text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Centennial Monetary Commission Act 
  of 2013''.
  
  SEC. 2. FINDINGS.
  
      Congress finds the following:
              (1) The Constitution endows Congress with the power ``to 
          coin money, regulate the value thereof''.
              (2) Following the financial crisis known as the Panic of 
          1907, Congress established the National Monetary Commission to 
          provide recommendations for the reform of the financial and 
          monetary systems of the United States.
              (3) Incorporating several of the recommendations of the 
          National Monetary Commission, Congress created the Federal 
          Reserve System in 1913. As currently organized, the Federal 
          Reserve System consists of the Board of Governors in 
          Washington, District of Columbia, and the Federal Reserve Banks 
          organized into 12 districts around the United States. The 
          stockholders of the 12 Federal Reserve Banks include national 
          and certain state-chartered commercial banks, which operate on 
          a fractional reserve basis.
              (4) Originally, Congress gave the Federal Reserve a 
          monetary mandate to provide an elastic currency, within the 
          context of a gold standard, in response to seasonal 
          fluctuations in the demand for currency.
              (5) Congress also gave the Federal Reserve a financial 
          stability mandate to serve as the lender of last resort to 
          solvent but illiquid banks during a financial crisis.
              (6) In 1977, Congress changed the monetary mandate of the 
          Federal Reserve to a dual mandate for maximum employment and 
          stable prices.
              (7) Empirical studies and historical evidence, both within 
          the United States and in other countries, demonstrate that 
          price stability is desirable because both inflation and 
          deflation damage the economy.
              (8) The economic challenge of recent years--most notably 
          the bursting of the housing bubble, the financial crisis of 
          2008, and the ensuing anemic recovery--have occurred at great 
          cost in terms of lost jobs and output.
              (9) Policymakers are reexamining the structure and 
          functioning of financial institutions and markets to determine 
          what, if any, changes need to be made to place the financial 
          system on a stronger, more sustainable path going forward.
              (10) The Federal Reserve has taken extraordinary actions in 
          response to the recent economic challenges.
              (11) The Federal Open Market Committee has engaged in 
          multiple rounds of quantitative easing, providing unprecedented 
          liquidity to financial markets, while committing to holding 
          short-term interest rates low for a seemingly indefinite 
          period, and pursuing a policy of credit allocation by 
          purchasing Federal agency debt and mortgage-backed securities.
              (12) In the wake of the recent extraordinary actions of the 
          Federal Reserve, 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 policy.
              (13) Central in such examination has been a renewed look at 
          what is the most proper mandate for the Federal Reserve to 
          conduct monetary policy in the 21st century.
  
  SEC. 3. ESTABLISHMENT.
  
      There is established a commission to be known as the ``Centennial 
  Monetary Commission'' (in this Act referred to as the ``Commission'').
  
  SEC. 4. DUTIES.
  
      (a) Study of Monetary Policy.--The Commission shall--
              (1) examine how United States monetary policy since the 
          creation of the Board of Governors of the Federal Reserve 
          System in 1913 has affected the performance of the United 
          States economy in terms of output, employment, prices, and 
          financial stability over time;
              (2) 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 term, including--
                      (A) discretion in determining monetary policy 
                  without an operational regime;
                      (B) price level targeting;
                      (C) inflation rate targeting;
                      (D) nominal gross domestic product targeting (both 
                  level and growth rate);
                      (E) the use of monetary policy rules; and
                      (F) the gold standard; and
              (3) recommend a course for United States monetary policy 
          going forward, including--
                      (A) the legislative mandate;
                      (B) the operational regime;
                      (C) the securities used in open market operations; 
                  and
                      (D) transparency issues.
      (b) Report on Monetary Policy.--Not later than June 30, 2014, 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 subsection (a), together 
  with the recommendations the Commission considers appropriate.
  
  SEC. 5. MEMBERSHIP.
  
      (a) Number and Appointment.--
              (1) Voting members by position.--The Commission shall 
          contain 6 voting members as follows:
                      (A) The Chair of the Joint Economic Committee, who 
                  shall serve as Chair of the Commission.
                      (B) The ranking minority member of the Joint 
                  Economic Committee, who shall serve as Vice Chair of 
                  the Commission.
                      (C) The Chair of the Committee on Financial 
                  Services of the House of Representatives or another 
                  majority member of such Committee designated by the 
                  Chair.
                      (D) The ranking minority member of the Committee on 
                  Financial Services of the House of Representatives or 
                  another minority member of such Committee designated by 
                  the ranking minority member.
                      (E) The Chair of the Committee on Banking, Housing, 
                  and Urban Affairs of the Senate or another majority 
                  member of such Committee designated by the Chair.
                      (F) The ranking minority member of the Committee on 
                  Banking, Housing, and Urban Affairs of the Senate or 
                  another minority member of such Committee designated by 
                  the ranking minority member.
              (2) Appointed voting members.--The Commission shall contain 
          6 voting members, who may not be Members of Congress, as 
          follows:
                      (A) Two members appointed by the Speaker of the 
                  House of Representatives.
                      (B) One member appointed by the minority leader of 
                  the House of Representatives.
                      (C) Two members appointed by the majority leader of 
                  the Senate.
                      (D) One member appointed by the minority leader of 
                  the Senate.
              (3) Non-voting members.--The Commission shall contain 2 
          non-voting members as follows:
                      (A) One member appointed by the Secretary of the 
                  Treasury.
                      (B) 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 System.
      (b) Period of Appointment.--Each member shall be appointed for the 
  life of the Commission.
      (c) Timing of Appointment.--All members of the Commission shall be 
  appointed not before January 5, 2013, and not later than 30 days after 
  the date of the enactment of this Act.
      (d) Vacancies.--A vacancy in the Commission shall not affect its 
  powers, and shall be filled in the manner in which the original 
  appointment was made.
      (e) Meetings.--
              (1) Initial meeting.--The Commission shall hold its initial 
          meeting and begin the operations of the Commission as soon as 
          is practicable.
              (2) Further meetings.--The Commission shall meet upon the 
          call of the Chair or a majority of its members.
      (f) Quorum.--Seven voting members of the Commission shall 
  constitute a quorum but a lesser number may hold hearings.
      (g) Member of Congress Defined.--In this section, the term ``Member 
  of Congress'' means a Senator or a Representative in, or Delegate or 
  Resident Commissioner to, the Congress.
  
  SEC. 6. POWERS.
  
      (a) Hearings and Sessions.--The Commission or, on the authority of 
  the Commission, any subcommittee or member thereof, may, for the 
  purpose of carrying out this Act, hold hearings, sit and act at times 
  and places, take testimony, receive evidence, or administer oaths as 
  the Commission or such subcommittee or member thereof considers 
  appropriate.
      (b) Contract Authority.--To the extent or in the amounts provided 
  in advance in appropriation Acts, the Commission may contract with and 
  compensate government and private agencies or persons to enable the 
  Commission to discharge its duties under this Act, without regard to 
  section 3709 of the Revised Statutes (41 U.S.C. 5).
      (c) Obtaining Official Data.--
              (1) In general.--The Commission is authorized to secure 
          directly from any executive department, bureau, agency, board, 
          commission, office, independent establishment, or 
          instrumentality of the Government, any information, including 
          suggestions, estimates, or statistics, for the purposes of this 
          Act.
              (2) Requesting official data.--The head of such department, 
          bureau, agency, board, commission, office, independent 
          establishment, or instrumentality of the government shall, to 
          the extent authorized by law, furnish such information upon 
          request made by--
                      (A) the Chair;
                      (B) the Chair of any subcommittee created by a 
                  majority of the Commission; or
                      (C) any member of the Commission designated by a 
                  majority of the commission to request such information.
      (d) Assistance From Federal Agencies.--
              (1) 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 Commission.
              (2) Other departments and agencies.--In addition to the 
          assistance prescribed in paragraph (1), at the request of the 
          Commission, departments and agencies of the United States shall 
          provide such services, funds, facilities, staff, and other 
          support services as may be authorized by law.
      (e) 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 States.
  
  SEC. 7. COMMISSION PERSONNEL.
  
      (a) Appointment and Compensation of Staff.--
              (1) In general.--Subject to rules prescribed by the 
          Commission, the Chair may appoint and fix the pay of the 
          executive director and other personnel as the Chair considers 
          appropriate.
              (2) Applicability of civil service laws.--The staff of the 
          Commission may be appointed without regard to the provisions of 
          title 5, United States Code, governing appointments in the 
          competitive service, and may be paid without regard to the 
          provisions of chapter 51 and subchapter III of chapter 53 of 
          that title relating to classification and General Schedule pay 
          rates, except that an individual so appointed may not receive 
          pay in excess of level V of the Executive Schedule.
      (b) Consultants.--The Commission may procure temporary and 
  intermittent services under section 3109(b) of title 5, United States 
  Code, 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 Schedule.
      (c) Staff of Federal Agencies.--Upon request of the Commission, the 
  head of any Federal department or agency may detail, on a reimbursable 
  basis, any of the personnel of such department or agency to the 
  Commission to assist it in carrying out its duties under this Act.
  
  SEC. 8. TERMINATION.
  
      (a) In General.--The Commission shall terminate on February 28, 
  2015.
      (b) 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 activities, including 
  providing testimony to committee of Congress concerning its report.
  
  SEC. 9. AUTHORIZATION OF APPROPRIATIONS.
  
      There are authorized to be appropriated such sums as may be 
  necessary to carry out this Act and such sums shall remain available 
  until the date on which the Commission terminates.
target: Centennial Monetary Commission Act of 2013 - Establishes the Centennial Monetary Commission to: (1) examine how U.S. monetary policy since the creation of the Federal Reserve Board in 1913 has affected the performance of the U.S. economy in terms of output, employment, prices, and financial stability over time; (2) evaluate various operational regimes under which the Board 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 term; and (3) recommend a course for U.S. monetary policy going forward.  
feat_title: Centennial Monetary Commission Act of 2013