[USC02] 12 USC 247a: Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress
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12 USC 247a: Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress Text contains those laws in effect on July 2, 2020
From Title 12-BANKS AND BANKINGCHAPTER 3-FEDERAL RESERVE SYSTEMSUBCHAPTER II-BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

§247a. Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress

The Board of Governors of the Federal Reserve System shall keep a complete record of the action 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 connection 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 respect 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 .)

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.