12 USC 225b - Appearances before and reports to the Congress

U.S Code last checked for updates: Nov 22, 2024

§ 225b.

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).

(b)

Congressional report

(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;

(2)

the annual financial statements prepared by an independent auditor for the Board in accordance with section 248b of this title;

(3)

the reports to the Committee on Banking, Housing, and Urban Affairs of the Senate required under section 343(3) of this title (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.

(Dec. 23, 1913, ch. 6, § 2B, as added Pub. L. 106–569, title X, § 1003(b)(1), Dec. 27, 2000, 114 Stat. 3028; amended Pub. L. 111–203, title XI, § 1103(a), July 21, 2010, 124 Stat. 2118.)

cite as: 12 USC 225b