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 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; Page 87 TITLE 12—BANKS AND BANKING § 226 amended Pub. L. 111–203, title XI, § 1103(a), July 21, 2010, 124 Stat. 2118.) Editorial Notes AMENDMENTS 2010—Subsec. (c). Pub. L. 111–203 added subsec. (c). Statutory Notes and Related Subsidiaries CHANGE OF NAME Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Rep- resentatives, and jurisdiction over matters relating to securities and exchanges and insurance generally trans- ferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001. EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title. § 226. ‘‘Federal Reserve Act’’ The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the ‘‘Federal Reserve Act.’’ (Dec. 23, 1913, ch. 6, § 1 (par.), 38 Stat. 251.) Editorial Notes REFERENCES IN TEXT The Act of December 23, 1913, ch. 6, referred to in text, is classified to this section, sections 1, 35, 59, 90, 92, 141, 142, 221, 222 to 225b, 241 to 246, 247 to 247b, 248, 248–1, 248a to 248c, 253, 261 to 263, 281 to 290, 301 to 308, 321 to 336, 338 to 339a, 341 to 352, 353 to 361, 371 to 371b, 371b–2 to 376, 391, 392, 393, 411 to 416, 418 to 421, 441 to 448, 461, 462, 462b to 467, 481 to 486, 501a to 506, 521, 522, 531, 601 to 604a, and 611 to 633 of this title and as a provision set out as a note under this section. Subsecs. (a)–(c) and (h)–(k) of section 22 of the Act, which were classified to former sections 593 to 599 of this title, were repealed and restated in sections 217 to 220, 433, 655, 656, 1005, 1014, 1906, and 1909 of Title 18, Crimes and Criminal Pro- cedure, by act June 25, 1948, ch. 645, §§ 1, 21, 62 Stat. 683, 862, the first section of which enacted Title 18. Sections 217 to 220 of Title 18 were subsequently renumbered sec- tions 212 to 215 of Title 18, respectively, by Pub. L. 87–849, § 1(d), Oct. 23, 1962, 76 Stat. 1125. Sections 212 and 213 of Title 18, as renumbered by Pub. L. 87–849, were subsequently repealed by Pub. L. 108–198, § 2(a), Dec. 19, 2003, 117 Stat. 2899. For complete classification of this Act to the Code, see Tables. CODIFICATION This section is comprised of the first par. of section 1 of act Dec. 23, 1913. The second to fourth pars. of sec- tion 1 are classified to section 221 of this title. Statutory Notes and Related Subsidiaries SHORT TITLE OF 1996 AMENDMENT Pub. L. 104–208, div. A, title II, § 2001(a), Sept. 30, 1996, 110 Stat. 3009–394, provided that: ‘‘This title [see Tables for classification] may be cited as the ‘Economic Growth and Regulatory Paperwork Reduction Act of 1996’.’’ SHORT TITLE OF 1992 AMENDMENT Pub. L. 102–491, § 1, Oct. 24, 1992, 106 Stat. 3144, pro- vided that: ‘‘This Act [amending section 522 of this title] may be cited as the ‘Federal Reserve Bank Branch Modernization Act’.’’ SHORT TITLE OF 1987 AMENDMENT Pub. L. 100–86, § 1(a), Aug. 10, 1987, 101 Stat. 552, pro- vided that: ‘‘This Act [enacting sections 371c–1, 1439–1, 1441, 1442a, 1467, 1467a, 1730h, 1730i, 1772b, 1772c, 3806, and 4001 to 4010 of this title and section 3334 of Title 31, Money and Finance, amending sections 24, 248a, 481, 619, 1430, 1436, 1464, 1467, 1725 to 1727, 1729 to 1730a, 1730h, 1757, 1761a, 1761b, 1764, 1766, 1767, 1785 to 1788, 1813, 1817, 1821, 1823, 1828, 1831d, 1832, 1841 to 1843, 1846, 1849, and 3106 of this title, sections 905 and 906 of Title 2, The Congress, sections 45, 46, and 57a of Title 15, Commerce and Trade, and sections 3328, 3702, 3712, 9101, and 9105 of Title 31, providing for future repeal of sections 1442a, 1467a, and 1730i of this title, enacting provisions set out as notes under sections 226, 248a, 619, 1437, 1441, 1464, 1467, 1467a, 1730, 1730a, 1751, 1811, 1841, and 4001 of this title and section 3328 of Title 31, and amending provi- sions set out as a note under section 1729 of this title] may be cited as the ‘Competitive Equality Banking Act of 1987’.’’ Pub. L. 100–86, title I, § 100, Aug. 10, 1987, 101 Stat. 554, provided that: ‘‘This title [enacting section 371c–1 of this title, amending sections 24, 619, 1430, 1730, 1730a, 1813, 1828, 1831d, 1832, 1841 to 1843, and 1846 of this title, and enacting provisions set out as notes under sections 226, 619, 1730a, and 1841 of this title] may be cited as the ‘Competitive Equality Amendments of 1987’.’’ Pub. L. 100–86, title III, § 301, Aug. 10, 1987, 101 Stat. 585, provided that: ‘‘This title [enacting section 1441 of this title, amending sections 1430, 1436, 1725, 1727, and 1730 of this title and section 9101 of Title 31, Money and Finance, and enacting provisions set out as a note under section 1730 of this title] may be cited as the ‘Federal Savings and Loan Insurance Corporation Re- capitalization Act of 1987’.’’ Pub. L. 100–86, title IV, § 401, Aug. 10, 1987, 101 Stat. 604, provided that: ‘‘This title [enacting sections 1442a, 1467, 1467a, 1730h, and 1730i of this title, amending sec- tions 1464, 1467, 1729 to 1730a, and 1730h of this title, and section 9105 of Title 31, Money and Finance, providing for future repeal of sections 1442a, 1467a, and 1730i of this title, and enacting provisions set out as notes under sections 1437, 1441, 1467, and 1467a of this title] may be cited as the ‘Thrift Industry Recovery Act’.’’ SHORT TITLE OF 1982 AMENDMENT Pub. L. 97–320, § 1, Oct. 15, 1982, 96 Stat. 1469, provided that: ‘‘This Act [enacting sections 216 to 216d, 1701j–3, 1795j, 1866, 1867, 3208, and 3801 to 3805 of this title and section 1099 of Title 20, Education, amending sections 22, 24, 27, 29, 30, 84, 93, 94, 95, 371, 371c, 375a, 375b, 461, 484, 504, 505, 1425a, 1426, 1428a, 1430, 1431, 1436, 1437, 1462, 1464, 1718, 1719, 1725, 1726, 1727, 1728, 1729, 1730, 1730a, 1752, 1752a, 1753, 1755, 1757, 1760, 1761, 1761a, 1761b, 1761c, 1763, 1764, 1766, 1770, 1771, 1782, 1783, 1785, 1786, 1795f, 1813, 1814, 1815, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1831c, 1832, 1841, 1842, 1843, 1847, 1861, 1862, 1863, 1864, 1865, 1972, 3106, 3204, 3305, 3412, 3414, and 3503 of this title, section 109 of Title 11, Bankruptcy, sections 1602 and 1603 of Title 15, Com- merce and Trade, and sections 8103 and 8105 of Title 42, The Public Health and Welfare, repealing section 82 of this title and provisions set out as a note under section 461 of this title, enacting provisions set out as notes under this section, sections 84, 371, 371c, 1461, 1464, 1811, 1817, 1823, 3503, and 3801 of this title, and sections 1602 and 1603 of Title 15, and amending provisions set out as notes under sections 92 and 191 of this title] may be cited as the ‘Garn-St Germain Depository Institutions Act of 1982’.’’ Pub. L. 97–320, title IV, § 410(a), Oct. 15, 1982, 96 Stat. 1515, provided that: ‘‘This section [amending sections 371c, 375b, 1820, 1828 and 1972 of this title, and enacting provisions set out as a note under section 371c of this title] may be cited as the ‘Banking Affiliates Act of 1982’.’’