Teacher:In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Teacher: Now, understand the problem? Solve this instance: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Economic Growth and Price Stability
Act of 1999''.

SEC. 2. FINDINGS; STATEMENT OF POLICY.

(a) Findings.--The Congress finds that--
(1) during periods of inflation, the United States has
experienced a deterioration in its potential economic growth;
(2) a decline in inflation has been a crucial factor in
encouraging recent robust economic growth;
(3) stable prices facilitate higher sustainable levels of
economic growth, investment, and job creation;
(4) the multiple policy goals of the Full Employment and
Balanced Growth Act of 1978 cause confusion and ambiguity about
the appropriate role and aims of monetary policy, which can add
to volatility in economic activity and financial markets,
harming economic growth and costing workers jobs;
(5) recognizing the dangers of inflation and the
appropriate role of monetary policy, political leaders in
countries throughout the world have directed the central banks
of those countries to institute reforms that focus monetary
policy on the single objective of price stability, rather than
on multiple policy goals;
(6) there is a need for the Congress to clarify the proper
role of the Board of Governors of the Federal Reserve System in
economic policymaking, in order to achieve the best environment
for long-term economic growth and job creation; and
(7) because price stability is a key condition for
maintaining the highest possible levels of productivity, real
incomes, living standards, employment, and global
competitiveness, price stability should be the primary long-
term goal of the Board of Governors of the Federal Reserve
System.
(b) Statement of Policy.--It is the policy of the United States
that--
(1) the principal economic responsibilities of the
Government are to establish and ensure an environment that is
conducive to both long-term economic growth and increases in
living standards, by establishing and maintaining free markets,
low taxes, respect for private property, and the stable, long-
term purchasing power of the United States currency; and
(2) the primary long-term goal of the Board of Governors of
the Federal Reserve System (hereafter in this Act referred to
as the ''Board'') should be to promote price stability.

SEC. 3. MONETARY POLICY.

(a) Amendment to the Federal Reserve Act.--Section 2A of the
Federal Reserve Act (12 U.S.C. 225a) is amended to read as follows:

''SEC. 2A. MONETARY POLICY.

''(a) Price Stability.--The Board and the Federal Open Market
Committee (hereafter in this section referred to as the 'Committee')
shall--
''(1) establish an explicit numerical definition of the
term 'price stability'; and
''(2) maintain a monetary policy that effectively promotes
long-term price stability.
''(b) Congressional Consultation.--Not later than February 20 and
July 20 of each year, the Board shall consult with the Congress at
semiannual hearings before the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Banking and Financial
Services of the House of Representatives, about the objectives and
plans of the Board and the Committee with respect to achieving and
maintaining price stability.
''(c) Congressional Oversight.--The Board shall, concurrent with
each semiannual hearing required by subsection (b), submit a written
report to the Congress containing--
''(1) numerical measures to help assess the extent to which
the Board and the Committee are achieving and maintaining price
stability in accordance with subsection (a);
''(2) a description of the intermediate variables used by
the Board to gauge the prospects for achieving the objective of
price stability; and
''(3) the definition, or any modifications thereto, of
'price stability' established in accordance with subsection
(a)(1).''.
(b) Compliance Estimate.--
(1) In general.--Concurrent with the first semiannual
hearing required by section 2A(b) of the Federal Reserve Act
(as amended by subsection (a) of this section) following the
date of enactment of this Act, the Board shall submit to the
Congress a written estimate of the length of time it will take
for the Board and the Committee to fully achieve price
stability. The Board and the Committee shall take into account
any potential short-term effects on employment and output in
complying with the goal of price stability.
(2) Definitions.--For purposes of this section--
(A) the term ''Board'' means the Board of Governors
of the Federal Reserve System; and
(B) the term ''Committee'' means the Federal Open
Market Committee.

SEC. 4. REPEAL OF OBSOLETE PROVISIONS.

(a) Full Employment and Balanced Growth Act of 1978.--The Full
Employment and Balanced Growth Act of 1978 (15 U.S.C. 3101 et seq.) is
repealed.
(b) Employment Act of 1946.--The Employment Act of 1946 (15 U.S.C.
1021 et seq.) is amended--
(1) in section 3 (15 U.S.C. 1022)--
(A) in the section heading, by striking ''and
short-term economic goals and policies'';
(B) by striking ''(a)''; and
(C) by striking ''in accord with section 11(c) of
this Act'' and all that follows through the end of the
section and inserting ''in accordance with section
5(c).'';
(2) in section 9(b) (15 U.S.C. 1022f(b)), by striking '',
the Full Employment and Balanced Growth Act of 1978,'';
(3) in section 10 (15 U.S.C. 1023)--
(A) in subsection (a), by striking ''in the light
of the policy declared in section 2'';
(B) in subsection (e)(1), by striking ''section 9''
and inserting ''section 3''; and
(C) in the matter immediately following paragraph
(2) of subsection (e), by striking ''and the Full
Employment and Balanced Growth Act of 1978'';
(4) by striking section 2;
(5) by striking sections 4 through 8; and
(6) by redesignating sections 3, 9, 10, and 11 as sections
2 through 5, respectively.
(c) Congressional Budget Act of 1974.--Title III of the
Congressional Budget Act of 1974 (2 U.S.C. 631 et seq.) is amended--
(1) in section 301--
(A) in subsection (b), by striking paragraph (1)
and redesignating paragraphs (2) through (9) as
paragraphs (1) through (8), respectively;
(B) in subsection (d), in the second sentence, by
striking ''the fiscal policy'' and all that follows
through the end of the sentence and inserting ''fiscal
policy.'';
(C) in subsection (e)(1), in the second sentence,
by striking ''as to short-term and medium-term goals'';
and
(D) by striking subsection (f) and inserting the
following:
''(f) [Reserved.]''; and
(2) in section 305--
(A) in subsection (a)(3), by inserting before the
period at the end '', as described in section 2 of the
Economic Growth and Price Stability Act of 1999'';
(B) in subsection (a)(4)--
(i) by striking ''House sets forth the
economic goals'' and all that follows through
''designed to achieve,'' and inserting ''House
of Representatives sets forth the economic
goals and policies, as described in section 2
of the Economic Growth and Price Stability Act
of 1999,''; and
(ii) by striking ''such goals,'' and all
that follows through the end of the paragraph
and inserting ''such goals and policies.'';
(C) in subsection (b)(3), by inserting before the
period at the end '', as described in section 2 of the
Economic Growth and Price Stability Act of 1999''; and
(D) in subsection (b)(4)--
(i) by striking ''goals (as'' and all that
follows through ''designed to achieve,'' and
inserting ''goals and policies, as described in
section 2 of the Economic Growth and Price
Stability Act of 1999,''; and
(ii) by striking ''such goals,'' and all
that follows through the end of the paragraph
and inserting ''such goals and policies.''.
Student:
Repeals the mandate of the Board and the Committee to report biannually to the Congress on national economic trends, taking into account unemployment, investment, and productivity. Replaces such mandate with a mandate to consult semiannually with Congress, and to report on their plans and the time required to achieve price stability.
Repeals the Full Employment and Balanced Growth Act of 1978 (Humphrey-Hawkins Act). Amends the Employment Act of 1946 and the Congressional Budget Act of 1974 to reflect the provisions of this Act.