examine how United States monetary policy 
since the creation of the Board of Governors of the 
Federal Reserve System in 1913 has affected the 
performance of the United States economy in terms 
of output, employment, prices, and financial stability 
over time; 
(2) evaluate various operational regimes under 
which the Board of Governors of the Federal Re-
serve System and the Federal Open Market Com-
mittee may conduct monetary policy in terms achiev-
ing the maximum sustainable level of output and 
employment and price stability over the long term, 
including— 
(A) discretion in determining monetary 
policy without an operational regime; 
(B) price level targeting; 
(C) inflation rate targeting; 
(D) nominal gross domestic product tar-
geting (both level and growth rate); 
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(E) the use of monetary policy rules; and 
(F) the gold standard; 
(3) evaluate the use of macro-prudential super-
vision and regulation as a tool of monetary policy in 
terms of achieving the maximum sustainable level of 
output and employment and price stability over the 
long term; 
(4) evaluate the use of the lender-of-last-resort 
function of the Board of Governors of the Federal 
Reserve System as a tool of monetary policy in 
terms of achieving the maximum sustainable level of 
output and employment and price stability over the 
long term; and 
(5) recommend a course for United States mon-
etary policy going forward, including— 
(A) the legislative mandate; 
(B) the operational regime; 
(C) the securities used in open market op-
erations; and 
(D) transparency issues. 
(b) REPORT ON MONETARY POLICY.—Not later than 
December 1, 2016, the Commission shall submit to Con-
gress and make publicly available a report containing a 
statement of the findings and conclusions of the Commis-
sion in carrying out the study under subsection (a), to-
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gether with the recommendations the Commission con-
siders appropriate. 
SEC. 5. MEMBERSHIP. 
(a) NUMBER AND APPOINTMENT.— 
(1) APPOINTED VOTING MEMBERS.—The Com-
mission shall contain 12 voting members as follows: 
(A) 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. 
(B) Six members appointed by the Presi-
dent Pro Tempore of the Senate, with four 
members from the majority party and two 
members from the minority party. 
(2) CHAIRMAN.—The Speaker of the House of 
Representatives and the majority leader of the Sen-
ate shall jointly designate one of the members of the 
Commission as Chairman. 
(3) NON-VOTING MEMBERS.—The Commission 
shall contain 2 non-voting members as follows: 
(A) One member appointed by the Sec-
retary of the Treasury. 
(B) One member who is the president of a 
district Federal reserve bank appointed by the 
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Chair of the Board of Governors of the Federal 
Reserve System. 
(b) PERIOD OF APPOINTMENT.—Each member shall 
be appointed for the life of the Commission. 
(c) TIMING OF APPOINTMENT.—All members of the 
Commission shall be appointed not before January 5, 
2015, and not later than 30 days after the date of the 
enactment of this Act. 
(d) 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. 
(e) MEETINGS.— 
(1) INITIAL MEETING.—The Commission shall 
hold its initial meeting and begin the operations of 
the Commission as soon as is practicable. 
(2) FURTHER
MEETINGS.—The Commission 
shall meet upon the call of the Chair or a majority 
of its members. 
(f) QUORUM.—Seven voting members of the Commis-
sion shall constitute a quorum but a lesser number may 
hold hearings. 
(g) MEMBER OF CONGRESS DEFINED.—In this sec-
tion, the term ‘‘Member of Congress’’ means a Senator 
or a Representative in, or Delegate or Resident Commis-
sioner to, the Congress. 
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SEC. 6. POWERS. 
(a) HEARINGS AND SESSIONS.—The Commission or, 
on the authority of the Commission, any subcommittee or 
member thereof, may, for the purpose of carrying out this 
Act, 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 con-
siders appropriate. 
(b) CONTRACT AUTHORITY.—To the extent or in the 
amounts provided in advance in appropriation Acts, the 
Commission may contract with and compensate govern-
ment and private agencies or persons to enable the Com-
mission to discharge its duties under this Act, without re-
gard to section 3709 of the Revised Statutes (41 U.S.C. 
5). 
(c) OBTAINING OFFICIAL DATA.— 
(1) IN GENERAL.—The Commission is author-
ized to secure directly from any executive depart-
ment, bureau, agency, board, commission, office, 
independent establishment, or instrumentality of the 
Government, any information, including suggestions, 
estimates, or statistics, for the purposes of this Act. 
(2) REQUESTING OFFICIAL DATA.—The head of 
such department, bureau, agency, board, commis-
sion, office, independent establishment, or instru-
mentality of the government shall, to the extent au-
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thorized by law, furnish such information upon re-
quest made by— 
(A) the Chair; 
(B) the Chair of any subcommittee created 
by a majority of the Commission; or 
(C) any member of the Commission des-
ignated by a majority of the commission to re-
quest such information. 
(d) ASSISTANCE FROM FEDERAL AGENCIES.— 
(1) GENERAL
SERVICES
ADMINISTRATION.— 
The Administrator of General Services shall provide 
to the Commission on a reimbursable basis adminis-
trative support and other services for the perform-
ance of the functions of the Commission. 
(2) OTHER DEPARTMENTS AND AGENCIES.—In 
addition to the assistance prescribed in paragraph 
(1), 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. 
(e) 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. 
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SEC. 7. COMMISSION PERSONNEL. 
(a) APPOINTMENT AND COMPENSATION OF STAFF.— 
(1) IN GENERAL.—Subject to rules prescribed 
by the Commission, the Chair may appoint and fix 
the pay of the executive director and other personnel 
as the Chair considers appropriate. 
(2) APPLICABILITY OF CIVIL SERVICE LAWS.— 
The staff of the Commission may be appointed with-
out regard to the provisions of title 5, United States 
Code, governing appointments in the competitive 
service, and may be paid without regard to the pro-
visions 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 ap-
pointed may not receive pay in excess of level V of 
the Executive Schedule. 
(b) CONSULTANTS.—The Commission may procure 
temporary and intermittent services under section 3109(b) 
of title 5, United States Code, but at rates for individuals 
not to exceed the daily equivalent of the rate of pay for 
a person occupying a position at level IV of the Executive 
Schedule. 
(c) STAFF OF FEDERAL AGENCIES.—Upon request 
of the Commission, the head of any Federal department 
or agency may detail, on a reimbursable basis, any of the 
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personnel of such department or agency to the Commis-
sion to assist it in carrying out its duties under this Act. 
SEC. 8. TERMINATION. 
(a) IN GENERAL.—The Commission shall terminate 
on June 1, 2017. 
(b) ADMINISTRATIVE ACTIVITIES BEFORE TERMI-
NATION.—The Commission may use the period between 
the submission of its report and its termination for the 
purpose of concluding its activities, including providing 
testimony to the committee of Congress concerning its re-
port. 
SEC. 9. AUTHORIZATION OF APPROPRIATIONS. 
There are authorized to be appropriated such sums 
as may be necessary to carry out this Act and such sums 
shall remain available until the date on which the Commis-
sion terminates. 
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Union Calendar No. 252 
114TH CONGRESS 
1ST SESSION 
H. R. 2912 
[Report No. 114–331] 
A BILL 
To establish a commission to examine the United 
States monetary policy, evaluate alternative mon-
etary regimes, and recommend a course for mon-
etary policy going forward. 
NOVEMBER 16, 2015 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
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