,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #aagf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #ad1 #bjac ,mr4  
,brady ( ,texas 7= himself1 ,mr4        
,bilirakis1 ,mrs4 ,blackburn1 ,mr4      
,duncan ( ,s\? ,c>ol9a1 ,mr4 ,flores1   
,mr4 ,franks ( ,arizona1 ,mr4 ,gohm]t1  
,mr4 ,h>ris1 ,mr4 ,huiz5ga ( ,mi*igan1  
,mr4 ,jordan1 ,mr4 ,k+/on1 ,mr4         
,la,malfa1 & ,mrs4 ,lummis7 introduc$ ! 
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to e/abli% a commission to     
exam9e ! ,unit$ ,/ates monet>y policy1  
evaluate alt]native monet>y regimes1 &  
recomm5d a c\rse = monet>y policy go+   
=w>d4  #a4 ,%ort title ,?is ,act may be 
cit$ z ! ,c5t5nial ,monet>y ,commission 
,act ( #bjac4  #b4 ,f9d+s ,congress f9ds
 ! foll[+3  7#a7 ,! ,con/itution end[s  
,congress ) ! p[] to co9 money1 regulate
 ! value !re(4  7#b7 ,foll[+ ! f9ancial 
crisis kn[n z ! ,panic ( #aijg1         
,congress e/abli%$ ! ,national ,monet>y 
,commission to provide recomm5dations = 

! re=m ( ! f9ancial & monet>y sy/ems ( !
 ,unit$ ,/ates4  7#c7 ,incorporat+      
sev]al ( ! recomm5dations ( ! ,national 
,monet>y ,commission1 ,congress creat$ !
 ,f$]al ,res]ve ,sy/em 9 #aiac4 ,z      
curr5tly organiz$1 ! ,f$]al ,res]ve     
,sy/em consi/s ( ! ,bo>d ( ,gov]nors 9  
,wa%+ton1 ,di/rict ( ,columbia1 & !     
,f$]al ,res]ve ,banks organiz$ into #ab 
di/ricts ar\nd ! ,unit$ ,/ates4 ,!      
/ockhold]s ( ! #ab ,f$]al ,res]ve ,banks
 include national & c]ta9 /ate-*>t]$    
comm]cial banks1 :i* op]ate on a        
fractional res]ve basis4  7#d7          
,orig9ally1 ,congress gave ! ,f$]al     
,res]ve a monet>y m&ate to provide an   
ela/ic curr5cy1 )9 ! context ( a gold   
/&>d1 9 response to seasonal            
fluctuations 9 ! dem& = curr5cy4  7#e7  
,congress also gave ! ,f$]al ,res]ve a  
f9ancial /ability m&ate to s]ve z ! l5d]
 ( la/ resort to solv5t b illiquid banks
 dur+ a f9ancial crisis4  7#f7 ,9 #aigg1
 ,congress *ang$ ! monet>y m&ate ( !    
,f$]al ,res]ve to a dual m&ate = maximum

 employm5t & /able prices4  7#g7        
,empirical /udies & hi/orical evid5ce1  
bo? )9 ! ,unit$ ,/ates & 9 o!r c\ntries1
 demon/rate t price /ability is         
desirable because bo? inflation &       
deflation damage ! economy4  7#h7 ,!    
economic *all5ge ( rec5t ye>s--mo/      
notably ! bur/+ ( ! h\s+ bubble1 !      
f9ancial crisis ( #bjjh1 & ! ensu+      
anemic recov]y--h occurr$ at great co/ 9
 t]ms ( lo/ jobs & output4  7#i7        
,policymak]s are reexam9+ ! /ructure &  
function+ ( f9ancial in/itutions &      
m>kets to det]m9e :at1 if any1 *anges   
ne$ to be made to place ! f9ancial sy/em
 on a /rong]1 m su/a9able pa? go+ =w>d4 
7#aj7 ,! ,f$]al ,res]ve has tak5        
extraord9>y actions 9 response to !     
rec5t economic *all5ges4  7#aa7 ,!      
,f$]al ,op5 ,m>ket ,committee has engag$
 9 multiple r\nds ( quantitative eas+1  
provid+ unprec$5t$ liquidity to f9ancial
 m>kets1 :ile committ+ to hold+ %ort-t]m
 int]e/ rates l[ = a seem+ly indef9ite  
p]iod1 & pursu+ a policy ( cr$it        

allocation by pur*as+ ,f$]al ag5cy debt 
& mortgage-back$ securities4  7#ab7 ,9 !
 wake ( ! rec5t extraord9>y actions ( ! 
,f$]al ,res]ve1 ,congress--consi/5t )   
its con/itutional responsibilities & z x
 has done p]iodically ?r\gh\t ! hi/ory (
 ! ,unit$ ,/ates--has once aga9 r5ew$   
its exam9ation ( monet>y policy4  7#ac7 
,c5tral 9 su* exam9ation has be5 a r5ew$
 look at :at is ! mo/ prop] m&ate = !   
,f$]al ,res]ve to conduct monet>y policy
 9 ! #ba/ c5tury4  #c4 ,e/abli%m5t ,!re 
is e/abli%$ a commission to be kn[n z ! 
,c5t5nial ,monet>y ,commission 79 ?is   
,act ref]r$ to z ! ,commission74  #d4   
,duties  7a7 ,/udy ( monet>y policy ,!  
,commission %all--  7#a7 exam9e h[      
,unit$ ,/ates monet>y policy s9ce !     
creation ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em 9 #aiac has       
affect$ ! p]=mance ( ! ,unit$ ,/ates    
economy 9 t]ms ( output1 employm5t1     
prices1 & f9ancial /ability ov] "t2     
7#b7 evaluate v>i\s op]ational regimes  
"u :i* ! ,bo>d ( ,gov]nors ( ! ,f$]al   

,res]ve ,sy/em & ! ,f$]al ,op5 ,m>ket   
,committee may conduct monet>y policy 9 
t]ms a*iev+ ! maximum su/a9able level ( 
output & employm5t & price /ability ov] 
! long t]m1 includ+--  7,a7 discretion 9
 det]m9+ monet>y policy )\t an          
op]ational regime2  7,b7 price level    
t>get+2  7,c7 inflation rate t>get+2    
7,d7 nom9al gross dome/ic product t>get+
 7bo? level & gr[? rate72  7,e7 ! use ( 
monet>y policy rules2 &  7,f7 ! gold    
/&>d2 &  7#c7 recomm5d a c\rse = ,unit$ 
,/ates monet>y policy go+ =w>d1         
includ+--  7,a7 ! legislative m&ate2    
7,b7 ! op]ational regime2  7,c7 !       
securities us$ 9 op5 m>ket op]ations2 & 
7,d7 transp>5cy issues4  7b7 ,report on 
monet>y policy ,n lat] ?an ,june #cj1   
#bjad1 ! ,commission %all submit to     
,congress & make publicly available a   
report conta9+ a /atem5t ( ! f9d+s &    
conclusions ( ! ,commission 9 c>ry+ out 
! /udy "u subsection 7a71 toge!r ) !    
recomm5dations ! ,commission consid]s   
appropriate4  #e4 ,memb]%ip  7a7 ,numb] 

& appo9tm5t  7#a7 ,vot+ memb]s by       
position ,! ,commission %all conta9 #f  
vot+ memb]s z foll[s3  7,a7 ,! ,*air ( !
 ,jo9t ,economic ,committee1 :o %all    
s]ve z ,*air ( ! ,commission4  7,b7 ,!  
rank+ m9ority memb] ( ! ,jo9t ,economic 
,committee1 :o %all s]ve z ,vice ,*air (
 ! ,commission4  7,c7 ,! ,*air ( !      
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives or ano!r        
majority memb] ( su* ,committee         
designat$ by ! ,*air4  7,d7 ,! rank+    
m9ority memb] ( ! ,committee on         
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives or ano!r m9ority memb] (
 su* ,committee designat$ by ! rank+    
m9ority memb]4  7,e7 ,! ,*air ( !       
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate or ano!r majority   
memb] ( su* ,committee designat$ by !   
,*air4  7,f7 ,! rank+ m9ority memb] ( ! 
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate or ano!r m9ority    
memb] ( su* ,committee designat$ by !   
rank+ m9ority memb]4  7#b7 ,appo9t$ vot+

 memb]s ,! ,commission %all conta9 #f   
vot+ memb]s1 :o may n be ,memb]s (      
,congress1 z foll[s3  7,a7 ,two memb]s  
appo9t$ by ! ,speak] ( ! ,h\se (        
,repres5tatives4  7,b7 ,"o memb] appo9t$
 by ! m9ority lead] ( ! ,h\se (         
,repres5tatives4  7,c7 ,two memb]s      
appo9t$ by ! majority lead] ( ! ,s5ate4 
7,d7 ,"o memb] appo9t$ by ! m9ority     
lead] ( ! ,s5ate4  7#c7 ,non-vot+ memb]s
 ,! ,commission %all conta9 #b non-vot+ 
memb]s z foll[s3  7,a7 ,"o memb] appo9t$
 by ! ,secret>y ( ! ,treasury4  7,b7 ,"o
 memb] :o is ! presid5t ( a di/rict     
,f$]al res]ve bank appo9t$ by ! ,*air ( 
! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve  
,sy/em4  7b7 ,p]iod ( ,appo9tm5t ,ea*   
memb] %all be appo9t$ = ! life ( !      
,commission4  7c7 ,tim+ ( appo9tm5t ,all
 memb]s ( ! ,commission %all be appo9t$ 
n be=e ,janu>y #e1 #bjac1 & n lat] ?an  
#cj days aft] ! date ( ! enactm5t ( ?is 
,act4  7d7 ,vacancies ,a vacancy 9 !    
,commission %all n affect its p[]s1 &   
%all be fill$ 9 ! mann] 9 :i* ! orig9al 

appo9tm5t 0 made4  7e7 ,meet+s  7#a7    
,initial meet+ ,! ,commission %all hold 
its initial meet+ & beg9 ! op]ations ( !
 ,commission z soon z is practicable4   
7#b7 ,fur!r ,meet+s ,! ,commission %all 
meet ^u ! call ( ! ,*air or a majority (
 its memb]s4  7f7 ,quorum ,sev5 vot+    
memb]s ( ! ,commission %all con/itute a 
quorum b a less] numb] may hold he>+s4  
7g7 ,memb] ( ,congress ,def9$ ,9 ?is    
section1 ! t]m ,memb] ( ,congress means 
a ,s5ator or a ,repres5tative 91 or     
,delegate or ,resid5t ,commission] to1 !
 ,congress4  #f4 ,p[]s  7a7 ,he>+s &    
sessions ,! ,commission or1 on !        
au?ority ( ! ,commission1 any           
subcommittee or memb] !re(1 may1 = !    
purpose ( c>ry+ out ?is ,act1 hold      
he>+s1 sit & act at times & places1 take
 te/imony1 receive evid5ce1 or adm9i/]  
oa?s z ! ,commission or su* subcommittee
 or memb] !re( consid]s appropriate4    
7b7 ,contract au?ority ,to ! ext5t or 9 
! am\nts provid$ 9 advance 9            
appropriation ,acts1 ! ,commission may  

contract ) & comp5sate gov]nm5t &       
private ag5cies or p]sons to enable !   
,commission to dis*>ge its duties "u ?is
 ,act1 )\t reg>d to section #cgji ( !   
,revis$ ,/atutes 7#da ,u4,s4,c4 #e74    
7c7 ,obta9+ (ficial data  7#a7 ,9 g5]al 
,! ,commission is au?oriz$ to secure    
directly f any executive dep>tm5t1      
bureau1 ag5cy1 bo>d1 commission1 (fice1 
indep5d5t e/abli%m5t1 or in/rum5tality (
 ! ,gov]nm5t1 any in=mation1 includ+    
sugge/ions1 e/imates1 or /ati/ics1 = !  
purposes ( ?is ,act4  7#b7 ,reque/+     
(ficial data ,! head ( su* dep>tm5t1    
bureau1 ag5cy1 bo>d1 commission1 (fice1 
indep5d5t e/abli%m5t1 or in/rum5tality (
 ! gov]nm5t %all1 to ! ext5t au?oriz$ by
 law1 furni% su* in=mation ^u reque/    
made by--  7,a7 ! ,*air2  7,b7 ! ,*air (
 any subcommittee creat$ by a majority (
 ! ,commission2 or  7,c7 any memb] ( !  
,commission designat$ by a majority ( ! 
commission to reque/ su* in=mation4  7d7
 ,assi/ance ,f ,f$]al ,ag5cies  7#a7    
,g5]al s]vices adm9i/ration ,!          

,adm9i/rator ( ,g5]al ,s]vices %all     
provide to ! ,commission on a           
reimbursable basis adm9i/rative support 
& o!r s]vices = ! p]=mance ( ! functions
 ( ! ,commission4  7#b7 ,o!r dep>tm5ts &
 ag5cies ,9 addition to ! assi/ance     
prescrib$ 9 p>agraph 7#a71 at ! reque/ (
 ! ,commission1 dep>tm5ts & ag5cies ( ! 
,unit$ ,/ates %all provide su* s]vices1 
funds1 facilities1 /aff1 & o!r support  
s]vices z may be au?oriz$ by law4  7e7  
,po/al s]vice ,! ,commission may use !  
,unit$ ,/ates mails 9 ! same mann] & "u 
! same conditions z o!r dep>tm5ts &     
ag5cies ( ! ,unit$ ,/ates4  #g4         
,commission p]sonnel  7a7 ,appo9tm5t &  
comp5sation ( /aff  7#a7 ,9 ,g5]al      
,subject to rules prescrib$ by !        
,commission1 ! ,*air may appo9t & fix ! 
pay ( ! executive director & o!r        
p]sonnel z ! ,*air consid]s appropriate4
  7#b7 ,applicability ( civil s]vice    
laws ,! /aff ( ! ,commission may be     
appo9t$ )\t reg>d to ! provisions (     
title #e1 ,unit$ ,/ates ,code1 gov]n+   

appo9tm5ts 9 ! competitive s]vice1 & may
 be paid )\t reg>d to ! provisions (    
*apt] #ea & sub*apt] ,,iii ( *apt] #ec (
 t title relat+ to classification &     
,g5]al ,s*$ule pay rates1 except t an   
individual s appo9t$ may n receive pay 9
 excess ( level ,v ( ! ,executive       
,s*$ule4  7b7 ,consultants ,!           
,commission may procure tempor>y &      
int]mitt5t s]vices "u section #caji7;b7 
( title #e1 ,unit$ ,/ates ,code1 b at   
rates = individuals n to exce$ ! daily  
equival5t ( ! rate ( pay = a p]son      
occupy+ a position at level ,,iv ( !    
,executive ,s*$ule4  7c7 ,/aff ( f$]al  
ag5cies ,^u reque/ ( ! ,commission1 !   
head ( any ,f$]al dep>tm5t or ag5cy may 
detail1 on a reimbursable basis1 any ( !
 p]sonnel ( su* dep>tm5t or ag5cy to !  
,commission to assi/ x 9 c>ry+ out its  
duties "u ?is ,act4  #h4 ,t]m9ation  7a7
 ,9 g5]al ,! ,commission %all t]m9ate on
 ,febru>y #bh1 #bjae4  7b7 ,adm9i/rative
 ,activities be=e t]m9ation ,!          
,commission may use ! p]iod betwe5 !    

submission ( its report & its t]m9ation 
= ! purpose ( conclud+ its activities1  
includ+ provid+ te/imony to committee ( 
,congress conc]n+ its report4  #i4      
,au?orization ( ,appropriations ,!re are
 au?oriz$ to be appropriat$ su* sums z  
may be necess>y to c>ry out ?is ,act &  
su* sums %all rema9 available until !   
date on :i* ! ,commission t]m9ates4