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.
Short title
This Act may be cited as the
Federal Reserve Single Mandate Act of
2013
.
Amendments to the Federal Reserve Act
Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended—
by striking
maximum employment, stable prices,
and inserting
long-term price stability, a low rate of inflation,
; and
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.