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Text of the Federal Reserve Single Mandate Act of 2013

This bill was introduced on February 4, 2013, in a previous session of Congress, but was not enacted. The text of the bill below is as of Feb 4, 2013 (Introduced).

II

113th CONGRESS

1st Session

S. 215

IN THE SENATE OF THE UNITED STATES

February 4, 2013

(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..