Title 12 — Banks and BankingRelease 119-73not60

§247a Records of Action on Policy Relating to Open-market Operation and Policies Determined Generally; Inclusion in Report to Congress

Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter II— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM › § 247a

Last updated Apr 3, 2026|Official source

Summary

The Federal Reserve’s Board of Governors must keep a full record of decisions the Board and the Federal Open Market Committee make about open-market operations. The record must show how members voted and explain why each decision was made. The Board must keep similar records for other policy decisions it makes. Each year the Board must give Congress a report on the prior year’s open-market actions and other policies it set, and include copies of those records.

Full Legal Text

Title 12, §247a

Banks and Banking — Source: USLM XML via OLRC

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.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 247a

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60