,,ii #aacth ,,congress #b;d ,session ,s4 #ahie ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #f1 #bjad,mr4 ,cornyn introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to establish a commission to examine the ,united ,states monetary policy1 evaluate alternative monetary regimes1 and recommend a course for monetary policy going forward4 #a4 ,short title ,this ,act may be cited as the ,centennial ,monetary ,commission ,act of #bjac4 #b4 ,findings ,congress finds the following3 7#a7 ,the ,constitution endows ,congress with the power to coin money1 regulate the value thereof4 7#b7 ,following the financial crisis known as the ,panic of #aijg1 ,congress established the ,national ,monetary ,commission to provide recommendations for the reform of the financial and monetary systems of the ,united ,states4 7#c7 ,incorporating several of the recommendations of the ,national ,monetary ,commission1 ,congress created the ,federal ,reserve ,system in #aiac4 ,as currently organized1 the ,federal ,reserve ,system consists of the ,board of ,governors in ,washington1 ,district of ,columbia1 and the ,federal ,reserve ,banks organized into #ab districts around the ,united ,states4 ,the stockholders of the #ab ,federal ,reserve ,banks include national and certain state-chartered commercial banks1 which operate on a fractional reserve basis4 7#d7 ,originally1 ,congress gave the ,federal ,reserve a monetary mandate to provide an elastic currency1 within the context of a gold standard1 in response to seasonal fluctuations in the demand for currency4 7#e7 ,congress also gave the ,federal ,reserve a financial stability mandate to serve as the lender of last resort to solvent but illiquid banks during a financial crisis4 7#f7 ,in #aigg1 ,congress changed the monetary mandate of the ,federal ,reserve to a dual mandate for maximum employment and stable prices4 7#g7 ,empirical studies and historical evidence1 both within the ,united ,states and in other countries1 demonstrate that price stability is desirable because both inflation and deflation damage the economy4 7#h7 ,the economic challenge of recent years--most notably the bursting of the housing bubble1 the financial crisis of #bjjh1 and the ensuing anemic recovery--have occurred at great cost in terms of lost jobs and output4 7#i7 ,policymakers are reexamining the structure and functioning of financial institutions and markets to determine what1 if any1 changes need to be made to place the financial system on a stronger1 more sustainable path going forward4 7#aj7 ,the ,federal ,reserve has taken extraordinary actions in response to the recent economic challenges4 7#aa7 ,the ,federal ,open ,market ,committee has engaged in multiple rounds of quantitative easing1 providing unprecedented liquidity to financial markets1 while committing to holding short-term interest rates low for a seemingly indefinite period1 and pursuing a policy of credit allocation by purchasing ,federal agency debt and mortgage-backed securities4 7#ab7 ,in the wake of the recent extraordinary actions of the ,federal ,reserve1 ,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 policy4 7#ac7 ,central in such examination has been a renewed look at what is the most proper mandate for the ,federal ,reserve to conduct monetary policy in the #bast century4 #c4 ,establishment ,there is established a commission to be known as the ,centennial ,monetary ,commission 7in this ,act referred to as the ,commission74 #d4 ,duties 7a7 ,study of monetary policy ,the ,commission shall-- 7#a7 examine how ,united ,states monetary policy since the creation of the ,board of ,governors of the ,federal ,reserve ,system in #aiac has affected the performance of the ,united ,states economy in terms of output1 employment1 prices1 and financial stability over time2 7#b7 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 term1 including-- 7,a7 discretion in determining monetary policy without an operational regime2 7,b7 price level targeting2 7,c7 inflation rate targeting2 7,d7 nominal gross domestic product targeting 7both level and growth rate72 7,e7 the use of monetary policy rules2 and 7,f7 the gold standard2 and 7#c7 recommend a course for ,united ,states monetary policy going forward1 including-- 7,a7 the legislative mandate2 7,b7 the operational regime2 7,c7 the securities used in open market operations2 and 7,d7 transparency issues4 7b7 ,report on monetary policy ,not later than ,june #cj1 #bjad1 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 subsection 7a71 together with the recommendations the ,commission considers appropriate4 #e4 ,membership 7a7 ,number and appointment 7#a7 ,voting members by position ,the ,commission shall contain #f voting members as follows3 7,a7 ,the ,chair of the ,joint ,economic ,committee1 who shall serve as ,chair of the ,commission4 7,b7 ,the ranking minority member of the ,joint ,economic ,committee1 who shall serve as ,vice ,chair of the ,commission4 7,c7 ,the ,chair of the ,committee on ,financial ,services of the ,house of ,representatives or another majority member of such ,committee designated by the ,chair4 7,d7 ,the ranking minority member of the ,committee on ,financial ,services of the ,house of ,representatives or another minority member of such ,committee designated by the ranking minority member4 7,e7 ,the ,chair of the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate or another majority member of such ,committee designated by the ,chair4 7,f7 ,the ranking minority member of the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate or another minority member of such ,committee designated by the ranking minority member4 7#b7 ,appointed voting members ,the ,commission shall contain #f voting members1 who may not be ,members of ,congress1 as follows3 7,a7 ,two members appointed by the ,speaker of the ,house of ,representatives4 7,b7 ,one member appointed by the minority leader of the ,house of ,representatives4 7,c7 ,two members appointed by the majority leader of the ,senate4 7,d7 ,one member appointed by the minority leader of the ,senate4 7#c7 ,non-voting members ,the ,commission shall contain #b non-voting members as follows3 7,a7 ,one member appointed by the ,secretary of the ,treasury4 7,b7 ,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 ,system4 7b7 ,period of ,appointment ,each member shall be appointed for the life of the ,commission4 7c7 ,timing of appointment ,all members of the ,commission shall be appointed not before ,january #e1 #bjac1 and not later than #cj days after the date of the enactment of this ,act4 7d7 ,vacancies ,a vacancy in the ,commission shall not affect its powers1 and shall be filled in the manner in which the original appointment was made4 7e7 ,meetings 7#a7 ,initial meeting ,the ,commission shall hold its initial meeting and begin the operations of the ,commission as soon as is practicable4 7#b7 ,further ,meetings ,the ,commission shall meet upon the call of the ,chair or a majority of its members4 7f7 ,quorum ,seven voting members of the ,commission shall constitute a quorum but a lesser number may hold hearings4 7g7 ,member of ,congress ,defined ,in this section1 the term ,member of ,congress means a ,senator or a ,representative in1 or ,delegate or ,resident ,commissioner to1 the ,congress4 #f4 ,powers 7a7 ,hearings and sessions ,the ,commission or1 on the authority of the ,commission1 any subcommittee or member thereof1 may1 for the purpose of carrying out this ,act1 hold hearings1 sit and act at times and places1 take testimony1 receive evidence1 or administer oaths as the ,commission or such subcommittee or member thereof considers appropriate4 7b7 ,contract authority ,to the extent or in the amounts provided in advance in appropriation ,acts1 the ,commission may contract with and compensate government and private agencies or persons to enable the ,commission to discharge its duties under this ,act1 without regard to section #cgji of the ,revised ,statutes 7#da ,u4,s4,c4 #e74 7c7 ,obtaining official data 7#a7 ,in general ,the ,commission is authorized to secure directly from any executive department1 bureau1 agency1 board1 commission1 office1 independent establishment1 or instrumentality of the ,government1 any information1 including suggestions1 estimates1 or statistics1 for the purposes of this ,act4 7#b7 ,requesting official data ,the head of such department1 bureau1 agency1 board1 commission1 office1 independent establishment1 or instrumentality of the government shall1 to the extent authorized by law1 furnish such information upon request made by-- 7,a7 the ,chair2 7,b7 the ,chair of any subcommittee created by a majority of the ,commission2 or 7,c7 any member of the ,commission designated by a majority of the commission to request such information4 7d7 ,assistance ,from ,federal ,agencies 7#a7 ,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 ,commission4 7#b7 ,other departments and agencies ,in addition to the assistance prescribed in paragraph 7#a71 at the request of the ,commission1 departments and agencies of the ,united ,states shall provide such services1 funds1 facilities1 staff1 and other support services as may be authorized by law4 7e7 ,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 ,states4 #g4 ,commission personnel 7a7 ,appointment and compensation of staff 7#a7 ,in ,general ,subject to rules prescribed by the ,commission1 the ,chair may appoint and fix the pay of the executive director and other personnel as the ,chair considers appropriate4 7#b7 ,applicability of civil service laws ,the staff of the ,commission may be appointed without regard to the provisions of title #e1 ,united ,states ,code1 governing appointments in the competitive service1 and may be paid without regard to the provisions of chapter #ea and subchapter ,,iii of chapter #ec of that title relating to classification and ,general ,schedule pay rates1 except that an individual so appointed may not receive pay in excess of level ,v of the ,executive ,schedule4 7b7 ,consultants ,the ,commission may procure temporary and intermittent services under section #caji7;b7 of title #e1 ,united ,states ,code1 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 ,schedule4 7c7 ,staff of federal agencies ,upon request of the ,commission1 the head of any ,federal department or agency may detail1 on a reimbursable basis1 any of the personnel of such department or agency to the ,commission to assist it in carrying out its duties under this ,act4 #h4 ,termination 7a7 ,in general ,the ,commission shall terminate on ,february #bh1 #bjae4 7b7 ,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 activities1 including providing testimony to committees of ,congress concerning its report4 #i4 ,authorization of ,appropriations ,there are authorized to be appropriated such sums as may be necessary to carry out this ,act and such sums shall remain available until the date on which the ,commission terminates4