S.215 - Federal Reserve Single Mandate Act of 2013113th Congress (2013-2014)
Summary: S.215 — 113th Congress (2013-2014)
Introduced in Senate (02/04/2013)
Federal Reserve Single Mandate Act of 2013 - Amends the Federal Reserve Act to eliminate maximum employment and stable prices as goals for the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to promote in maintaining long run growth of monetary and credit aggregates. Replaces such goals with long-term price stability and a low rate of inflation. (Retains the current third goal of moderate long-term interest rates.)
Requires the Board to: (1) establish an explicit numerical definition of the term "long-term price stability," and (2) maintain monetary policy that effectively promotes such long-term price stability.