Federal Reserve Single Mandate Act of 2013

Bill: 113-s-215
Sponsor: full_name: Sen. Corker, Bob [R-TN]
Introduced: 2013-02-04
Policy area: Economics and Public Finance
Subjects: Federal Reserve System

Inflation and prices

Monetary policy

Unemployment
Latest action: action_date: 2013-02-04
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2013-02-04
action_desc: Introduced in Senate
text: <p>Federal Reserve Single Mandate Act of 2013 - Amends the Federal Reserve Act to eliminate maximum employment and stable prices as goals for the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to promote in maintaining long run growth of monetary and credit aggregates. Replaces such goals with long-term price stability and a low rate of inflation. (Retains the current third goal of moderate long-term interest rates.)</p> <p>Requires the Board to: (1) establish an explicit numerical definition of the term &quot;long-term price stability,&quot; and (2) maintain monetary policy that effectively promotes such long-term price stability. </p> <BR>

tv_txt: II 113th CONGRESS 1st Session S. 215 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.

1. Short title This Act may be cited as the Federal Reserve Single Mandate Act of 2013 . 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. .