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Federal Reserve Act

Official titleSection 1. Short title and definitionsSection 2. Federal Reserve DistrictsSection 2A. Monetary policy objectivesSection 2B. Appearances Before and Reports to the CongressSection 3. Branch OfficesSection 4. Federal Reserve BanksSection 5. Stock Issues; Increase and Decrease of CapitalSection 6. Insolvency of member banksSection 7. Division of EarningsSection 8. Conversion of state banks into national banksSection 9. State Banks as MembersSection 9A. Participation in lotteries prohibitedSection 9B. Resolution of Clearing BanksSection 10. Board of Governors of the Federal Reserve SystemSection 10A. Emergency advances to groups of member banks*Section 10B. Advances to Individual Member Banks*Section 11. Powers of Board of Governors of the Federal Reserve SystemSection 11A. Pricing of ServicesSection 11B. Annual Independent Audits of Federal Reserve Banks and BoardSection 11C. Master Account and Services DatabaseSection 12. Federal Advisory CouncilSection 12A. Federal Open Market CommitteeSection 13. Powers of Federal Reserve BanksSection 13A.* Discount of agricultural paperSection 14. Open-Market OperationsSection 15. Government DepositsSection 16. Note IssuesSection 17. Deposit of bonds by national banksSection 18. Refunding BondsSection 19. Bank ReservesSection 20. National bank notes redemption fund as reserveSection 21. Bank ExaminationsSection 22. Offenses of examiners, member banks, officers, and directorsSection 23. Interbank Liabilities*Section 23A. Relations with affiliatesSection 23B. Restrictions on Transactions with AffiliatesSection 24. Real Estate LoansSection 24A. Investment in Bank Premises or Stock of Corporation Holding PremisesSection 25. Foreign BranchesSection 25A. Banking Corporations Authorized to Do Foreign Banking Business*Section 25B. Jurisdiction of suits*Section 25C. Potential Liability on Foreign AccountsSection 26. [Repealed]Section 27. Tax on national bank notesSection 28. Reduction of capital of national banksSection 29. Civil Money PenaltySection 30. Saving clauseSection 31. Reservation of right to amend

Section 2B. Appearances Before and Reports to the Congress

(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).

[12 USC 225b. As added by act of Dec. 27, 2000 (114 Stat. 3028).]

(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.

[12 USC 225b. As added by act of Dec. 27, 2000 (114 Stat. 3028).]

(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, United States Code;
  2. the annual financial statements prepared by an independent auditor for the Board in accordance with section 11B;
  3. the reports to the Committee on Banking, Housing, and Urban Affairs of the Senate required under section 13(3) (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.

[12 USC 225b. As added by act of July 21, 2010 (124 Stat. 2118).]

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Last Update: February 22, 2017