S.215: Federal Reserve Single Mandate Act of 2013

About this Bill

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Sponsor Bob Corker, R-Tenn.
Total Cosponsors 1 (All Republicans)
Introduced Feb. 4, 2013
Latest Major Action Feb. 4, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

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.

(Source: Congressional Research Service)

Bill Actions

Date Description
Feb. 4, 2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.