Letter of Transmittal

Board of Governors of the Federal Reserve System
Washington, D.C.

June 2011

The Speaker of the House of Representatives:

Pursuant to the requirements of section 10 of the Federal Reserve Act, I am pleased to submit the ninety-seventh annual report of the Board of Governors of the Federal Reserve System.

This report covers operations of the Board during calendar year 2010.

Sincerely,

Ben Bernanke
Chairman