Title 12, Banks and BankingRelease 119-102
§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
Summary
The Federal Reserve Board must record all Board and FOMC open-market actions and other Board policy decisions, including how members voted and the reasons for each. Each year the Board must include a full account of the preceding year’s actions and copies of those records in its annual report to Congress.
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
Aug 21, 2026
Release point: 119-102