§ 225b. — Appearances before and reports to the Congress.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC225b]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER I--DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
Sec. 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) of this
section.
(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
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.
(Dec. 23, 1913, ch. 6, Sec. 2B, as added Pub. L. 106-569, title X,
Sec. 1003(b)(1), Dec. 27, 2000, 114 Stat. 3028.)
Change of Name
Committee on Banking and Financial Services of House of
Representatives abolished and replaced by Committee on Financial
Services of House of Representatives, and jurisdiction over matters
relating to securities and exchanges and insurance generally transferred
from Committee on Energy and Commerce of House of Representatives by
House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
