§ 247a. — Records of action on policy relating to openmarket operation and policies determined generally; inclusion in report to 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: 12USC247a]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER II--BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Sec. 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, Sec. 10 (par.), as added Aug. 23, 1935, ch. 614,
title II, Sec. 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.
Section Referred to in Other Sections
This section is referred to in section 247 of this title.
