12 U.S.C. § 225 — Federal reserve banks; 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;