; and (2) by inserting after subsection (a) the following new subsections: (b) Policy transparency (1) Monetary policy strategy (A) In general The Committee shall annually establish exactly 1 monetary policy strategy, which shall serve as a non-technical public communication of the Committee’s consensus expectation for the conduct of monetary policy during that calendar year. (B) Requirements Each monetary policy strategy of the Committee shall include the following: (i) A plain English description of how the Committee would adjust each of the following monetary policy instruments in reaction to changes in a small and well-defined set of publicly available economic indicators: (I) Short-term interest rate targets established by the Committee. (II) Open-market operations authorized under section 14. (III) Earnings on balances maintained at a Federal reserve bank by or on behalf of a depository institution under section 19(b)(12). (ii) An identification of 1 monetary policy instrument from the list in clause (i) that the Committee expects to use as the primary instrument for implementing the monetary policy strategy described under subparagraph (A). (2) Reference monetary policy rules In addition to the monetary policy strategy required under paragraph (1), the Committee shall annually adopt at least 1 and not more than 3 reference monetary policy rules, each of which shall mathematically express how the primary monetary policy instrument identified under paragraph (1)(B)(ii) reacts to changes in a small and well-defined set of publicly available economic indicators. (3) Deviations Nothing in this subsection shall be construed to prevent the Committee from setting short-term interest rate targets, conducting open-market operations, or paying earnings on balances pursuant to section 19(b)(12) in a manner that deviates from a monetary policy strategy or any reference monetary policy rules established under this subsection. (c) Testimony and reports of the Chairman The Chairman shall, concurrent with each semi-annual