To amend the Federal Reserve Act to improve the functioning and transparency of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Federal Reserve Modernization Act of 2013''. (b) Table of Contents.--The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents. TITLE I--SINGLE MANDATE FOR PRICE STABILITY ACT
Sec. 101. Findings. Sec. 102. Price stability mandate. TITLE II--FINANCIAL STABILITY AND MORAL HAZARD MITIGATION ACT
Sec. 201. Findings. Sec. 202. Lender-of-last-resort policy. TITLE III--DIVERSIFYING THE FEDERAL OPEN MARKET COMMITTEE TO REFLECT A 21ST CENTURY ECONOMY ACT
Sec. 301. Findings. Sec. 302. Federal Open Market Committee membership. TITLE IV--DEMYSTIFICATION OF MONETARY POLICY DECISIONS ACT
Sec. 401. Findings. Sec. 402. Release of transcripts. TITLE V--EXCHANGE RATE RESPONSIBILITY ACT
Sec. 501. Findings. Sec. 502. Report on the effect of exchange rate policy. Sec. 503. Renaming of Exchange Stabilization Fund. Sec. 504. Conversion to all-SDR Fund. TITLE VI--CREDIT ALLOCATION NEUTRALITY ACT
Sec. 601. Findings. Sec. 602. Limitation on certain non-emergency security purchases. TITLE VII--BUREAU OF CONSUMER FINANCIAL PROTECTION FUNDING ACT
Sec. 701. Findings. Sec. 702. Bureau of Consumer Financial Protection Funding.
TITLE I--SINGLE MANDATE FOR PRICE STABILITY ACT
SEC. 101. FINDINGS.
The Congress finds the following: (1) Monetary policy can only affect the level of employment in the short term...