12 U.S.C. § 224 — Status of reserve cities under former stat-

Page 85 TITLE 12—BANKS AND BANKING § 224 the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this chapter and shall thereupon be an insured bank under the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.], and failure to do so shall subject such bank to the penalty provided by section 501a of this title. (Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 251; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 85–508, § 19, July 7, 1958, 72 Stat. 350; Pub. L. 86–3, § 17, Mar. 18, 1959, 73 Stat. 12.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classi- fication of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. The Federal Deposit Insurance Act, referred to in text, is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables. CODIFICATION Section is based on part of the first par. of section 2 of act Dec. 23, 1913. Some of the other provisions of the first par. are classified to section 223 of this title, and some were not included in the Code. The second par. of section 2 is classified in part to section 225 of this title. The rest of the second par. was not included in the Code. The third par. of section 2 is classified in part to sec- tion 282 of this title. The rest of the third par. was not included in the Code. The fourth par. of section 2 is classified to section 502 of this title. The sixth and seventh pars. of section 2 are classified to section 501a of this title. The ninth par. of section 2 is classified to section 283 of this title. The tenth par. of section 2 was classified in part to former section 284 of this title. The rest of the tenth par. was not included in the Code. The eleventh and twelfth pars. of section 2 are classi- fied to sections 285 and 286, respectively, of this title. The thirteenth par. of section 2 is classified in part to section 224 of this title and in part to section 281 of this title. The rest of the thirteenth par. was not included in the Code. The fifth and eighth pars. of section 2 were not in- cluded in the Code. Former section 141 of this title purportedly derived from part of section 2 of act Dec. 23, 1913. But see Codi- fication note set out under former section 141 of this title. AMENDMENTS 1959—Pub. L. 86–3 required readjustment of districts when the State of Hawaii is admitted to the Union. 1958—Pub. L. 85–508 required readjustment of districts when the State of Alaska is admitted to the Union, and inserted provisions requiring national banks to become members of the Federal Reserve System upon com- mencing business or within 90 Days after admission into the Union of the State in which they are located. Statutory Notes and Related Subsidiaries CHANGE OF NAME Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System. Executive Documents ADMISSION OF ALASKA AND HAWAII TO STATEHOOD Alaska was admitted into the Union on Jan. 3, 1959, on issuance of Proc. No. 3269, Jan. 3, 1959, 24 F.R. 81, 73 Stat. C16, and Hawaii was admitted into the Union on Aug. 21, 1959, on issuance of Proc. No. 3309, Aug. 21, 1959, 24 F.R. 6868, 73 Stat. C74. For Alaska Statehood Law, see Pub. L. 85–508, July 7, 1958, 72 Stat. 339, set out as a note preceding section 21 of Title 48, Territories and Insular Possessions. For Hawaii Statehood Law, see Pub. L. 86–3, Mar. 18, 1959, 73 Stat. 4, set out as a note preceding section 491 of Title 48. § 223. Number of Federal reserve cities in district A Federal reserve district shall contain only one Federal reserve city. (Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 251.) Editorial Notes CODIFICATION Section is based on part of the first par. of section 2 of act Dec. 23, 1913. Some of the other provisions of the first par. are classified to section 222 of this title, and some were not included in the Code. For classification of other pars. of section 2 of this Act, see Codification note under section 222 of this title. § 224. Status of reserve cities under former stat- utes The organization of reserve districts and Fed- eral reserve cities shall not be construed as changing the present status of reserve cities ex- cept in so far as this chapter changes the amount of reserves that may be carried with ap- proved reserve agents located therein. (Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 253; Pub. L. 86–114, § 3(b)(5), July 28, 1959, 73 Stat. 264.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classi- fication of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. CODIFICATION Section is comprised of part of the thirteenth par. of section 2 of act Dec. 23, 1913. Some of the other provi- sions of the thirteenth par. are classified to section 281 of this title, and some were 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. PRIOR PROVISIONS Provisions relating to reserve cities and central re- serve cities were contained in R.S. §§ 5191, 5192, and act Mar. 3, 1887, ch. 378, §§ 1, 2, 24 Stat. 559, 560. AMENDMENTS 1959—Pub. L. 86–114 struck out ‘‘and central reserve cities’’ after ‘‘reserve cities’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1959 AMENDMENT Amendment by Pub. L. 86–114 effective three years after July 28, 1959, see section 3(b) of Pub. L. 86–114, set out as a Central Reserve and Reserve Cities note under former section 141 of this title. 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 inserted ‘‘, including an analysis of the impact of the exchange rate of the dollar on those trends’’ after ‘‘the Nation’’ in cl. (1). 1978—Pub. L. 95–523 substituted provisions relating to independent written reports of the Board of Governors to the Congress for provisions relating to the consulta- tions of the Board of Governors with Congress at semi- annual hearings, substituted ‘‘the objectives and plans with respect to the ranges’’ for ‘‘such ranges’’, inserted ‘‘of the monetary and credit aggregates disclosed in the reports submitted under this section’’ after ‘‘growth or diminution’’, and inserted proviso respecting the inclu- sion of an explanation of reasons for revisions or devi- ations in subsequent consultations and reports. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1978 AMENDMENT Pub. L. 95–523, title I, § 108(b), Oct. 27, 1978, 92 Stat. 1898, provided that: ‘‘The amendment made by sub- section (a) [amending this section] takes effect on Jan- uary 1, 1979.’’ § 225b. Appearances before and reports to the Congress (a) Appearances before the Congress (1) In general The Chairman of the Board shall appear be- fore 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 con- duct of monetary policy; and (B) economic developments and prospects for the future described in the report re- quired 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 Rep- resentatives 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, fol- lowing 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 Serv- ices 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 pro- spective developments in employment, unem- ployment, 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 reposi- tory 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 rel- evant information, including— (1) the reports prepared by the Comptroller General under section 714 of title 31; (2) the annual financial statements prepared by an independent auditor for the Board in ac- cordance with section 248b of this title; (3) the reports to the Committee on Bank- ing, Housing, and Urban Affairs of the Senate required under section 343(3) of this title (re- lating to emergency lending authority); and (4) such other information as the Board rea- sonably believes is necessary or helpful to the public in understanding the accounting, finan- cial reporting, and internal controls of the Board and the Federal reserve banks. (Dec. 23, 1913, ch. 6, § 2B, as added Pub. L. 106–569, title X, § 1003(b)(1), Dec. 27, 2000, 114 Stat. 3028;