S.Amdt. 1496
What it does: Adds SEC. __. AMENDMENTS TO THE FEDERAL RESERVE ACT wherever appropriate
Sen. Bob Corker (R-TN)What it changes
1 change to S. 2038
Adds SEC. __. AMENDMENTS TO THE FEDERAL RESERVE ACT wherever appropriate
Adds a sectionInserted: SEC. __. AMENDMENTS TO THE FEDERAL RESERVE ACT.
Inserted: (a) Maintenance of Long Run Growth; Price Stability and Low Inflation.--Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended--
Inserted: (1) by striking "maximum employment, stable prices," and inserting "long-term price stability, a low rate of inflation,"; and
Inserted: (2) by 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.".
Inserted: (b) Rule of Construction.--The amendments made by subsection (a) shall not be construed as a limitation on the authority or responsibility of the Board of Governors of the Federal Reserve System--
Inserted: (1) to provide liquidity to markets in the event of a disruption that threatens the smooth functioning and stability of the financial sector; or
Inserted: (2) to serve as a lender of last resort under the Federal Reserve Act when the Board determines such action is necessary.
Inserted: (c) Congressional Oversight.--The Board of Governors of the Federal Reserve System shall, concurrent with each semiannual hearing to Congress, submit a written report to the Congress containing--
Inserted: (1) numerical measures to help Congress assess the extent to which the Board and the Federal Open Market Committee are achieving and maintaining a legitimate definition of the term long-term price stability, as such term is defined or modified pursuant to the second sentence of section 2A of the Federal Reserve Act (as added by this section);
Inserted: (2) a description of the intermediate variables used by the Board to gauge the prospects for achieving the objective of long-term price stability; and
Inserted: (3) the definition, or any modifications thereto, of the term long-term price stability, as such term is defined or modified pursuant to the second sentence of section 2A of the Federal Reserve Act (as added by this section).
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Original wording
At the appropriate place, insert the following:
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As printed
SA 1496. Mr. CORKER submitted an amendment intended to be proposed by him to the bill S. 2038, to prohibit Members of Congress and employees of Congress from using nonpublic information derived from their official positions for personal benefit, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. AMENDMENTS TO THE FEDERAL RESERVE ACT.
(a) Maintenance of Long Run Growth; Price Stability and Low Inflation.--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 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.”.
(b) Rule of Construction.--The amendments made by subsection (a) shall not be construed as a limitation on the authority or responsibility of the Board of Governors of the Federal Reserve System--
(1) to provide liquidity to markets in the event of a disruption that threatens the smooth functioning and stability of the financial sector; or
(2) to serve as a lender of last resort under the Federal Reserve Act when the Board determines such action is necessary.
(c) Congressional Oversight.--The Board of Governors of the Federal Reserve System shall, concurrent with each semiannual hearing to Congress, submit a written report to the Congress containing--
(1) numerical measures to help Congress assess the extent to which the Board and the Federal Open Market Committee are achieving and maintaining a legitimate definition of the term long-term price stability, as such term is defined or modified pursuant to the second sentence of section 2A of the Federal Reserve Act (as added by this section);
(2) a description of the intermediate variables used by the Board to gauge the prospects for achieving the objective of long-term price stability; and
(3) the definition, or any modifications thereto, of the term long-term price stability, as such term is defined or modified pursuant to the second sentence of section 2A of the Federal Reserve Act (as added by this section).
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Senate amendment submitted
February 1, 2012