§225b Appearances Before and Reports to the Congress

Summary

The Fed Chair must testify to Congress twice a year about how the Board and the Federal Open Market Committee run monetary policy and about the economy, using the written report the Board prepares. The Chair appears before the House Committee on Banking and Financial Services around February 20 in even years and around July 20 in odd years, and before the Senate Committee on Banking, Housing, and Urban Affairs around July 20 in even years and around February 20 in odd years. If asked, the Chair must also appear before the other committee after the scheduled hearing. At the same time as those hearings, the Board must send a written report on monetary policy and economic outlook that talks about jobs, production, investment, income, productivity, exchange rates, trade and payments, and prices. The Board must also put an “Audit” link on its website that keeps certain audit and financial reports (including specific Comptroller General and independent auditor reports and emergency lending reports) and other helpful accounting and control information available to the public for at least 6 months.