12 U.S.C. § 247b — Appearances before Congress

Page 92 TITLE 12—BANKS AND BANKING § 247 1 See References in Text note below. and control of the Treasury Department and bu- reaus under such department, and wherever any power vested by this chapter in the Board of Governors of the Federal Reserve System or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the su- pervision and control of the Secretary. (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) 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 sixth par. of section 10 of act Dec. 23, 1913. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. 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. § 247. Reports to Congress The Board of Governors of the Federal Reserve System shall annually make a full report of its operations to the Speaker of the House of Rep- resentatives, who shall cause the same to be printed for the information of the Congress. The report required under this paragraph shall in- clude the reports required under section 1691f of title 15, section 57a(f)(7) 1 of title 15, section 1613 of title 15, and section 247a of this title. (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 106–569, title XI, § 1103(b), Dec. 27, 2000, 114 Stat. 3030.) Editorial Notes REFERENCES IN TEXT Section 57a(f)(7) of title 15, referred to in text, was re- pealed by Pub. L. 111–203, title X, § 1092(3), July 21, 2010, 124 Stat. 2095. CODIFICATION Section is comprised of seventh par. of section 10 of act Dec. 23, 1913. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. AMENDMENTS 2000—Pub. L. 106–569 inserted at end ‘‘The report re- quired under this paragraph shall include the reports required under section 1691f of title 15, section 57a(f)(7) of title 15, section 1613 of title 15, and section 247a of this title.’’ 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. MEMBERSHIP OF INTERNATIONAL BANKS IN FEDERAL RESERVE SYSTEM; REPORT TO CONGRESS Pub. L. 95–369, § 3(g), Sept. 17, 1978, 92 Stat. 610, pro- vided that the Board report to Congress not later than 270 days after Sept. 17, 1978 recommendations with re- spect to permitting corporations organized or operating under section 25 or 25(a) of the Federal Reserve Act to become members of Federal Reserve Banks. EFFECT OF INTERNATIONAL BANKING ACT OF 1978 ON INTERNATIONAL BANKS; REPORT TO CONGRESS Pub. L. 95–369, § 3(h), Sept. 17, 1978, 92 Stat. 610, pro- vided that: ‘‘As part of its annual report pursuant to section 10 of the Federal Reserve Act [this section], the Board shall include its assessment of the effects of the amendments made by this Act [see Short Title note set out under section 3101 of this title] on the capitaliza- tion and activities of corporations organized or oper- ating under section 25 or 25(a) of the Federal Reserve Act [sections 601 to 604 and 611 to 631 of this title], and on commercial banks and the banking system.’’ § 247a. Records of action on policy relating to open-market operation and policies deter- mined generally; inclusion in report to Con- gress The Board of Governors of the Federal Reserve System shall keep a complete record of the ac- tion taken by the Board and by the Federal Open Market Committee upon all questions of policy relating to open-market operations and shall record therein the votes taken in connec- tion with the determination of open-market policies and the reasons underlying the action of the Board and the Committee in each instance. The Board shall keep a similar record with re- spect to all questions of policy determined by the Board, and shall include in its annual report to the Congress a full account of the action so taken during the preceding year with respect to open-market policies and operations and with respect to the policies determined by it and shall include in such report a copy of the records required to be kept under the provisions of this section. (Dec. 23, 1913, ch. 6, § 10 (par.), as added Aug. 23, 1935, ch. 614, title II, § 203(d), 49 Stat. 705.) Editorial Notes CODIFICATION Section is comprised of tenth par. of section 10 of act Dec. 23, 1913, as added Aug. 23, 1935. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. § 247b. Appearances before Congress The Vice Chairman for Supervision shall ap- pear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives and at semi-annual hearings re- garding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institu- tion holding companies and other financial firms supervised by the Board. Page 93 TITLE 12—BANKS AND BANKING § 248 (Dec. 23, 1913, ch. 6, § 10(12), as added Pub. L. 111–203, title XI, § 1108(b), July 21, 2010, 124 Stat. 2126.) Editorial Notes CODIFICATION Section is comprised of par. (12) of section 10 of act Dec. 23, 1913. No par. between pars. (10) and (12) has been enacted. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title. § 248. Enumerated powers The Board of Governors of the Federal Reserve System shall be authorized and empowered: (a) Examination of accounts and affairs of banks; publication of weekly statements; reports of liabilities and assets of depository institu- tions; covered institutions (1) To examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank and to require such statements and reports as it may deem nec- essary. The said board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated state- ment for all Federal reserve banks. Such state- ments shall show in detail the assets and liabil- ities of the Federal reserve banks, single and combined, and shall furnish full information re- garding the character of the money held as re- serve and the amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks. (2) To require any depository institution speci- fied in this paragraph to make, at such intervals as the Board may prescribe, such reports of its liabilities and assets as the Board may deter- mine to be necessary or desirable to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates. Such reports shall be made (A) directly to the Board in the case of member banks and in the case of other depository institutions whose re- serve requirements under sections 461, 463, 464, 465, and 466 of this title exceed zero, and (B) for all other reports to the Board through the (i) Federal Deposit Insurance Corporation in the case of insured State savings associations that are insured depository institutions (as defined in section 1813 of this title), State nonmember banks, savings banks, and mutual savings banks, (ii) National Credit Union Administra- tion Board in the case of insured credit unions, (iii) the Comptroller of the Currency in the case of any Federal savings association which is an insured depository institution (as defined in sec- tion 1813 of this title) or which is a member as defined in section 1422 of this title, and (iv) such State officer or agency as the Board may des- ignate in the case of any other type of bank, savings association, or credit union. The Board shall endeavor to avoid the imposition of unnec- essary burdens on reporting institutions and the duplication of other reporting requirements. Ex- cept as otherwise required by law, any data pro- vided to any department, agency, or instrumen- tality of the United States pursuant to other re- porting requirements shall be made available to the Board. The Board may classify depository institutions for the purposes of this paragraph and may impose different requirements on each such class. (b) Permitting or requiring rediscounting of paper at specified rate To permit, or, on the affirmative vote of at least five members of the Board of Governors, to require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks at rates of interest to be fixed by the Board. (c) Suspending reserve requirements To suspend for a period not exceeding thirty days, and from time to time to renew such sus- pension for periods not exceeding fifteen days, any reserve requirements specified in this chap- ter. (d) Supervising and regulating issue and retire- ment of notes To supervise and regulate through the Sec- retary of the Treasury the issue and retirement of Federal Reserve notes, except for the can- cellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation, and to prescribe rules and regulations under which such notes may be delivered by the Secretary of the Treas- ury to the Federal Reserve agents applying therefor. (e) Adding to or reclassifying reserve cities To add to the number of cities classified as re- serve cities under existing law in which national banking associations are subject to the reserve requirements set forth in section 20 of this Act, or to reclassify existing reserve cities or to ter- minate their designation as such. (f) Suspending or removing officers or directors of reserve banks To suspend or remove any officer or director of any Federal reserve bank, the cause of such removal to be forthwith communicated in writ- ing by the Board of Governors of the Federal Re- serve System to the removed officer or director and to said bank. (g) Requiring writing off of doubtful or worth- less assets of banks To require the writing off of doubtful or worthless assets upon the books and balance sheets of Federal reserve banks. (h) Suspending operations of or liquidating or reorganizing banks To suspend, for the violation of any of the pro- visions of this chapter, the operations of any Federal reserve bank, to take possession there- of, administer the same during the period of sus- pension, and, when deemed advisable, to liq- uidate or reorganize such bank. (i) Requiring bonds of agents; safeguarding prop- erty in hands of agents To require bonds of Federal reserve agents, to make regulations for the safeguarding of all col-