S. 215 — Introduced in Senate

II 113th CONGRESS 1st Session S. 215 IN THE SENATE OF THE UNITED STATES February 4, 2013 Mr. Corker (for himself and Mr. Vitter) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To ensure that the Federal Reserve conducts its policies to ensure long-term price stability and a low rate of inflation. 1. Short title This Act may be cited as the Federal Reserve Single Mandate Act of 2013. 2. Amendments to the Federal Reserve Act Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended— (1) by striking maximum employment, stable prices, and inserting long-term price stability, a low rate of inflation,; and (2) by adding at the end the following: The Board shall establish an explicit numerical definition of the term long-term price stability and shall maintain monetary policy that effectively promotes such long-term price stability..