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12 U.S.C. § 225b — Appearances before and reports to the Congress

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 225b — Appearances before and reports to the Congress

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Stable record: federal_law:legal_authorities:record_usc_646733b579a90c710b8a490a
Source file: Laws/federal/codes/united-states-code/title-12/section-225b-appearances-before-and-reports-to-the-congress--8c798ebf03.md
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Source location: Title 12, Chapter 3, § 225b; chapter-003-federal-reserve-system.md

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**(a) Appearances before the Congress** (1) **In general** — The Chairman of the Board shall appear before the Congress at semi-annual hearings, as specified in paragraph (2), regarding— (A) the efforts, activities, objectives and plans of the Board and the Federal Open Market Committee with respect to the conduct of monetary policy; and (B) economic developments and prospects for the future described in the report required in subsection (b). (2) **Schedule** — The Chairman of the Board shall appear— (A) before the Committee on Banking and Financial Services of the House of Representatives on or about February 20 of even numbered calendar years and on or about July 20 of odd numbered calendar years; (B) before the Committee on Banking, Housing, and Urban Affairs of the Senate on or about July 20 of even numbered calendar years and on or about February 20 of odd numbered calendar years; and (C) before either Committee referred to in subparagraph (A) or (B), upon request, following the scheduled appearance of the Chairman before the other Committee under subparagraph (A) or (B). **(b) Congressional report** The Board shall, concurrent with each semi-annual hearing required by this section, submit a written report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking and Financial Services of the House of Representatives, containing a discussion of the conduct of monetary policy and economic developments and prospects for the future, taking into account past and prospective developments in employment, unemployment, production, investment, real income, productivity, exchange rates, international trade and payments, and prices. **(c) Public access to information** The Board shall place on its home Internet website, a link entitled “Audit”, which shall link to a webpage that shall serve as a repository of information made available to the public for a reasonable period of time, not less than 6 months following the date of release of the relevant information, including— (1) the reports prepared by the Comptroller General under [section 714 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section714&num=0&edition=prelim); (2) the annual financial statements prepared by an independent auditor for the Board in accordance with [section 248b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section248b&num=0&edition=prelim); (3) the reports to the Committee on Banking, Housing, and Urban Affairs of the Senate required under [section 343(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section343/3&num=0&edition=prelim) (relating to emergency lending authority); and (4) such other information as the Board reasonably believes is necessary or helpful to the public in understanding the accounting, financial reporting, and internal controls of the Board and the Federal reserve banks.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5301 — Regulations

**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter. **(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 248b — Annual independent audits of Federal reserve banks and Board

The Board shall order an annual independent audit of the financial statements of each Federal reserve bank and the Board.

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 714 — Audit of Financial Institutions Examination Council, Federal Reserve Board, Federal reserve banks, Federal Deposit Insurance Corporation, and Office of Comptroller of the Currency

**(a)** In this section, “agency” means the Financial Institutions Examination Council, the Board of Governors of the Federal Reserve System (in this section referred to as the “Board”), Federal reserve banks, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. **(b)** Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing. Audits of the Board and Federal reserve banks may not include— (1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization; (2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations; (3) transactions made under the direction of the Federal Open Market Committee; or (4) a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection. **(c)** (1) Except as provided in this subsection, an officer or employee of the Government Accountability Office may not disclose information identifying an open bank, an open bank holding company, or a customer of an open or closed bank or bank holding company. The Comptroller General may disclose information related to the affairs of a closed bank or closed bank holding company identifying a customer of the closed bank or closed bank holding company only if the Comptroller General believes the customer had a controlling influence in the management of the closed

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 225b — Appearances before and reports to the

Page 86 TITLE 12—BANKS AND BANKING § 225 § 225. Federal reserve banks; title A Federal reserve bank shall include in its title the name of the city in which it is situated, as ‘‘Federal Reserve Bank of Chicago.’’ (Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 252.) Editorial Notes CODIFICATION Section is based on part of the second par. of section 2 of act Dec. 23, 1913. The rest of the second par. was not included in the Code. For classification of other pars. of section 2 of this Act, see Codification note set out under section 222 of this title. § 225a. Maintenance of long run growth of mone- tary and credit aggregates The Board of Governors of the Federal Reserve System and the Federal Open Market Com- mittee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to in- crease production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. (Dec. 23, 1913, ch. 6, § 2A, as added Pub. L. 95–188, title II, § 202, Nov. 16, 1977, 91 Stat. 1387; amended Pub. L. 95–523, title I, § 108(a), Oct. 27, 1978, 92 Stat. 1897; Pub. L. 100–418, title III, § 3005(c), Aug. 23, 1988, 102 Stat. 1375; Pub. L. 106–569, title X, § 1003(a), Dec. 27, 2000, 114 Stat. 3028.) Editorial Notes CODIFICATION Another section 202 of Pub. L. 95–188 amended section 302 of this title. AMENDMENTS 2000—Pub. L. 106–569 struck out provisions after first sentence relating to annual reports to Congress, trans- mittal of reports to Congressional Committees, con- sultations with Committees, report of Committee, changing conditions affecting achievement of objec- tives and plans, and explanation for deviations from ob- jectives and plans. 1988—Pub. L. 100–418

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