,,ii #aadth ,,congress #ast ,session ,h4 ,r4 #cahi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,november #cj1 #bjae,received ,,an ,,act ,to amend the ,federal ,reserve ,act to establish requirements for policy rules and blackout periods of the ,federal ,open ,market ,committee1 to establish requirements for certain activities of the ,board of ,governors of the ,federal ,reserve ,system1 and to amend title #ca1 ,united ,states ,code1 to reform the manner in which the ,board of ,governors of the ,federal ,reserve ,system is audited1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,fed ,oversight ,reform and ,modernization ,act of #bjae or the ,,form ,act of #bjae4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,requirements for policy rules of the ,federal ,open ,market ,committee4 ,sec4 #c4 ,federal ,open ,market ,committee blackout period4 ,sec4 #d4 ,membership of ,federal ,open ,market ,committee4 ,sec4 #e4 ,requirements for stress tests and supervisory letters for the ,board of ,governors of the ,federal ,reserve ,system4 ,sec4 #f4 ,frequency of testimony of the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system to ,congress4 ,sec4 #g4 ,vice ,chairman for ,supervision report requirement4 ,sec4 #h4 ,economic analysis of regulations of the ,board of ,governors of the ,federal ,reserve ,system4 ,sec4 #i4 ,salaries1 financial disclosures1 and office staff of the ,board of ,governors of the ,federal ,reserve ,system4 ,sec4 #aj4 ,requirements for international processes4 ,sec4 #aa4 ,amendments to powers of the ,board of ,governors of the ,federal ,reserve ,system4 ,sec4 #ab4 ,interest rates on balances maintained at a ,federal ,reserve bank by depository institutions established by ,federal ,open ,market ,committee4 ,sec4 #ac4 ,audit reform and transparency for the ,board of ,governors of the ,federal ,reserve ,system4 ,sec4 #ad4 ,reporting requirement for ,export-,import ,bank4 ,sec4 #ae4 ,membership of ,board of ,directors of the ,federal reserve banks4 ,sec4 #af4 ,establishment of a ,centennial ,monetary ,commission4 ,sec4 #ag4 ,elimination of surplus funds of ,federal reserve banks4 ,sec4 #ah4 ,public transcripts of ,,fomc meetings4 #b4 ,requirements for policy rules of the ,federal ,open ,market ,committee ,the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bba et seq47 is amended by inserting after section #b;,b the following new section3 #b;,c4 ,directive ,policy ,rules of the ,federal ,open ,market ,committee 7a7 ,definitions ,in this section the following definitions shall apply3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7#b7 ,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 7c7 and that provides the basis for the ,open ,market ,operations ,directive4 7#c7 ,,gdp ,the term ,,gdp means the gross domestic product of the ,united ,states as computed and published by the ,department of ,commerce4 7#d7 ,intermediate ,policy ,input ,the term ,intermediate ,policy ,input-- 7,a7 may include any variable determined by the ,federal ,open ,market ,committee as a necessary input to guide open-market operations2 7,b7 shall include an estimate of1 and the method of calculation for1 the current rate of inflation or current inflation expectations2 and 7,c7 shall include1 specifying whether the variable or estimate is historical1 current1 or a forecast and the method of calculation1 at least one of-- 7i7 an estimate of real ,,gdp1 nominal ,,gdp1 or potential ,,gdp2 7ii7 an estimate of the monetary aggregate compiled by the ,board of ,governors of the ,federal ,reserve ,system and ,federal reserve banks2 or 7iii7 an interactive variable or a net estimate composed of the estimates described in clauses 7i7 and 7ii74 7#e7 ,legislative day ,the term legislative day means a day on which either ,house of ,congress is in session4 7#f7 ,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 #ad of this ,act that guide open-market operations4 7#g7 ,policy ,instrument ,the term ,policy ,instrument means-- 7,a7 the nominal ,federal funds rate2 7,b7 the nominal rate of interest paid on nonborrowed reserves2 or 7,c7 the discount window primary credit interest rate most recently published on the ,federal ,reserve ,statistical ,release on selected interest rates 7daily or weekly71 commonly referred to as the ,h4#ae release4 7#h7 ,policy ,instrument ,target ,the term ,policy ,instrument ,target means the target for the ,policy ,instrument specified in the ,open ,market ,operations ,directive4 7#i7 ,reference ,policy ,rule ,the term ,reference ,policy ,rule means a calculation of the nominal ,federal funds rate as equal to the sum of the following3 7,a7 ,the rate of inflation over the previous four quarters4 7,b7 ,one-half of the percentage deviation of the real ,,gdp from an estimate of potential ,,gdp4 7,c7 ,one-half of the difference between the rate of inflation over the previous four quarters and two percent4 7,d7 ,two percent4 7b7 ,submitting a ,directive ,policy ,rule ,not later than #dh hours after the end of a meeting of the ,federal ,open ,market ,committee1 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 ,rule4 7c7 ,requirements for a ,directive ,policy ,rule ,a ,directive ,policy ,rule shall-- 7#a7 identify the ,policy ,instrument the ,directive ,policy ,rule is designed to target2 7#b7 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 ,inputs2 7#c7 include a function that comprehensively models the interactive relationship between the ,intermediate ,policy ,inputs2 7#d7 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 ,input2 7#e7 describe the procedure for adjusting the supply of bank reserves to achieve the ,policy ,instrument ,target2 7#f7 include a statement as to whether the ,directive ,policy ,rule substantially conforms to the ,reference ,policy ,rule and1 if applicable-- 7,a7 an explanation of the extent to which it departs from the ,reference ,policy ,rule2 7,b7 a detailed justification for that departure2 and 7,c7 a description of the circumstances under which the ,directive ,policy ,rule may be amended in the future2 7#g7 include a certification that such ,rule is expected to support the economy in achieving stable prices and maximum natural employment over the long term2 7#h7 include a calculation that describes with mathematical precision the expected annual inflation rate over a #e-year period2 and 7#i7 include a plan to use the most accurate data1 subject to all historical revisions1 for inputs into the ,directive ,policy ,rule and the ,reference ,policy ,rule4 7d7 ,,gao report ,the ,comptroller ,general of the ,united ,states shall compare the ,directive ,policy ,rule submitted under subsection 7b7 with the rule that was most recently submitted to determine whether the ,directive ,policy ,rule has materially changed4 ,if the ,directive ,policy ,rule has materially changed1 the ,comptroller ,general shall1 not later than #g days after each meeting of the ,federal ,open ,market ,committee1 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 section4 7e7 ,changing market conditions 7#a7 ,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 7c77#b7 be implemented if the ,federal ,open ,market ,committee determines that such plans cannot or should not be achieved due to changing market conditions4 7#b7 ,,gao approval of update ,upon determining that plans described in paragraph 7#a7 cannot or should not be achieved1 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 #dh hours after making the determination4 ,the ,comptroller ,general shall1 not later than #dh hours after receiving such updated version1 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 section4 7f7 ,directive ,policy ,rule and ,federal ,open ,market ,committee not in compliance 7#a7 ,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 7d71 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 7e77#b71 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system shall1 if requested by the chairman of either of the appropriate congressional committees1 not later than #g legislative days after such request1 testify before such committee as to why the ,directive ,policy ,rule1 the updated version1 or the ,federal ,open ,market ,committee is not in compliance4 7#b7 ,,gao audit ,notwithstanding subsection 7b7 of section #gad of title #ca1 ,united ,states ,code1 upon submitting a report of noncompliance pursuant to subsection 7d7 or subsection 7e77#b7 and after the period of #g legislative days described in paragraph 7#a71 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 committee4 ,such committee may specify the parameters of such audit4 7g7 ,congressional hearings ,the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system shall1 if requested by the chairman of either of the appropriate congressional committees and not later than #g legislative days after such request1 appear before such committee to explain any change to the ,directive ,policy ,rule4 4 #c4 ,federal ,open ,market ,committee blackout period ,section #ab;,a of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc7 is amended by adding at the end the following new subsection3 7d7 ,blackout period 7#a7 ,in general ,during a blackout period1 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 following3 7,a7 ,the dissemination of published data1 surveys1 and reports that have been cleared for publication by the ,board of ,governors of the ,federal ,reserve ,system4 7,b7 ,answers to technical questions specific to a data release4 7,c7 ,communications with respect to the prudential or supervisory functions of the ,board of ,governors4 7#b7 ,blackout period defined ,for purposes of this subsection1 and with respect to a meeting of the ,committee described under subsection 7a71 the term blackout period means the time period that-- 7,a7 begins immediately after midnight on the day that is one week prior to the date on which such meeting takes place2 and 7,b7 ends at midnight on the day after the date on which such meeting takes place4 7#c7 ,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 communications4 4 #d4 ,membership of ,federal ,open ,market ,committee ,section #ab;,a7a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc7;a77 is amended-- 7#a7 in the first sentence1 by striking five and inserting six2 7#b7 in the second sentence1 by striking ,one by the board of directors and all that follows through the period at the end and inserting the following3 ,one by the boards of directors of the ,federal ,reserve ,banks of ,new ,york and ,boston2 one by the boards of directors of the ,federal ,reserve ,banks of ,philadelphia and ,cleveland2 one by the boards of directors of the ,federal ,reserve ,banks of ,richmond and ,atlanta2 one by the boards of directors of the ,federal ,reserve ,banks of ,chicago and ,st4 ,louis2 one by the boards of directors of the ,federal ,reserve ,banks of ,minneapolis and ,kansas ,city2 and one by the boards of directors of the ,federal ,reserve ,banks of ,dallas and ,san ,francisco42 and 7#c7 by inserting after the second sentence the following3 ,in odd numbered calendar years1 one representative shall be elected from each of the ,federal ,reserve ,banks of ,boston1 ,philadelphia1 ,richmond1 ,chicago1 ,minneapolis1 and ,dallas4 ,in even-numbered calendar years1 one representative shall be elected from each of the ,federal ,reserve ,banks of ,new ,york1 ,cleveland1 ,atlanta1 ,st4 ,louis1 ,kansas ,city1 and ,san ,francisco44 #e4 ,requirements for stress tests and supervisory letters for the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,stress test rulemaking1 ,,gao review1 and publication of results ,section #afe7;i77#a77;,b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecfe7;i77#a77;,b77 is amended-- 7#a7 by amending clause 7i7 to read as follows3 7i7 shall-- 7,i7 issue regulations1 after providing for public notice and comment1 that provide for at least #c different sets of conditions under which the evaluation required by this subsection shall be conducted1 including baseline1 adverse1 and severely adverse1 and methodologies1 including models used to estimate losses on certain assets2 and 7,,ii7 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 regulations2 2 and 7#b7 in clause 7v71 by inserting before the period the following3 1 including any results of a resubmitted test4 7b7 ,application of ,,ccar ,section #afe7;i77#a7 of such ,act is further amended by adding at the end the following new subparagraph3 7,c7 ,application to ,,ccar ,the requirements of subparagraph 7,b7 shall apply to all stress tests performed under the ,comprehensive ,capital ,analysis and ,review exercise established by the ,board of ,governors4 4 7c7 ,publication of the number of supervisory letters sent to the largest bank holding companies ,section #afe of such ,act is further amended by adding at the end the following new subsection3 7l7 ,publication of supervisory letter information ,the ,board of ,governors shall publicly disclose-- 7#a7 the aggregate number of supervisory letters sent to bank holding companies described in subsection 7a7 since the date of the enactment of this section1 and keep such number updated2 and 7#b7 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 ,attention4 4 #f4 ,frequency of testimony of the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system to ,congress 7a7 ,in general ,section #b;,b of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bbe;b7 is amended-- 7#a7 by striking semi-annual each place it appears and inserting quarterly2 and 7#b7 in subsection 7a77#b7-- 7,a7 by inserting and ,october #bj after ,july #bj each place it appears2 and 7,b7 by inserting and ,may #bj after ,february #bj each place it appears4 7b7 ,conforming amendment ,paragraph 7#ab7 of section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdg;b7#ab77 is amended by striking semi-annual and inserting quarterly4 #g4 ,vice ,chairman for ,supervision report requirement ,paragraph 7#ab7 of section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdg7;b77 is amended-- 7#a7 by redesignating such paragraph as paragraph 7#aa72 and 7#b7 in such paragraph1 by adding at the end the following3 ,in each such appearance1 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 ,system4 ,if1 at the time of any appearance described in this paragraph1 the position of ,vice ,chairman for ,supervision is vacant1 the ,vice ,chairman for the ,board of ,governors of the ,federal ,reserve ,system 7who has the responsibility to serve in the absence of the ,chairman7 shall appear instead and provide the required written testimony4 ,if1 at the time of any appearance described in this paragraph1 both ,vice ,chairman positions are vacant1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system shall appear instead and provide the required written testimony44 #h4 ,economic analysis of regulations of the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,amendment to ,federal ,reserve ,act ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended by inserting after subsection 7l7 the following new subsection3 7m7 ,consideration of economic impacts 7#a7 ,in general ,before issuing any regulation1 the ,board of ,governors of the ,federal ,reserve ,system shall-- 7,a7 clearly identify the nature and source of the problem that the proposed regulation is designed to address and assess the significance of that problem2 7,b7 assess whether any new regulation is warranted or1 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 regulation1 compare-- 7i7 the costs and benefits of the proposed regulation2 and 7ii7 the costs and benefits of a regulation under which the ,board exempts all persons from the application of the proposed regulation1 to the extent the ,board is able2 7,c7 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 regulation2 7,d7 identify and assess available alternatives to the proposed regulation that were considered1 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 regulation1 together with an explanation of why the regulation meets the regulatory objectives more effectively than the alternatives2 and 7,e7 ensure that any proposed regulation is accessible1 consistent1 written in plain language1 and easy to understand and shall measure1 and seek to improve1 the actual results of regulatory requirements4 7#b7 ,considerations and actions 7,a7 ,required actions ,in deciding whether and how to regulate1 the ,board shall assess the costs and benefits of available regulatory alternatives1 including the alternative of not regulating1 and choose the approach that maximizes net benefits4 ,specifically1 the ,board shall-- 7i7 evaluate whether1 consistent with achieving regulatory objectives1 the regulation is tailored to impose the least impact on the availability of credit and economic growth and to impose the least burden on society1 including market participants1 individuals1 businesses of different sizes1 and other entities 7including ,state and local governmental entities71 taking into account1 to the extent practicable1 the cumulative costs of regulations2 7ii7 evaluate whether the regulation is inconsistent1 incompatible1 or duplicative of other ,federal regulations2 and 7iii7 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 regulation1 compare-- 7,i7 the costs and benefits of the proposed regulation2 and 7,,ii7 the costs and benefits of a regulation under which the ,board exempts all persons from the application of the proposed regulation1 to the extent the ,board is able4 7,b7 ,additional considerations ,in addition1 in making a reasoned determination of the costs and benefits of a proposed regulation1 the ,board shall1 to the extent that each is relevant to the particular proposed regulation1 take into consideration the impact of the regulation1 including secondary costs such as an increase in the cost or a reduction in the availability of credit or investment services or products1 on-- 7i7 the safety and soundness of the ,united ,states banking system2 7ii7 market liquidity in securities markets2 7iii7 small businesses2 7iv7 community banks2 7v7 economic growth2 7vi7 cost and access to capital2 7vii7 market stability2 7viii7 global competitiveness2 7ix7 job creation2 7x7 the effectiveness of the monetary policy transmission mechanism2 and 7xi7 employment levels4 7#c7 ,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 rule1 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 rule4 7#d7 ,postadoption impact assessment 7,a7 ,in general ,whenever the ,board adopts or amends a regulation designated as a major rule within the meaning of section #hjd7b7 of title #e1 ,united ,states ,code1 it shall state1 in its adopting release1 the following3 7i7 ,the purposes and intended consequences of the regulation4 7ii7 ,the assessment plan that will be used1 consistent with the requirements of subparagraph 7,b71 to assess whether the regulation has achieved the stated purposes4 7iii7 ,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 regulation4 7iv7 ,any reasonably foreseeable indirect effects that may result from the regulation4 7,b7 ,requirements of assessment plan and report 7i7 ,requirements of plan ,the assessment plan required under this paragraph shall consider the costs1 benefits1 and intended and unintended consequences of the regulation4 ,the plan shall specify the data to be collected1 the methods for collection and analysis of the data1 and a date for completion of the assessment4 ,the assessment plan shall include an analysis of any jobs added or lost as a result of the regulation1 differentiating between public and private sector jobs4 7ii7 ,submission and publication of report ,the ,board shall1 not later than #b years after the publication of the adopting release1 publish the assessment plan in the ,federal ,register for notice and comment4 ,if the ,board determines1 at least #ij days before the deadline for publication of the assessment plan1 that an extension is necessary1 the ,board shall publish a notice of such extension and the specific reasons why the extension is necessary in the ,federal ,register4 ,any material modification of the assessment plan1 as necessary to assess unforeseen aspects or consequences of the regulation1 shall be promptly published in the ,federal ,register for notice and comment4 7iii7 ,data collection not subject to notice and comment requirements ,if the ,board has published the assessment plan for notice and comment at least #cj days before the adoption of a regulation designated as a major rule1 the collection of data under the assessment plan shall not be subject to the notice and comment requirements in section #cejf7;c7 of title #dd1 ,united ,states ,code 7commonly referred to as the ,paperwork ,reduction ,act74 ,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 collected1 at least #cj days before the initiation of data collection4 7iv7 ,final action ,not later than #ahj days after publication of the assessment plan in the ,federal ,register1 the ,board shall issue for notice and comment a proposal to amend or rescind the regulation1 or shall publish a notice that the ,board has determined that no action will be taken on the regulation4 ,such a notice will be deemed a final agency action4 7#e7 ,covered regulations and other actions ,solely as used in this subsection1 the term regulation-- 7,a7 means a statement of general applicability and future effect that is designed to implement1 interpret1 or prescribe law or policy1 or to describe the procedure or practice requirements of the ,board of ,governors1 including rules1 orders of general applicability1 interpretive releases1 and other statements of general applicability that the ,board of ,governors intends to have the force and effect of law2 and 7,b7 does not include-- 7i7 a regulation issued in accordance with the formal rulemaking provisions of section #eef or #eeg of title #e1 ,united ,states ,code2 7ii7 a regulation that is limited to the organization1 management1 or personnel matters of the ,board of ,governors2 7iii7 a regulation promulgated pursuant to statutory authority that expressly prohibits compliance with this provision2 or 7iv7 a regulation that is certified by the ,board of ,governors to be an emergency action1 if such certification is published in the ,federal ,register4 4 7b7 ,rule of construction ,nothing in this section shall apply to the requirements regarding the conduct of monetary policy described in section #b4 #i4 ,salaries1 financial disclosures1 and office staff of the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,in general ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended-- 7#a7 by redesignating the second subsection 7s7 7relating to ,assessments1 ,fees1 and ,other ,charges for ,certain ,companies7 as subsection 7t72 and 7#b7 by adding at the end the following new subsections3 7u7 ,ethics standards for members and employees 7#a7 ,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 #ddja4ajb of title #e1 ,code of ,federal ,regulations1 to the same extent as such provisions apply to an employee of the ,securities and ,exchange ,commission4 7#b7 ,treatment of brokerage accounts and availability of account statements ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall-- 7,a7 disclose all brokerage accounts that they maintain1 as well as those in which they control trading or have a financial interest 7including managed accounts1 trust accounts1 investment club accounts1 and the accounts of spouses or minor children who live with the member or employee72 and 7,b7 with respect to any securities account that the member or employee is required to disclose to the ,board of ,governors1 authorize their brokers and dealers to send duplicate account statements directly to ,board of ,governors4 7#c7 ,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 #ddja4ajc7;c7 of title #e1 ,code of ,federal ,regulations1 to the same extent as such prohibitions apply to an employee of the ,securities and ,exchange ,commission4 7#d7 ,additional ethics standards ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall be subject to-- 7,a7 the employee responsibilities and conduct regulations of the ,office of ,personnel ,management under part #gce of title #e1 ,code of ,federal ,regulations2 7,b7 the canons of ethics contained in subpart ,c of part #bjj of title #ag1 ,code of ,federal ,regulations1 to the same extent as such subpart applies to the employees of the ,securities and ,exchange ,commission2 and 7,c7 the regulations concerning the conduct of members and employees and former members and employees contained in subpart ,m of part #bjj of title #ag1 ,code of ,federal ,regulations1 to the same extent as such subpart applies to the employees of the ,securities and ,exchange ,commission4 7v7 ,disclosure of staff salaries and financial information ,the ,board of ,governors of the ,federal ,reserve ,system shall make publicly available1 on the website of the ,board of ,governors1 a searchable database that contains the names of all members1 officers1 and employees of the ,board of ,governors who receive an annual salary in excess of the annual rate of basic pay for ,,gs-#ae of the ,general ,schedule1 and-- 7#a7 the yearly salary information for such individuals1 along with any nonsalary compensation received by such individuals2 and 7#b7 any financial disclosures required to be made by such individuals4 4 7b7 ,office staff for each member of the ,board of ,governors ,subsection 7l7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended by adding at the end the following3 ,each member of the ,board of ,governors of the ,federal ,reserve ,system may employ1 at a minimum1 #b individuals1 with such individuals selected by such member and the salaries of such individuals set by such member4 ,a member may employ additional individuals as determined necessary by the ,board of ,governors44 #aj4 ,requirements for international processes 7a7 ,board of ,governors requirements ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh71 as amended by section #i of this ,act1 is further amended by adding at the end the following new subsection3 7w7 ,international processes 7#a7 ,notice of process2 consultation ,at least #cj 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 entity1 the ,board of ,governors shall-- 7,a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,board of ,governors2 and 7,c7 solicit public comment1 and consult with the committees described under subparagraph 7,a71 with respect to the subject matter1 scope1 and goals of the process4 7#b7 ,public reports on process ,after the end of any process described under paragraph 7#a71 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 process4 7#c7 ,notice of agreements2 consultation ,at least #ij 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 entity1 the ,board of ,governors shall-- 7,a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,board of ,governors2 and 7,c7 consult with the committees described under subparagraph 7,a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7#d7 ,definition ,for purposes of this subsection1 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 level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 4 7b7 ,,fdic requirements ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended by adding at the end the following new section3 #ea4 ,international processes 7a7 ,notice of process2 consultation ,at least #cj calendar days before the ,board of ,directors participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,board of ,directors shall-- 7#a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,corporation2 and 7#c7 solicit public comment1 and consult with the committees described under paragraph 7#a71 with respect to the subject matter1 scope1 and goals of the process4 7b7 ,public reports on process ,after the end of any process described under subsection 7a71 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 process4 7c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,board of ,directors participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,board of ,directors shall-- 7#a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,corporation2 and 7#c7 consult with the committees described under paragraph 7#a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7d7 ,definition ,for purposes of this section1 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 level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 4 7c7 ,treasury requirements ,section #cbe of title #ca1 ,united ,states ,code1 is amended by adding at the end the following new subsection3 7d7 ,international processes 7#a7 ,notice of process2 consultation ,at least #cj calendar days before the ,secretary participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,secretary shall-- 7,a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,department of the ,treasury2 and 7,c7 solicit public comment1 and consult with the committees described under subparagraph 7,a71 with respect to the subject matter1 scope1 and goals of the process4 7#b7 ,public reports on process ,after the end of any process described under paragraph 7#a71 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 process4 7#c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,secretary participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,secretary shall-- 7,a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,department of the ,treasury2 and 7,c7 consult with the committees described under subparagraph 7,a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7#d7 ,definition ,for purposes of this subsection1 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 level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 4 7d7 ,,occ requirements ,chapter one of title ,,lxii of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #ba et seq47 is amended-- 7#a7 by adding at the end the following new section3 #eaef;,b4 ,international processes 7a7 ,notice of process2 consultation ,at least #cj calendar days before the ,comptroller of the ,currency participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,comptroller of the ,currency shall-- 7#a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,office of the ,comptroller of the ,currency2 and 7#c7 solicit public comment1 and consult with the committees described under paragraph 7#a71 with respect to the subject matter1 scope1 and goals of the process4 7b7 ,public reports on process ,after the end of any process described under subsection 7a71 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 process4 7c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,comptroller of the ,currency participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,board of ,directors shall-- 7#a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,office of the ,comptroller of the ,currency2 and 7#c7 consult with the committees described under paragraph 7#a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7d7 ,definition ,for purposes of this section1 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 level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 2 and 7#b7 in the table of contents for such chapter1 by adding at the end the following new item3 #eaef;,b4 ,international processes4 4 7e7 ,securities and ,exchange ,commission requirements ,section #d of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d7 is amended by adding at the end the following new subsection3 7j7 ,international processes 7#a7 ,notice of process2 consultation ,at least #cj calendar days before the ,commission participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,commission shall-- 7,a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,commission2 and 7,c7 solicit public comment1 and consult with the committees described under subparagraph 7,a71 with respect to the subject matter1 scope1 and goals of the process4 7#b7 ,public reports on process ,after the end of any process described under paragraph 7#a71 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 process4 7#c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,commission participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,commission shall-- 7,a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,commission2 and 7,c7 consult with the committees described under subparagraph 7,a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7#d7 ,definition ,for purposes of this subsection1 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 level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 4 #aa4 ,amendments to powers of the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,in general ,section #ac7c7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cdc7c77 is amended-- 7#a7 in subparagraph 7,a7-- 7,a7 by inserting that pose a threat to the financial stability of the ,united ,states after unusual and exigent circumstances2 and 7,b7 by inserting and by the affirmative vote of not less than nine presidents of the ,federal reserve banks after five members2 7#b7 in subparagraph 7,b7-- 7,a7 in clause 7i71 by inserting at the end the following3 ,federal reserve banks may not accept equity securities issued by the recipient of any loan or other financial assistance under this paragraph as collateral4 ,not later than #f months after the date of enactment of this sentence1 the ,board shall1 by rule1 establish-- 7,i7 a method for determining the sufficiency of the collateral required under this paragraph2 7,,ii7 acceptable classes of collateral2 7,,iii7 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 paragraph2 and 7,,iv7 a method for obtaining independent appraisals of the value of collateral the ,federal reserve banks receive4 2 and 7,b7 in clause 7ii7-- 7i7 by striking the second sentence2 and 7ii7 by inserting after the first sentence the following3 ,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 that1 at the time the borrower initially borrows under the program or facility1 the borrower is not insolvent42 7#c7 by inserting financial institution before participant each place such term appears2 7#d7 in subparagraph 7,d77i71 by inserting financial institution before participants2 and 7#e7 by adding at the end the following new subparagraphs3 7,f7 ,penalty rate 7i7 ,in general ,not later than #f months after the date of enactment of this subparagraph1 the ,board shall1 with respect to a recipient of any loan or other financial assistance under this paragraph1 establish by rule a minimum interest rate on the principal amount of any loan or other financial assistance4 7ii7 ,minimum interest rate defined ,in this subparagraph1 the term minimum interest rate shall mean the sum of-- 7,i7 the average of the secondary discount rate of all ,federal ,reserve banks over the most recent #ij-;day period2 and 7,,ii7 the average of the difference between a distressed corporate bond yield index 7as defined by rule of the ,board7 and a bond yield index of debt issued by the ,united ,states 7as defined by rule of the ,board7 over the most recent #ij-;day period4 7,g7 ,financial institution participant defined ,for purposes of this paragraph1 the term financial institution participant-- 7i7 means a company that is predominantly engaged in financial activities 7as defined in section #ajb7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecaa7;a7772 and 7ii7 does not include an agency described in subparagraph 7,w7 of section #ecab7;a77#b7 of title #ca1 ,united ,states ,code1 or an entity controlled or sponsored by such an agency4 4 7b7 ,conforming amendment ,section #aa7r77#b77;,a7 of such ,act is amended-- 7#a7 in clause 7ii77,,iv71 by striking 2 and and inserting a semicolon2 7#b7 in clause 7iii71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following new clause3 7iv7 the available members secure the affirmative vote of not less than nine presidents of the ,federal reserve banks4 4 #ab4 ,interest rates on balances maintained at a ,federal ,reserve bank by depository institutions established by ,federal ,open ,market ,committee ,subparagraph 7,a7 of section #ai7;b77#ab7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #dfa7;b77#ab77;,a77 is amended by inserting established by the ,federal ,open ,market ,committee after rate or rates4 #ac4 ,audit reform and transparency for the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,in general ,notwithstanding section #gad of title #ca1 ,united ,states ,code1 or any other provision of law1 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 7b7 of such section #gad within #ab months after the date of the enactment of this ,act4 7b7 ,report 7#a7 ,in general ,not later than #ij days after each audit required pursuant to subsection 7a7 is completed1 the ,comptroller ,general-- 7,a7 shall submit to ,congress a report on such audit2 and 7,b7 shall make such report available to the ,speaker of the ,house1 the majority and minority leaders of the ,house of ,representatives1 the majority and minority leaders of the ,senate1 the ,chairman and ,ranking ,member of the committee and each subcommittee of jurisdiction in the ,house of ,representatives and the ,senate1 and any other ,member of ,congress who requests the report4 7#b7 ,contents ,the report under paragraph 7#a7 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 report1 together with such recommendations for legislative or administrative action as the ,comptroller ,general may determine to be appropriate4 7c7 ,repeal of certain limitations ,subsection 7b7 of section #gad of title #ca1 ,united ,states ,code1 is amended by striking the second sentence4 7d7 ,technical and conforming amendments 7#a7 ,in general ,section #gad of title #ca1 ,united ,states ,code1 is amended-- 7,a7 in subsection 7d77#c71 by striking or 7f7 each place such term appears2 7,b7 in subsection 7e71 by striking the third undesignated paragraph of section #ac and inserting section #ac7c72 and 7,c7 by striking subsection 7f74 7#b7 ,federal ,reserve ,act ,subsection 7s7 7relating to ,federal ,reserve ,transparency and ,release of ,information7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended-- 7,a7 in paragraph 7#d77;,a71 by striking has the same meaning as in section #gad7;f77#a77;,a7 of title #ca1 ,united ,states ,code and inserting means a program or facility1 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 bank1 authorized by the ,board of ,governors under section #ac7c71 that is not subject to audit under section #gad7;e7 of title #ca1 ,united ,states ,code2 7,b7 in paragraph 7#f71 by striking or in section #gad7;f77#c77;,c7 of title #ca1 ,united ,states ,code1 the information described in paragraph 7#a7 and information concerning the transactions described in section #gad7;f7 of such title1 and inserting the information described in paragraph 7#a72 and 7,c7 in paragraph 7#g71 by striking and section #ac7c77;,c71 section #gad7;f77#c77;,c7 of title #ca1 ,united ,states ,code1 and and inserting 1 section #ac7c77;,c71 and4 #ad4 ,reporting requirement for ,export-,import ,bank ,the ,board of ,governors of the ,federal ,reserve ,system shall include1 as part of the monthly ,federal ,reserve statistical release titled ,industrial ,production or ,capacity ,utilization 7or any successor release71 an analysis of-- 7#a7 the impact on the index described in the statistical release due to the operation of the ,export-,import ,bank2 and 7#b7 the amount of foreign industrial production supported by foreign export credit agencies1 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 ,states4 #ae4 ,membership of ,board of ,directors of the ,federal reserve banks ,section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cjb7 is amended-- 7#a7 in the eleventh undesignated paragraph 7relating to ,class ,b71 by striking and consumers and inserting consumers1 and traditionally underserved communities and populations2 and 7#b7 in the twelfth undesignated paragraph 7relating to ,class ,c71 by striking and consumers and inserting consumers1 and traditionally underserved communities and populations4 #af4 ,establishment of a ,centennial ,monetary ,commission 7a7 ,short title ,this section may be cited as the ,centennial ,monetary ,commission ,act of #bjae4 7b7 ,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 ,system 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 ,system 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 ,system 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 ,system 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 ,reserve ,system1 ,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 ,system to conduct monetary policy in the #bast century4 7c7 ,establishment of a ,centennial ,monetary ,commission ,there is established a commission to be known as the ,centennial ,monetary ,commission 7in this section referred to as the ,commission74 7d7 ,study and report on monetary policy 7#a7 ,study ,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-- 7i7 discretion in determining monetary policy without an operational regime2 7ii7 price level targeting2 7iii7 inflation rate targeting2 7iv7 nominal gross domestic product targeting 7both level and growth rate72 7v7 the use of monetary policy rules2 and 7vi7 the gold standard2 7,c7 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 term2 7,d7 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 term2 7,e7 recommend a course for ,united ,states monetary policy going forward1 including-- 7i7 the legislative mandate2 7ii7 the operational regime2 7iii7 the securities used in open market operations2 and 7iv7 transparency issues2 and 7,f7 consider the effects of the ,,gdp output and employment targets of the dual mandate 7both from the creation of the dual mandate in #aigg until the present time and estimates of the future effect of the dual mandate 7 on-- 7i7 ,united ,states economic activity2 7ii7 ,federal ,reserve actions2 and 7iii7 ,federal debt4 7#b7 ,report ,not later than ,december #a1 #bjaf1 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 7#a71 together with the recommendations the ,commission considers appropriate4 ,in making such report1 the ,commission shall specifically report on the considerations required under paragraph 7#a77;,f74 7e7 ,membership 7#a7 ,number and appointment 7,a7 ,appointed voting members ,the ,commission shall contain #ab voting members as follows3 7i7 ,six members appointed by the ,speaker of the ,house of ,representatives1 with four members from the majority party and two members from the minority party4 7ii7 ,six members appointed by the ,president ,pro ,tempore of the ,senate1 with four members from the majority party and two members from the minority party4 7,b7 ,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 ,chairman4 7,c7 ,non-voting members ,the ,commission shall contain #b non-voting members as follows3 7i7 ,one member appointed by the ,secretary of the ,treasury4 7ii7 ,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 7#b7 ,period of ,appointment ,each member shall be appointed for the life of the ,commission4 7#c7 ,timing of appointment ,all members of the ,commission shall be appointed not later than #cj days after the date of the enactment of this section4 7#d7 ,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 7#e7 ,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 7#f7 ,quorum ,seven voting members of the ,commission shall constitute a quorum but a lesser number may hold hearings4 7#g7 ,member of ,congress ,defined ,in this subsection1 the term ,member of ,congress means a ,senator or a ,representative in1 or ,delegate or ,resident ,commissioner to1 the ,congress4 7f7 ,powers 7#a7 ,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 section1 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 7#b7 ,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 section1 without regard to section #cgji of the ,revised ,statutes 7#da ,u4,s4,c4 #e74 7#c7 ,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 section4 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-- 7i7 the ,chair2 7ii7 the ,chair of any subcommittee created by a majority of the ,commission2 or 7iii7 any member of the ,commission designated by a majority of the commission to request such information4 7#d7 ,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 subparagraph 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 7#e7 ,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 7g7 ,commission personnel 7#a7 ,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 7#b7 ,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 7#c7 ,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 section4 7h7 ,termination of commission 7#a7 ,in general ,the ,commission shall terminate on ,june #a1 #bjag4 7#b7 ,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 the committee of ,congress concerning its report4 7i7 ,authorization of ,appropriations ,there is authorized to be appropriated to carry out this section #a1jjj1jjj1 which shall remain available until the date on which the ,commission terminates4 #ag4 ,elimination of surplus funds of ,federal reserve banks 7a7 ,in general ,section #g of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bhi et seq47 is amended-- 7#a7 in subsection 7a7-- 7,a7 in the heading of such subsection1 by striking and surplus funds2 7,b7 in paragraph 7#b71 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 ,treasury2 and 7,c7 by striking the first subsection 7b7 7relating to a transfer for fiscal year #bjjj74 7b7 ,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 ,treasury4 #ah4 ,public transcripts of ,,fomc meetings ,section #ab;,a of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc71 as amended by this ,act1 is further amended by adding at the end the following3 7e7 ,public transcripts of meetings ,the ,committee shall-- 7#a7 record all meetings of the ,committee2 and 7#b7 make the full transcript of such meetings available to the public4 4 ,passed the ,house of ,representatives ,november #ai1 #bjae4,karen ,l4 ,haas1,clerk