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U.S. Code, Title 12, Banks and Banking
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 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, § 10 (par.), as added Aug. 23, 1935, ch. 614, title II, § 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.
Contents:
Chicago:
"U.S. Congress, Office of the Law Revision Counsel", "§ 247a. Records of Action on Policy Relating to Open-Market Operation and Policies Determined Generally; Inclusion in Report to Congress," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed June 30, 2025, http://www.originalsources.com/Document.aspx?DocID=CP6C5PKYWYUYUPF.
MLA:
"U.S. Congress, Office of the Law Revision Counsel". "§ 247a. Records of Action on Policy Relating to Open-Market Operation and Policies Determined Generally; Inclusion in Report to Congress." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 30 Jun. 2025. http://www.originalsources.com/Document.aspx?DocID=CP6C5PKYWYUYUPF.
Harvard:
"U.S. Congress, Office of the Law Revision Counsel", '§ 247a. Records of Action on Policy Relating to Open-Market Operation and Policies Determined Generally; Inclusion in Report to Congress' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 30 June 2025, from http://www.originalsources.com/Document.aspx?DocID=CP6C5PKYWYUYUPF.
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