[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3189 Received in Senate (RDS)]

<DOC>
114th CONGRESS
  1st Session
                                H. R. 3189


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 30, 2015

                                Received

_______________________________________________________________________

                                 AN ACT


 
 To amend the Federal Reserve Act to establish requirements for policy 
  rules and blackout periods of the Federal Open Market Committee, to 
establish requirements for certain activities of the Board of Governors 
  of the Federal Reserve System, and to amend title 31, United States 
   Code, to reform the manner in which the Board of Governors of the 
       Federal Reserve System is audited, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Fed Oversight 
Reform and Modernization Act of 2015'' or the ``FORM Act of 2015''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Requirements for policy rules of the Federal Open Market 
                            Committee.
Sec. 3. Federal Open Market Committee blackout period.
Sec. 4. Membership of Federal Open Market Committee.
Sec. 5. Requirements for stress tests and supervisory letters for the 
                            Board of Governors of the Federal Reserve 
                            System.
Sec. 6. Frequency of testimony of the Chairman of the Board of 
                            Governors of the Federal Reserve System to 
                            Congress.
Sec. 7. Vice Chairman for Supervision report requirement.
Sec. 8. Economic analysis of regulations of the Board of Governors of 
                            the Federal Reserve System.
Sec. 9. Salaries, financial disclosures, and office staff of the Board 
                            of Governors of the Federal Reserve System.
Sec. 10. Requirements for international processes.
Sec. 11. Amendments to powers of the Board of Governors of the Federal 
                            Reserve System.
Sec. 12. Interest rates on balances maintained at a Federal Reserve 
                            bank by depository institutions established 
                            by Federal Open Market Committee.
Sec. 13. Audit reform and transparency for the Board of Governors of 
                            the Federal Reserve System.
Sec. 14. Reporting requirement for Export-Import Bank.
Sec. 15. Membership of Board of Directors of the Federal reserve banks.
Sec. 16. Establishment of a Centennial Monetary Commission.
Sec. 17. Elimination of surplus funds of Federal reserve banks.
Sec. 18. Public transcripts of FOMC meetings.

SEC. 2. REQUIREMENTS FOR POLICY RULES OF THE FEDERAL OPEN MARKET 
              COMMITTEE.

    The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by 
inserting after section 2B the following new section:

``SEC. 2C. DIRECTIVE POLICY RULES OF THE FEDERAL OPEN MARKET COMMITTEE.

    ``(a) Definitions.--In this section the following definitions shall 
apply:
            ``(1) Appropriate congressional committees.--The term 
        `appropriate congressional committees' means the Committee on 
        Financial Services of the House of Representatives and the 
        Committee on Banking, Housing, and Urban Affairs of the Senate.
            ``(2) Directive policy rule.--The term `Directive Policy 
        Rule' means a policy rule developed by the Federal Open Market 
        Committee that meets the requirements of subsection (c) and 
        that provides the basis for the Open Market Operations 
        Directive.
            ``(3) GDP.--The term `GDP' means the gross domestic product 
        of the United States as computed and published by the 
        Department of Commerce.
            ``(4) Intermediate policy input.--The term `Intermediate 
        Policy Input'--
                    ``(A) may include any variable determined by the 
                Federal Open Market Committee as a necessary input to 
                guide open-market operations;
                    ``(B) shall include an estimate of, and the method 
                of calculation for, the current rate of inflation or 
                current inflation expectations; and
                    ``(C) shall include, specifying whether the 
                variable or estimate is historical, current, or a 
                forecast and the method of calculation, at least one 
                of--
                            ``(i) an estimate of real GDP, nominal GDP, 
                        or potential GDP;
                            ``(ii) an estimate of the monetary 
                        aggregate compiled by the Board of Governors of 
                        the Federal Reserve System and Federal reserve 
                        banks; or
                            ``(iii) an interactive variable or a net 
                        estimate composed of the estimates described in 
                        clauses (i) and (ii).
            ``(5) Legislative day.--The term `legislative day' means a 
        day on which either House of Congress is in session.
            ``(6) Open market operations directive.--The term `Open 
        Market Operations Directive' means an order to achieve a 
        specified Policy Instrument Target provided to the Federal 
        Reserve Bank of New York by the Federal Open Market Committee 
        pursuant to powers authorized under section 14 of this Act that 
        guide open-market operations.
            ``(7) Policy instrument.--The term `Policy Instrument' 
        means--
                    ``(A) the nominal Federal funds rate;
                    ``(B) the nominal rate of interest paid on 
                nonborrowed reserves; or
                    ``(C) the discount window primary credit interest 
                rate most recently published on the Federal Reserve 
                Statistical Release on selected interest rates (daily 
                or weekly), commonly referred to as the H.15 release.
            ``(8) Policy instrument target.--The term `Policy 
        Instrument Target' means the target for the Policy Instrument 
        specified in the Open Market Operations Directive.
            ``(9) Reference policy rule.--The term `Reference Policy 
        Rule' means a calculation of the nominal Federal funds rate as 
        equal to the sum of the following:
                    ``(A) The rate of inflation over the previous four 
                quarters.
                    ``(B) One-half of the percentage deviation of the 
                real GDP from an estimate of potential GDP.
                    ``(C) One-half of the difference between the rate 
                of inflation over the previous four quarters and two 
                percent.
                    ``(D) Two percent.
    ``(b) Submitting a Directive Policy Rule.--Not later than 48 hours 
after the end of a meeting of the Federal Open Market Committee, the 
Chairman of the Federal Open Market Committee shall submit to the 
appropriate congressional committees and the Comptroller General of the 
United States a Directive Policy Rule and a statement that identifies 
the members of the Federal Open Market Committee who voted in favor of 
the Rule.
    ``(c) Requirements for a Directive Policy Rule.--A Directive Policy 
Rule shall--
            ``(1) identify the Policy Instrument the Directive Policy 
        Rule is designed to target;
            ``(2) describe the strategy or rule of the Federal Open 
        Market Committee for the systematic quantitative adjustment of 
        the Policy Instrument Target to respond to a change in the 
        Intermediate Policy Inputs;
            ``(3) include a function that comprehensively models the 
        interactive relationship between the Intermediate Policy 
        Inputs;
            ``(4) include the coefficients of the Directive Policy Rule 
        that generate the current Policy Instrument Target and a range 
        of predicted future values for the Policy Instrument Target if 
        changes occur in any Intermediate Policy Input;
            ``(5) describe the procedure for adjusting the supply of 
        bank reserves to achieve the Policy Instrument Target;
            ``(6) include a statement as to whether the Directive 
        Policy Rule substantially conforms to the Reference Policy Rule 
        and, if applicable--
                    ``(A) an explanation of the extent to which it 
                departs from the Reference Policy Rule;
                    ``(B) a detailed justification for that departure; 
                and
                    ``(C) a description of the circumstances under 
                which the Directive Policy Rule may be amended in the 
                future;
            ``(7) include a certification that such Rule is expected to 
        support the economy in achieving stable prices and maximum 
        natural employment over the long term;
            ``(8) include a calculation that describes with 
        mathematical precision the expected annual inflation rate over 
        a 5-year period; and
            ``(9) include a plan to use the most accurate data, subject 
        to all historical revisions, for inputs into the Directive 
        Policy Rule and the Reference Policy Rule.
    ``(d) GAO Report.--The Comptroller General of the United States 
shall compare the Directive Policy Rule submitted under subsection (b) 
with the rule that was most recently submitted to determine whether the 
Directive Policy Rule has materially changed. If the Directive Policy 
Rule has materially changed, the Comptroller General shall, not later 
than 7 days after each meeting of the Federal Open Market Committee, 
prepare and submit a compliance report to the appropriate congressional 
committees specifying whether the Directive Policy Rule submitted after 
that meeting and the Federal Open Market Committee are in compliance 
with this section.
    ``(e) Changing Market Conditions.--
            ``(1) Rule of construction.--Nothing in this Act shall be 
        construed to require that the plans with respect to the 
        systematic quantitative adjustment of the Policy Instrument 
        Target described under subsection (c)(2) be implemented if the 
        Federal Open Market Committee determines that such plans cannot 
        or should not be achieved due to changing market conditions.
            ``(2) GAO approval of update.--Upon determining that plans 
        described in paragraph (1) cannot or should not be achieved, 
        the Federal Open Market Committee shall submit an explanation 
        for that determination and an updated version of the Directive 
        Policy Rule to the Comptroller General of the United States and 
        the appropriate congressional committees not later than 48 
        hours after making the determination. The Comptroller General 
        shall, not later than 48 hours after receiving such updated 
        version, prepare and submit to the appropriate congressional 
        committees a compliance report determining whether such updated 
        version and the Federal Open Market Committee are in compliance 
        with this section.
    ``(f) Directive Policy Rule and Federal Open Market Committee Not 
in Compliance.--
            ``(1) In general.--If the Comptroller General of the United 
        States determines that the Directive Policy Rule and the 
        Federal Open Market Committee are not in compliance with this 
        section in the report submitted pursuant to subsection (d), or 
        that the updated version of the Directive Policy Rule and the 
        Federal Open Market Committee are not in compliance with this 
        section in the report submitted pursuant to subsection (e)(2), 
        the Chairman of the Board of Governors of the Federal Reserve 
        System shall, if requested by the chairman of either of the 
        appropriate congressional committees, not later than 7 
        legislative days after such request, testify before such 
        committee as to why the Directive Policy Rule, the updated 
        version, or the Federal Open Market Committee is not in 
        compliance.
            ``(2) GAO audit.--Notwithstanding subsection (b) of section 
        714 of title 31, United States Code, upon submitting a report 
        of noncompliance pursuant to subsection (d) or subsection 
        (e)(2) and after the period of 7 legislative days described in 
        paragraph (1), the Comptroller General shall audit the conduct 
        of monetary policy by the Board of Governors of the Federal 
        Reserve System and the Federal Open Market Committee upon 
        request of the appropriate congressional committee. Such 
        committee may specify the parameters of such audit.
    ``(g) Congressional Hearings.--The Chairman of the Board of 
Governors of the Federal Reserve System shall, if requested by the 
chairman of either of the appropriate congressional committees and not 
later than 7 legislative days after such request, appear before such 
committee to explain any change to the Directive Policy Rule.''.

SEC. 3. FEDERAL OPEN MARKET COMMITTEE BLACKOUT PERIOD.

    Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended 
by adding at the end the following new subsection:
    ``(d) Blackout Period.--
            ``(1) In general.--During a blackout period, the only 
        public communications that may be made by members and staff of 
        the Committee with respect to macroeconomic or financial 
        developments or about current or prospective monetary policy 
        issues are the following:
                    ``(A) The dissemination of published data, surveys, 
                and reports that have been cleared for publication by 
                the Board of Governors of the Federal Reserve System.
                    ``(B) Answers to technical questions specific to a 
                data release.
                    ``(C) Communications with respect to the prudential 
                or supervisory functions of the Board of Governors.
            ``(2) Blackout period defined.--For purposes of this 
        subsection, and with respect to a meeting of the Committee 
        described under subsection (a), the term `blackout period' 
        means the time period that--
                    ``(A) begins immediately after midnight on the day 
                that is one week prior to the date on which such 
                meeting takes place; and
                    ``(B) ends at midnight on the day after the date on 
                which such meeting takes place.
            ``(3) Exemption for chairman of the board of governors.--
        Nothing in this section shall prohibit the Chairman of the 
        Board of Governors of the Federal Reserve System from 
        participating in or issuing public communications.''.

SEC. 4. MEMBERSHIP OF FEDERAL OPEN MARKET COMMITTEE.

    Section 12A(a) of the Federal Reserve Act (12 U.S.C. 263(a)) is 
amended--
            (1) in the first sentence, by striking ``five'' and 
        inserting ``six'';
            (2) in the second sentence, by striking ``One by the board 
        of directors'' and all that follows through the period at the 
        end and inserting the following: ``One by the boards of 
        directors of the Federal Reserve Banks of New York and Boston; 
        one by the boards of directors of the Federal Reserve Banks of 
        Philadelphia and Cleveland; one by the boards of directors of 
        the Federal Reserve Banks of Richmond and Atlanta; one by the 
        boards of directors of the Federal Reserve Banks of Chicago and 
        St. Louis; one by the boards of directors of the Federal 
        Reserve Banks of Minneapolis and Kansas City; and one by the 
        boards of directors of the Federal Reserve Banks of Dallas and 
        San Francisco.''; and
            (3) by inserting after the second sentence the following: 
        ``In odd numbered calendar years, one representative shall be 
        elected from each of the Federal Reserve Banks of Boston, 
        Philadelphia, Richmond, Chicago, Minneapolis, and Dallas. In 
        even-numbered calendar years, one representative shall be 
        elected from each of the Federal Reserve Banks of New York, 
        Cleveland, Atlanta, St. Louis, Kansas City, and San 
        Francisco.''.

SEC. 5. REQUIREMENTS FOR STRESS TESTS AND SUPERVISORY LETTERS FOR THE 
              BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

    (a) Stress Test Rulemaking, GAO Review, and Publication of 
Results.--Section 165(i)(1)(B) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5365(i)(1)(B)) is amended--
            (1) by amending clause (i) to read as follows:
                            ``(i) shall--
                                    ``(I) issue regulations, after 
                                providing for public notice and 
                                comment, that provide for at least 3 
                                different sets of conditions under 
                                which the evaluation required by this 
                                subsection shall be conducted, 
                                including baseline, adverse, and 
                                severely adverse, and methodologies, 
                                including models used to estimate 
                                losses on certain assets; and
                                    ``(II) provide copies of such 
                                regulations to the Comptroller General 
                                of the United States and the Panel of 
                                Economic Advisors of the Congressional 
                                Budget Office before publishing such 
                                regulations;''; and
            (2) in clause (v), by inserting before the period the 
        following: ``, including any results of a resubmitted test''.
    (b) Application of CCAR.--Section 165(i)(1) of such Act is further 
amended by adding at the end the following new subparagraph:
                    ``(C) Application to ccar.--The requirements of 
                subparagraph (B) shall apply to all stress tests 
                performed under the Comprehensive Capital Analysis and 
                Review exercise established by the Board of 
                Governors.''.
    (c) Publication of the Number of Supervisory Letters Sent to the 
Largest Bank Holding Companies.--Section 165 of such Act is further 
amended by adding at the end the following new subsection:
    ``(l) Publication of Supervisory Letter Information.--The Board of 
Governors shall publicly disclose--
            ``(1) the aggregate number of supervisory letters sent to 
        bank holding companies described in subsection (a) since the 
        date of the enactment of this section, and keep such number 
        updated; and
            ``(2) the aggregate number of such letters that are 
        designated as `Matters Requiring Attention' and the aggregate 
        number of such letters that are designated as `Matters 
        Requiring Immediate Attention'.''.

SEC. 6. FREQUENCY OF TESTIMONY OF THE CHAIRMAN OF THE BOARD OF 
              GOVERNORS OF THE FEDERAL RESERVE SYSTEM TO CONGRESS.

    (a) In General.--Section 2B of the Federal Reserve Act (12 U.S.C. 
225b) is amended--
            (1) by striking ``semi-annual'' each place it appears and 
        inserting ``quarterly''; and
            (2) in subsection (a)(2)--
                    (A) by inserting ``and October 20'' after ``July 
                20'' each place it appears; and
                    (B) by inserting ``and May 20'' after ``February 
                20'' each place it appears.
    (b) Conforming Amendment.--Paragraph (12) of section 10 of the 
Federal Reserve Act (12 U.S.C. 247b(12)) is amended by striking ``semi-
annual'' and inserting ``quarterly''.

SEC. 7. VICE CHAIRMAN FOR SUPERVISION REPORT REQUIREMENT.

    Paragraph (12) of section 10 of the Federal Reserve Act (12 U.S.C. 
247(b)) is amended--
            (1) by redesignating such paragraph as paragraph (11); and
            (2) in such paragraph, by adding at the end the following: 
        ``In each such appearance, the Vice Chairman for Supervision 
        shall provide written testimony that includes the status of all 
        pending and anticipated rulemakings that are being made by the 
        Board of Governors of the Federal Reserve System. If, at the 
        time of any appearance described in this paragraph, the 
        position of Vice Chairman for Supervision is vacant, the Vice 
        Chairman for the Board of Governors of the Federal Reserve 
        System (who has the responsibility to serve in the absence of 
        the Chairman) shall appear instead and provide the required 
        written testimony. If, at the time of any appearance described 
        in this paragraph, both Vice Chairman positions are vacant, the 
        Chairman of the Board of Governors of the Federal Reserve 
        System shall appear instead and provide the required written 
        testimony.''.

SEC. 8. ECONOMIC ANALYSIS OF REGULATIONS OF THE BOARD OF GOVERNORS OF 
              THE FEDERAL RESERVE SYSTEM.

    (a) Amendment to Federal Reserve Act.--Section 11 of the Federal 
Reserve Act (12 U.S.C. 248) is amended by inserting after subsection 
(l) the following new subsection:
    ``(m) Consideration of Economic Impacts.--
            ``(1) In general.--Before issuing any regulation, the Board 
        of Governors of the Federal Reserve System shall--
                    ``(A) clearly identify the nature and source of the 
                problem that the proposed regulation is designed to 
                address and assess the significance of that problem;
                    ``(B) assess whether any new regulation is 
                warranted or, with respect to a proposed regulation 
                that the Board of Governors is required to issue by 
                statute and with respect to which the Board has the 
                authority to exempt certain persons from the 
                application of such regulation, compare--
                            ``(i) the costs and benefits of the 
                        proposed regulation; and
                            ``(ii) the costs and benefits of a 
                        regulation under which the Board exempts all 
                        persons from the application of the proposed 
                        regulation, to the extent the Board is able;
                    ``(C) assess the qualitative and quantitative costs 
                and benefits of the proposed regulation and propose or 
                adopt a regulation only on a reasoned determination 
                that the benefits of the proposed regulation outweigh 
                the costs of the regulation;
                    ``(D) identify and assess available alternatives to 
                the proposed regulation that were considered, including 
                any alternative offered by a member of the Board of 
                Governors of the Federal Reserve System or the Federal 
                Open Market Committee and including any modification of 
                an existing regulation, together with an explanation of 
                why the regulation meets the regulatory objectives more 
                effectively than the alternatives; and
                    ``(E) ensure that any proposed regulation is 
                accessible, consistent, written in plain language, and 
                easy to understand and shall measure, and seek to 
                improve, the actual results of regulatory requirements.
            ``(2) Considerations and actions.--
                    ``(A) Required actions.--In deciding whether and 
                how to regulate, the Board shall assess the costs and 
                benefits of available regulatory alternatives, 
                including the alternative of not regulating, and choose 
                the approach that maximizes net benefits. Specifically, 
                the Board shall--
                            ``(i) evaluate whether, consistent with 
                        achieving regulatory objectives, the regulation 
                        is tailored to impose the least impact on the 
                        availability of credit and economic growth and 
                        to impose the least burden on society, 
                        including market participants, individuals, 
                        businesses of different sizes, and other 
                        entities (including State and local 
                        governmental entities), taking into account, to 
                        the extent practicable, the cumulative costs of 
                        regulations;
                            ``(ii) evaluate whether the regulation is 
                        inconsistent, incompatible, or duplicative of 
                        other Federal regulations; and
                            ``(iii) with respect to a proposed 
                        regulation that the Board is required to issue 
                        by statute and with respect to which the Board 
                        has the authority to exempt certain persons 
                        from the application of such regulation, 
                        compare--
                                    ``(I) the costs and benefits of the 
                                proposed regulation; and
                                    ``(II) the costs and benefits of a 
                                regulation under which the Board 
                                exempts all persons from the 
                                application of the proposed regulation, 
                                to the extent the Board is able.
                    ``(B) Additional considerations.--In addition, in 
                making a reasoned determination of the costs and 
                benefits of a proposed regulation, the Board shall, to 
                the extent that each is relevant to the particular 
                proposed regulation, take into consideration the impact 
                of the regulation, including secondary costs such as an 
                increase in the cost or a reduction in the availability 
                of credit or investment services or products, on--
                            ``(i) the safety and soundness of the 
                        United States banking system;
                            ``(ii) market liquidity in securities 
                        markets;
                            ``(iii) small businesses;
                            ``(iv) community banks;
                            ``(v) economic growth;
                            ``(vi) cost and access to capital;
                            ``(vii) market stability;
                            ``(viii) global competitiveness;
                            ``(ix) job creation;
                            ``(x) the effectiveness of the monetary 
                        policy transmission mechanism; and
                            ``(xi) employment levels.
            ``(3) Explanation and comments.--The Board shall explain in 
        its final rule the nature of comments that it received and 
        shall provide a response to those comments in its final rule, 
        including an explanation of any changes that were made in 
        response to those comments and the reasons that the Board did 
        not incorporate concerns related to the potential costs or 
        benefits in the final rule.
            ``(4) Postadoption impact assessment.--
                    ``(A) In general.--Whenever the Board adopts or 
                amends a regulation designated as a `major rule' within 
                the meaning of section 804(2) of title 5, United States 
                Code, it shall state, in its adopting release, the 
                following:
                            ``(i) The purposes and intended 
                        consequences of the regulation.
                            ``(ii) The assessment plan that will be 
                        used, consistent with the requirements of 
                        subparagraph (B), to assess whether the 
                        regulation has achieved the stated purposes.
                            ``(iii) Appropriate postimplementation 
                        quantitative and qualitative metrics to measure 
                        the economic impact of the regulation and the 
                        extent to which the regulation has accomplished 
                        the stated purpose of the regulation.
                            ``(iv) Any reasonably foreseeable indirect 
                        effects that may result from the regulation.
                    ``(B) Requirements of assessment plan and report.--
                            ``(i) Requirements of plan.--The assessment 
                        plan required under this paragraph shall 
                        consider the costs, benefits, and intended and 
                        unintended consequences of the regulation. The 
                        plan shall specify the data to be collected, 
                        the methods for collection and analysis of the 
                        data, and a date for completion of the 
                        assessment. The assessment plan shall include 
                        an analysis of any jobs added or lost as a 
                        result of the regulation, differentiating 
                        between public and private sector jobs.
                            ``(ii) Submission and publication of 
                        report.--The Board shall, not later than 2 
                        years after the publication of the adopting 
                        release, publish the assessment plan in the 
                        Federal Register for notice and comment. If the 
                        Board determines, at least 90 days before the 
                        deadline for publication of the assessment 
                        plan, that an extension is necessary, the Board 
                        shall publish a notice of such extension and 
                        the specific reasons why the extension is 
                        necessary in the Federal Register. Any material 
                        modification of the assessment plan, as 
                        necessary to assess unforeseen aspects or 
                        consequences of the regulation, shall be 
                        promptly published in the Federal Register for 
                        notice and comment.
                            ``(iii) Data collection not subject to 
                        notice and comment requirements.--If the Board 
                        has published the assessment plan for notice 
                        and comment at least 30 days before the 
                        adoption of a regulation designated as a major 
                        rule, the collection of data under the 
                        assessment plan shall not be subject to the 
                        notice and comment requirements in section 
                        3506(c) of title 44, United States Code 
                        (commonly referred to as the Paperwork 
                        Reduction Act). Any material modification of 
                        the plan that requires collection of data not 
                        previously published for notice and comment 
                        shall also be exempt from such requirements if 
                        the Board has published notice in the Federal 
                        Register for comment on the additional data to 
                        be collected, at least 30 days before the 
                        initiation of data collection.
                            ``(iv) Final action.--Not later than 180 
                        days after publication of the assessment plan 
                        in the Federal Register, the Board shall issue 
                        for notice and comment a proposal to amend or 
                        rescind the regulation, or shall publish a 
                        notice that the Board has determined that no 
                        action will be taken on the regulation. Such a 
                        notice will be deemed a final agency action.
            ``(5) Covered regulations and other actions.--Solely as 
        used in this subsection, the term `regulation'--
                    ``(A) means a statement of general applicability 
                and future effect that is designed to implement, 
                interpret, or prescribe law or policy, or to describe 
                the procedure or practice requirements of the Board of 
                Governors, including rules, orders of general 
                applicability, interpretive releases, and other 
                statements of general applicability that the Board of 
                Governors intends to have the force and effect of law; 
                and
                    ``(B) does not include--
                            ``(i) a regulation issued in accordance 
                        with the formal rulemaking provisions of 
                        section 556 or 557 of title 5, United States 
                        Code;
                            ``(ii) a regulation that is limited to the 
                        organization, management, or personnel matters 
                        of the Board of Governors;
                            ``(iii) a regulation promulgated pursuant 
                        to statutory authority that expressly prohibits 
                        compliance with this provision; or
                            ``(iv) a regulation that is certified by 
                        the Board of Governors to be an emergency 
                        action, if such certification is published in 
                        the Federal Register.''.
    (b) Rule of Construction.--Nothing in this section shall apply to 
the requirements regarding the conduct of monetary policy described in 
section 2.

SEC. 9. SALARIES, FINANCIAL DISCLOSURES, AND OFFICE STAFF OF THE BOARD 
              OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

    (a) In General.--Section 11 of the Federal Reserve Act (12 U.S.C. 
248) is amended--
            (1) by redesignating the second subsection (s) (relating to 
        ``Assessments, Fees, and Other Charges for Certain Companies'') 
        as subsection (t); and
            (2) by adding at the end the following new subsections:
    ``(u) Ethics Standards for Members and Employees.--
            ``(1) Prohibited and restricted financial interests and 
        transactions.--The members and employees of the Board of 
        Governors of the Federal Reserve System shall be subject to the 
        provisions under section 4401.102 of title 5, Code of Federal 
        Regulations, to the same extent as such provisions apply to an 
        employee of the Securities and Exchange Commission.
            ``(2) Treatment of brokerage accounts and availability of 
        account statements.--The members and employees of the Board of 
        Governors of the Federal Reserve System shall--
                    ``(A) disclose all brokerage accounts that they 
                maintain, as well as those in which they control 
                trading or have a financial interest (including managed 
                accounts, trust accounts, investment club accounts, and 
                the accounts of spouses or minor children who live with 
                the member or employee); and
                    ``(B) with respect to any securities account that 
                the member or employee is required to disclose to the 
                Board of Governors, authorize their brokers and dealers 
                to send duplicate account statements directly to Board 
                of Governors.
            ``(3) Prohibitions related to outside employment and 
        activities.--The members and employees of the Board of 
        Governors of the Federal Reserve System shall be subject to the 
        prohibitions related to outside employment and activities 
        described under section 4401.103(c) of title 5, Code of Federal 
        Regulations, to the same extent as such prohibitions apply to 
        an employee of the Securities and Exchange Commission.
            ``(4) Additional ethics standards.--The members and 
        employees of the Board of Governors of the Federal Reserve 
        System shall be subject to--
                    ``(A) the employee responsibilities and conduct 
                regulations of the Office of Personnel Management under 
                part 735 of title 5, Code of Federal Regulations;
                    ``(B) the canons of ethics contained in subpart C 
                of part 200 of title 17, Code of Federal Regulations, 
                to the same extent as such subpart applies to the 
                employees of the Securities and Exchange Commission; 
                and
                    ``(C) the regulations concerning the conduct of 
                members and employees and former members and employees 
                contained in subpart M of part 200 of title 17, Code of 
                Federal Regulations, to the same extent as such subpart 
                applies to the employees of the Securities and Exchange 
                Commission.
    ``(v) Disclosure of Staff Salaries and Financial Information.--The 
Board of Governors of the Federal Reserve System shall make publicly 
available, on the website of the Board of Governors, a searchable 
database that contains the names of all members, officers, and 
employees of the Board of Governors who receive an annual salary in 
excess of the annual rate of basic pay for GS-15 of the General 
Schedule, and--
            ``(1) the yearly salary information for such individuals, 
        along with any nonsalary compensation received by such 
        individuals; and
            ``(2) any financial disclosures required to be made by such 
        individuals.''.
    (b) Office Staff for Each Member of the Board of Governors.--
Subsection (l) of section 11 of the Federal Reserve Act (12 U.S.C. 248) 
is amended by adding at the end the following: ``Each member of the 
Board of Governors of the Federal Reserve System may employ, at a 
minimum, 2 individuals, with such individuals selected by such member 
and the salaries of such individuals set by such member. A member may 
employ additional individuals as determined necessary by the Board of 
Governors.''.

SEC. 10. REQUIREMENTS FOR INTERNATIONAL PROCESSES.

    (a) Board of Governors Requirements.--Section 11 of the Federal 
Reserve Act (12 U.S.C. 248), as amended by section 9 of this Act, is 
further amended by adding at the end the following new subsection:
    ``(w) International Processes.--
            ``(1) Notice of process; consultation.--At least 30 
        calendar days before any member or employee of the Board of 
        Governors of the Federal Reserve System participates in a 
        process of setting financial standards as a part of any foreign 
        or multinational entity, the Board of Governors shall--
                    ``(A) issue a notice of the process, including the 
                subject matter, scope, and goals of the process, to the 
                Committee on Financial Services of the House of 
                Representatives and the Committee on Banking, Housing, 
                and Urban Affairs of the Senate;
                    ``(B) make such notice available to the public, 
                including on the website of the Board of Governors; and
                    ``(C) solicit public comment, and consult with the 
                committees described under subparagraph (A), with 
                respect to the subject matter, scope, and goals of the 
                process.
            ``(2) Public reports on process.--After the end of any 
        process described under paragraph (1), the Board of Governors 
        shall issue a public report on the topics that were discussed 
        during the process and any new or revised rulemakings or policy 
        changes that the Board of Governors believes should be 
        implemented as a result of the process.
            ``(3) Notice of agreements; consultation.--At least 90 
        calendar days before any member or employee of the Board of 
        Governors of the Federal Reserve System participates in a 
        process of setting financial standards as a part of any foreign 
        or multinational entity, the Board of Governors shall--
                    ``(A) issue a notice of agreement to the Committee 
                on Financial Services of the House of Representatives 
                and the Committee on Banking, Housing, and Urban 
                Affairs of the Senate;
                    ``(B) make such notice available to the public, 
                including on the website of the Board of Governors; and
                    ``(C) consult with the committees described under 
                subparagraph (A) with respect to the nature of the 
                agreement and any anticipated effects such agreement 
                will have on the economy.
            ``(4) Definition.--For purposes of this subsection, the 
        term `process' shall include any official proceeding or meeting 
        on financial regulation of a recognized international 
        organization with authority to set financial standards on a 
        global or regional level, including the Financial Stability 
        Board, the Basel Committee on Banking Supervision (or a similar 
        organization), and the International Association of Insurance 
        Supervisors (or a similar organization).''.
    (b) FDIC Requirements.--The Federal Deposit Insurance Act (12 
U.S.C. 1811 et seq.) is amended by adding at the end the following new 
section:

``SEC. 51. INTERNATIONAL PROCESSES.

    ``(a) Notice of Process; Consultation.--At least 30 calendar days 
before the Board of Directors participates in a process of setting 
financial standards as a part of any foreign or multinational entity, 
the Board of Directors shall--
            ``(1) issue a notice of the process, including the subject 
        matter, scope, and goals of the process, to the Committee on 
        Financial Services of the House of Representatives and the 
        Committee on Banking, Housing, and Urban Affairs of the Senate;
            ``(2) make such notice available to the public, including 
        on the website of the Corporation; and
            ``(3) solicit public comment, and consult with the 
        committees described under paragraph (1), with respect to the 
        subject matter, scope, and goals of the process.
    ``(b) Public Reports on Process.--After the end of any process 
described under subsection (a), the Board of Directors shall issue a 
public report on the topics that were discussed at the process and any 
new or revised rulemakings or policy changes that the Board of 
Directors believes should be implemented as a result of the process.
    ``(c) Notice of Agreements; Consultation.--At least 90 calendar 
days before the Board of Directors participates in a process of setting 
financial standards as a part of any foreign or multinational entity, 
the Board of Directors shall--
            ``(1) issue a notice of agreement to the Committee on 
        Financial Services of the House of Representatives and the 
        Committee on Banking, Housing, and Urban Affairs of the Senate;
            ``(2) make such notice available to the public, including 
        on the website of the Corporation; and
            ``(3) consult with the committees described under paragraph 
        (1) with respect to the nature of the agreement and any 
        anticipated effects such agreement will have on the economy.
    ``(d) Definition.--For purposes of this section, the term `process' 
shall include any official proceeding or meeting on financial 
regulation of a recognized international organization with authority to 
set financial standards on a global or regional level, including the 
Financial Stability Board, the Basel Committee on Banking Supervision 
(or a similar organization), and the International Association of 
Insurance Supervisors (or a similar organization).''.
    (c) Treasury Requirements.--Section 325 of title 31, United States 
Code, is amended by adding at the end the following new subsection:
    ``(d) International Processes.--
            ``(1) Notice of process; consultation.--At least 30 
        calendar days before the Secretary participates in a process of 
        setting financial standards as a part of any foreign or 
        multinational entity, the Secretary shall--
                    ``(A) issue a notice of the process, including the 
                subject matter, scope, and goals of the process, to the 
                Committee on Financial Services of the House of 
                Representatives and the Committee on Banking, Housing, 
                and Urban Affairs of the Senate;
                    ``(B) make such notice available to the public, 
                including on the website of the Department of the 
                Treasury; and
                    ``(C) solicit public comment, and consult with the 
                committees described under subparagraph (A), with 
                respect to the subject matter, scope, and goals of the 
                process.
            ``(2) Public reports on process.--After the end of any 
        process described under paragraph (1), the Secretary shall 
        issue a public report on the topics that were discussed at the 
        process and any new or revised rulemakings or policy changes 
        that the Secretary believes should be implemented as a result 
        of the process.
            ``(3) Notice of agreements; consultation.--At least 90 
        calendar days before the Secretary participates in a process of 
        setting financial standards as a part of any foreign or 
        multinational entity, the Secretary shall--
                    ``(A) issue a notice of agreement to the Committee 
                on Financial Services of the House of Representatives 
                and the Committee on Banking, Housing, and Urban 
                Affairs of the Senate;
                    ``(B) make such notice available to the public, 
                including on the website of the Department of the 
                Treasury; and
                    ``(C) consult with the committees described under 
                subparagraph (A) with respect to the nature of the 
                agreement and any anticipated effects such agreement 
                will have on the economy.
            ``(4) Definition.--For purposes of this subsection, the 
        term `process' shall include any official proceeding or meeting 
        on financial regulation of a recognized international 
        organization with authority to set financial standards on a 
        global or regional level, including the Financial Stability 
        Board, the Basel Committee on Banking Supervision (or a similar 
        organization), and the International Association of Insurance 
        Supervisors (or a similar organization).''.
    (d) OCC Requirements.--Chapter one of title LXII of the Revised 
Statutes of the United States (12 U.S.C. 21 et seq.) is amended--
            (1) by adding at the end the following new section:

``SEC. 5156B. INTERNATIONAL PROCESSES.

    ``(a) Notice of Process; Consultation.--At least 30 calendar days 
before the Comptroller of the Currency participates in a process of 
setting financial standards as a part of any foreign or multinational 
entity, the Comptroller of the Currency shall--
            ``(1) issue a notice of the process, including the subject 
        matter, scope, and goals of the process, to the Committee on 
        Financial Services of the House of Representatives and the 
        Committee on Banking, Housing, and Urban Affairs of the Senate;
            ``(2) make such notice available to the public, including 
        on the website of the Office of the Comptroller of the 
        Currency; and
            ``(3) solicit public comment, and consult with the 
        committees described under paragraph (1), with respect to the 
        subject matter, scope, and goals of the process.
    ``(b) Public Reports on Process.--After the end of any process 
described under subsection (a), the Comptroller of the Currency shall 
issue a public report on the topics that were discussed at the process 
and any new or revised rulemakings or policy changes that the 
Comptroller of the Currency believes should be implemented as a result 
of the process.
    ``(c) Notice of Agreements; Consultation.--At least 90 calendar 
days before the Comptroller of the Currency participates in a process 
of setting financial standards as a part of any foreign or 
multinational entity, the Board of Directors shall--
            ``(1) issue a notice of agreement to the Committee on 
        Financial Services of the House of Representatives and the 
        Committee on Banking, Housing, and Urban Affairs of the Senate;
            ``(2) make such notice available to the public, including 
        on the website of the Office of the Comptroller of the 
        Currency; and
            ``(3) consult with the committees described under paragraph 
        (1) with respect to the nature of the agreement and any 
        anticipated effects such agreement will have on the economy.
    ``(d) Definition.--For purposes of this section, the term `process' 
shall include any official proceeding or meeting on financial 
regulation of a recognized international organization with authority to 
set financial standards on a global or regional level, including the 
Financial Stability Board, the Basel Committee on Banking Supervision 
(or a similar organization), and the International Association of 
Insurance Supervisors (or a similar organization).''; and
            (2) in the table of contents for such chapter, by adding at 
        the end the following new item:

``5156B. International processes.''.
    (e) Securities and Exchange Commission Requirements.--Section 4 of 
the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by 
adding at the end the following new subsection:
    ``(j) International Processes.--
            ``(1) Notice of process; consultation.--At least 30 
        calendar days before the Commission participates in a process 
        of setting financial standards as a part of any foreign or 
        multinational entity, the Commission shall--
                    ``(A) issue a notice of the process, including the 
                subject matter, scope, and goals of the process, to the 
                Committee on Financial Services of the House of 
                Representatives and the Committee on Banking, Housing, 
                and Urban Affairs of the Senate;
                    ``(B) make such notice available to the public, 
                including on the website of the Commission; and
                    ``(C) solicit public comment, and consult with the 
                committees described under subparagraph (A), with 
                respect to the subject matter, scope, and goals of the 
                process.
            ``(2) Public reports on process.--After the end of any 
        process described under paragraph (1), the Commission shall 
        issue a public report on the topics that were discussed at the 
        process and any new or revised rulemakings or policy changes 
        that the Commission believes should be implemented as a result 
        of the process.
            ``(3) Notice of agreements; consultation.--At least 90 
        calendar days before the Commission participates in a process 
        of setting financial standards as a part of any foreign or 
        multinational entity, the Commission shall--
                    ``(A) issue a notice of agreement to the Committee 
                on Financial Services of the House of Representatives 
                and the Committee on Banking, Housing, and Urban 
                Affairs of the Senate;
                    ``(B) make such notice available to the public, 
                including on the website of the Commission; and
                    ``(C) consult with the committees described under 
                subparagraph (A) with respect to the nature of the 
                agreement and any anticipated effects such agreement 
                will have on the economy.
            ``(4) Definition.--For purposes of this subsection, the 
        term `process' shall include any official proceeding or meeting 
        on financial regulation of a recognized international 
        organization with authority to set financial standards on a 
        global or regional level, including the Financial Stability 
        Board, the Basel Committee on Banking Supervision (or a similar 
        organization), and the International Association of Insurance 
        Supervisors (or a similar organization).''.

SEC. 11. AMENDMENTS TO POWERS OF THE BOARD OF GOVERNORS OF THE FEDERAL 
              RESERVE SYSTEM.

    (a) In General.--Section 13(3) of the Federal Reserve Act (12 
U.S.C. 343(3)) is amended--
            (1) in subparagraph (A)--
                    (A) by inserting ``that pose a threat to the 
                financial stability of the United States'' after 
                ``unusual and exigent circumstances''; and
                    (B) by inserting ``and by the affirmative vote of 
                not less than nine presidents of the Federal reserve 
                banks'' after ``five members'';
            (2) in subparagraph (B)--
                    (A) in clause (i), by inserting at the end the 
                following: ``Federal reserve banks may not accept 
                equity securities issued by the recipient of any loan 
                or other financial assistance under this paragraph as 
                collateral. Not later than 6 months after the date of 
                enactment of this sentence, the Board shall, by rule, 
                establish--
                                    ``(I) a method for determining the 
                                sufficiency of the collateral required 
                                under this paragraph;
                                    ``(II) acceptable classes of 
                                collateral;
                                    ``(III) the amount of any discount 
                                of such value that the Federal reserve 
                                banks will apply for purposes of 
                                calculating the sufficiency of 
                                collateral under this paragraph; and
                                    ``(IV) a method for obtaining 
                                independent appraisals of the value of 
                                collateral the Federal reserve banks 
                                receive.''; and
                    (B) in clause (ii)--
                            (i) by striking the second sentence; and
                            (ii) by inserting after the first sentence 
                        the following: ``A borrower shall not be 
                        eligible to borrow from any emergency lending 
                        program or facility unless the Board and all 
                        federal banking regulators with jurisdiction 
                        over the borrower certify that, at the time the 
                        borrower initially borrows under the program or 
                        facility, the borrower is not insolvent.'';
            (3) by inserting ``financial institution'' before 
        ``participant'' each place such term appears;
            (4) in subparagraph (D)(i), by inserting ``financial 
        institution'' before ``participants''; and
            (5) by adding at the end the following new subparagraphs:
                    ``(F) Penalty rate.--
                            ``(i) In general.--Not later than 6 months 
                        after the date of enactment of this 
                        subparagraph, the Board shall, with respect to 
                        a recipient of any loan or other financial 
                        assistance under this paragraph, establish by 
                        rule a minimum interest rate on the principal 
                        amount of any loan or other financial 
                        assistance.
                            ``(ii) Minimum interest rate defined.--In 
                        this subparagraph, the term `minimum interest 
                        rate' shall mean the sum of--
                                    ``(I) the average of the secondary 
                                discount rate of all Federal Reserve 
                                banks over the most recent 90-day 
                                period; and
                                    ``(II) the average of the 
                                difference between a distressed 
                                corporate bond yield index (as defined 
                                by rule of the Board) and a bond yield 
                                index of debt issued by the United 
                                States (as defined by rule of the 
                                Board) over the most recent 90-day 
                                period.
                    ``(G) Financial institution participant defined.--
                For purposes of this paragraph, the term `financial 
                institution participant'--
                            ``(i) means a company that is predominantly 
                        engaged in financial activities (as defined in 
                        section 102(a) of the Dodd-Frank Wall Street 
                        Reform and Consumer Protection Act (12 U.S.C. 
                        5311(a))); and
                            ``(ii) does not include an agency described 
                        in subparagraph (W) of section 5312(a)(2) of 
                        title 31, United States Code, or an entity 
                        controlled or sponsored by such an agency.''.
    (b) Conforming Amendment.--Section 11(r)(2)(A) of such Act is 
amended--
            (1) in clause (ii)(IV), by striking ``; and'' and inserting 
        a semicolon;
            (2) in clause (iii), by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following new clause:
            ``(iv) the available members secure the affirmative vote of 
        not less than nine presidents of the Federal reserve banks.''.

SEC. 12. INTEREST RATES ON BALANCES MAINTAINED AT A FEDERAL RESERVE 
              BANK BY DEPOSITORY INSTITUTIONS ESTABLISHED BY FEDERAL 
              OPEN MARKET COMMITTEE.

    Subparagraph (A) of section 19(b)(12) of the Federal Reserve Act 
(12 U.S.C. 461(b)(12)(A)) is amended by inserting ``established by the 
Federal Open Market Committee'' after ``rate or rates''.

SEC. 13. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF 
              THE FEDERAL RESERVE SYSTEM.

    (a) In General.--Notwithstanding section 714 of title 31, United 
States Code, or any other provision of law, the Comptroller General of 
the United States shall annually complete an audit of the Board of 
Governors of the Federal Reserve System and the Federal reserve banks 
under subsection (b) of such section 714 within 12 months after the 
date of the enactment of this Act.
    (b) Report.--
            (1) In general.--Not later than 90 days after each audit 
        required pursuant to subsection (a) is completed, the 
        Comptroller General--
                    (A) shall submit to Congress a report on such 
                audit; and
                    (B) shall make such report available to the Speaker 
                of the House, the majority and minority leaders of the 
                House of Representatives, the majority and minority 
                leaders of the Senate, the Chairman and Ranking Member 
                of the committee and each subcommittee of jurisdiction 
                in the House of Representatives and the Senate, and any 
                other Member of Congress who requests the report.
            (2) Contents.--The report under paragraph (1) shall include 
        a detailed description of the findings and conclusion of the 
        Comptroller General with respect to the audit that is the 
        subject of the report, together with such recommendations for 
        legislative or administrative action as the Comptroller General 
        may determine to be appropriate.
    (c) Repeal of Certain Limitations.--Subsection (b) of section 714 
of title 31, United States Code, is amended by striking the second 
sentence.
    (d) Technical and Conforming Amendments.--
            (1) In general.--Section 714 of title 31, United States 
        Code, is amended--
                    (A) in subsection (d)(3), by striking ``or (f)'' 
                each place such term appears;
                    (B) in subsection (e), by striking ``the third 
                undesignated paragraph of section 13'' and inserting 
                ``section 13(3)''; and
                    (C) by striking subsection (f).
            (2) Federal reserve act.--Subsection (s) (relating to 
        ``Federal Reserve Transparency and Release of Information'') of 
        section 11 of the Federal Reserve Act (12 U.S.C. 248) is 
        amended--
                    (A) in paragraph (4)(A), by striking ``has the same 
                meaning as in section 714(f)(1)(A) of title 31, United 
                States Code'' and inserting ``means a program or 
                facility, including any special purpose vehicle or 
                other entity established by or on behalf of the Board 
                of Governors of the Federal Reserve System or a Federal 
                reserve bank, authorized by the Board of Governors 
                under section 13(3), that is not subject to audit under 
                section 714(e) of title 31, United States Code'';
                    (B) in paragraph (6), by striking ``or in section 
                714(f)(3)(C) of title 31, United States Code, the 
                information described in paragraph (1) and information 
                concerning the transactions described in section 714(f) 
                of such title,'' and inserting ``the information 
                described in paragraph (1)''; and
                    (C) in paragraph (7), by striking ``and section 
                13(3)(C), section 714(f)(3)(C) of title 31, United 
                States Code, and'' and inserting ``, section 13(3)(C), 
                and''.

SEC. 14. REPORTING REQUIREMENT FOR EXPORT-IMPORT BANK.

    The Board of Governors of the Federal Reserve System shall include, 
as part of the monthly Federal Reserve statistical release titled 
``Industrial Production or Capacity Utilization'' (or any successor 
release), an analysis of--
            (1) the impact on the index described in the statistical 
        release due to the operation of the Export-Import Bank; and
            (2) the amount of foreign industrial production supported 
        by foreign export credit agencies, using the same method used 
        to measure industrial production in the statistical release and 
        scaled to be comparable to the industrial production 
        measurement for the United States.

SEC. 15. MEMBERSHIP OF BOARD OF DIRECTORS OF THE FEDERAL RESERVE BANKS.

    Section 4 of the Federal Reserve Act (12 U.S.C. 302) is amended--
            (1) in the eleventh undesignated paragraph (relating to 
        Class B), by striking ``and consumers'' and inserting 
        ``consumers, and traditionally underserved communities and 
        populations''; and
            (2) in the twelfth undesignated paragraph (relating to 
        Class C), by striking ``and consumers'' and inserting 
        ``consumers, and traditionally underserved communities and 
        populations''.

SEC. 16. ESTABLISHMENT OF A CENTENNIAL MONETARY COMMISSION.

    (a) Short Title.--This section may be cited as the ``Centennial 
Monetary Commission Act of 2015''.
    (b) Findings.--Congress finds the following:
            (1) The Constitution endows Congress with the power ``to 
        coin money, regulate the value thereof''.
            (2) Following the financial crisis known as the Panic of 
        1907, Congress established the National Monetary Commission to 
        provide recommendations for the reform of the financial and 
        monetary systems of the United States.
            (3) Incorporating several of the recommendations of the 
        National Monetary Commission, Congress created the Federal 
        Reserve System in 1913. As currently organized, the Federal 
        Reserve System consists of the Board of Governors in 
        Washington, District of Columbia, and the Federal Reserve Banks 
        organized into 12 districts around the United States. The 
        stockholders of the 12 Federal Reserve Banks include national 
        and certain State-chartered commercial banks, which operate on 
        a fractional reserve basis.
            (4) Originally, Congress gave the Federal Reserve System a 
        monetary mandate to provide an elastic currency, within the 
        context of a gold standard, in response to seasonal 
        fluctuations in the demand for currency.
            (5) Congress also gave the Federal Reserve System a 
        financial stability mandate to serve as the lender of last 
        resort to solvent but illiquid banks during a financial crisis.
            (6) In 1977, Congress changed the monetary mandate of the 
        Federal Reserve System to a dual mandate for maximum employment 
        and stable prices.
            (7) Empirical studies and historical evidence, both within 
        the United States and in other countries, demonstrate that 
        price stability is desirable because both inflation and 
        deflation damage the economy.
            (8) The economic challenge of recent years--most notably 
        the bursting of the housing bubble, the financial crisis of 
        2008, and the ensuing anemic recovery--have occurred at great 
        cost in terms of lost jobs and output.
            (9) Policymakers are reexamining the structure and 
        functioning of financial institutions and markets to determine 
        what, if any, changes need to be made to place the financial 
        system on a stronger, more sustainable path going forward.
            (10) The Federal Reserve System has taken extraordinary 
        actions in response to the recent economic challenges.
            (11) The Federal Open Market Committee has engaged in 
        multiple rounds of quantitative easing, providing unprecedented 
        liquidity to financial markets, while committing to holding 
        short-term interest rates low for a seemingly indefinite 
        period, and pursuing a policy of credit allocation by 
        purchasing Federal agency debt and mortgage-backed securities.
            (12) In the wake of the recent extraordinary actions of the 
        Federal Reserve System, Congress--consistent with its 
        constitutional responsibilities and as it has done periodically 
        throughout the history of the United States--has once again 
        renewed its examination of monetary policy.
            (13) Central in such examination has been a renewed look at 
        what is the most proper mandate for the Federal Reserve System 
        to conduct monetary policy in the 21st century.
    (c) Establishment of a Centennial Monetary Commission.--There is 
established a commission to be known as the ``Centennial Monetary 
Commission'' (in this section referred to as the ``Commission'').
    (d) Study and Report on Monetary Policy.--
            (1) Study.--The Commission shall--
                    (A) examine how United States monetary policy since 
                the creation of the Board of Governors of the Federal 
                Reserve System in 1913 has affected the performance of 
                the United States economy in terms of output, 
                employment, prices, and financial stability over time;
                    (B) evaluate various operational regimes under 
                which the Board of Governors of the Federal Reserve 
                System and the Federal Open Market Committee may 
                conduct monetary policy in terms achieving the maximum 
                sustainable level of output and employment and price 
                stability over the long term, including--
                            (i) discretion in determining monetary 
                        policy without an operational regime;
                            (ii) price level targeting;
                            (iii) inflation rate targeting;
                            (iv) nominal gross domestic product 
                        targeting (both level and growth rate);
                            (v) the use of monetary policy rules; and
                            (vi) the gold standard;
                    (C) evaluate the use of macro-prudential 
                supervision and regulation as a tool of monetary policy 
                in terms of achieving the maximum sustainable level of 
                output and employment and price stability over the long 
                term;
                    (D) evaluate the use of the lender-of-last-resort 
                function of the Board of Governors of the Federal 
                Reserve System as a tool of monetary policy in terms of 
                achieving the maximum sustainable level of output and 
                employment and price stability over the long term;
                    (E) recommend a course for United States monetary 
                policy going forward, including--
                            (i) the legislative mandate;
                            (ii) the operational regime;
                            (iii) the securities used in open market 
                        operations; and
                            (iv) transparency issues; and
                    (F) consider the effects of the GDP output and 
                employment targets of the ``dual mandate'' (both from 
                the creation of the dual mandate in 1977 until the 
                present time and estimates of the future effect of the 
                dual mandate ) on--
                            (i) United States economic activity;
                            (ii) Federal Reserve actions; and
                            (iii) Federal debt.
            (2) Report.--Not later than December 1, 2016, the 
        Commission shall submit to Congress and make publicly available 
        a report containing a statement of the findings and conclusions 
        of the Commission in carrying out the study under paragraph 
        (1), together with the recommendations the Commission considers 
        appropriate. In making such report, the Commission shall 
        specifically report on the considerations required under 
        paragraph (1)(F).
    (e) Membership.--
            (1) Number and appointment.--
                    (A) Appointed voting members.--The Commission shall 
                contain 12 voting members as follows:
                            (i) Six members appointed by the Speaker of 
                        the House of Representatives, with four members 
                        from the majority party and two members from 
                        the minority party.
                            (ii) Six members appointed by the President 
                        Pro Tempore of the Senate, with four members 
                        from the majority party and two members from 
                        the minority party.
                    (B) Chairman.--The Speaker of the House of 
                Representatives and the majority leader of the Senate 
                shall jointly designate one of the members of the 
                Commission as Chairman.
                    (C) Non-voting members.--The Commission shall 
                contain 2 non-voting members as follows:
                            (i) One member appointed by the Secretary 
                        of the Treasury.
                            (ii) One member who is the president of a 
                        district Federal reserve bank appointed by the 
                        Chair of the Board of Governors of the Federal 
                        Reserve System.
            (2) Period of appointment.--Each member shall be appointed 
        for the life of the Commission.
            (3) Timing of appointment.--All members of the Commission 
        shall be appointed not later than 30 days after the date of the 
        enactment of this section.
            (4) Vacancies.--A vacancy in the Commission shall not 
        affect its powers, and shall be filled in the manner in which 
        the original appointment was made.
            (5) Meetings.--
                    (A) Initial meeting.--The Commission shall hold its 
                initial meeting and begin the operations of the 
                Commission as soon as is practicable.
                    (B) Further meetings.--The Commission shall meet 
                upon the call of the Chair or a majority of its 
                members.
            (6) Quorum.--Seven voting members of the Commission shall 
        constitute a quorum but a lesser number may hold hearings.
            (7) Member of congress defined.--In this subsection, the 
        term ``Member of Congress'' means a Senator or a Representative 
        in, or Delegate or Resident Commissioner to, the Congress.
    (f) Powers.--
            (1) Hearings and sessions.--The Commission or, on the 
        authority of the Commission, any subcommittee or member 
        thereof, may, for the purpose of carrying out this section, 
        hold hearings, sit and act at times and places, take testimony, 
        receive evidence, or administer oaths as the Commission or such 
        subcommittee or member thereof considers appropriate.
            (2) Contract authority.--To the extent or in the amounts 
        provided in advance in appropriation Acts, the Commission may 
        contract with and compensate government and private agencies or 
        persons to enable the Commission to discharge its duties under 
        this section, without regard to section 3709 of the Revised 
        Statutes (41 U.S.C. 5).
            (3) Obtaining official data.--
                    (A) In general.--The Commission is authorized to 
                secure directly from any executive department, bureau, 
                agency, board, commission, office, independent 
                establishment, or instrumentality of the Government, 
                any information, including suggestions, estimates, or 
                statistics, for the purposes of this section.
                    (B) Requesting official data.--The head of such 
                department, bureau, agency, board, commission, office, 
                independent establishment, or instrumentality of the 
                government shall, to the extent authorized by law, 
                furnish such information upon request made by--
                            (i) the Chair;
                            (ii) the Chair of any subcommittee created 
                        by a majority of the Commission; or
                            (iii) any member of the Commission 
                        designated by a majority of the commission to 
                        request such information.
            (4) Assistance from federal agencies.--
                    (A) General services administration.--The 
                Administrator of General Services shall provide to the 
                Commission on a reimbursable basis administrative 
                support and other services for the performance of the 
                functions of the Commission.
                    (B) Other departments and agencies.--In addition to 
                the assistance prescribed in subparagraph (A), at the 
                request of the Commission, departments and agencies of 
                the United States shall provide such services, funds, 
                facilities, staff, and other support services as may be 
                authorized by law.
            (5) Postal service.--The Commission may use the United 
        States mails in the same manner and under the same conditions 
        as other departments and agencies of the United States.
    (g) Commission Personnel.--
            (1) Appointment and compensation of staff.--
                    (A) In general.--Subject to rules prescribed by the 
                Commission, the Chair may appoint and fix the pay of 
                the executive director and other personnel as the Chair 
                considers appropriate.
                    (B) Applicability of civil service laws.--The staff 
                of the Commission may be appointed without regard to 
                the provisions of title 5, United States Code, 
                governing appointments in the competitive service, and 
                may be paid without regard to the provisions of chapter 
                51 and subchapter III of chapter 53 of that title 
                relating to classification and General Schedule pay 
                rates, except that an individual so appointed may not 
                receive pay in excess of level V of the Executive 
                Schedule.
            (2) Consultants.--The Commission may procure temporary and 
        intermittent services under section 3109(b) of title 5, United 
        States Code, but at rates for individuals not to exceed the 
        daily equivalent of the rate of pay for a person occupying a 
        position at level IV of the Executive Schedule.
            (3) Staff of federal agencies.--Upon request of the 
        Commission, the head of any Federal department or agency may 
        detail, on a reimbursable basis, any of the personnel of such 
        department or agency to the Commission to assist it in carrying 
        out its duties under this section.
    (h) Termination of Commission.--
            (1) In general.--The Commission shall terminate on June 1, 
        2017.
            (2) Administrative activities before termination.--The 
        Commission may use the period between the submission of its 
        report and its termination for the purpose of concluding its 
        activities, including providing testimony to the committee of 
        Congress concerning its report.
    (i) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out this section $1,000,000, which shall remain 
available until the date on which the Commission terminates.

SEC. 17. ELIMINATION OF SURPLUS FUNDS OF FEDERAL RESERVE BANKS.

    (a) In General.--Section 7 of the Federal Reserve Act (12 U.S.C. 
289 et seq.) is amended--
            (1) in subsection (a)--
                    (A) in the heading of such subsection, by striking 
                ``and Surplus Funds'';
                    (B) in paragraph (2), by striking ``deposited in 
                the surplus fund of the bank'' and inserting 
                ``transferred to the Board of Governors of the Federal 
                Reserve System for transfer to the Secretary of the 
                Treasury for deposit in the general fund of the 
                Treasury''; and
                    (C) by striking the first subsection (b) (relating 
                to a transfer for fiscal year 2000).
    (b) Transfer to the Treasury.--The Federal reserve banks shall 
transfer all of the funds of the surplus funds of such banks to the 
Board of Governors of the Federal Reserve System for transfer to the 
Secretary of the Treasury for deposit in the general fund of the 
Treasury.

SEC. 18. PUBLIC TRANSCRIPTS OF FOMC MEETINGS.

    Section 12A of the Federal Reserve Act (12 U.S.C. 263), as amended 
by this Act, is further amended by adding at the end the following:
    ``(e) Public Transcripts of Meetings.--The Committee shall--
            ``(1) record all meetings of the Committee; and
            ``(2) make the full transcript of such meetings available 
        to the public.''.

            Passed the House of Representatives November 19, 2015.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.