113 S215 IS: Federal Reserve Single Mandate Act of 2013 U.S. Senate 2013-02-04 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

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..