(a) Appearances before the Congress.
(1) In general. The Chairman of the Board shall appear before the Congress at
semi-annual hearings, as specified in paragraph (2),
regarding—
(A) the efforts, activities, objectives and plans of the Board and the
Federal Open Market Committee with respect to the conduct of monetary policy;
and
(B) economic developments and prospects for the future described in the
report required in subsection (b).
(2) Schedule. The Chairman of the Board shall appear—
(A) before the Committee on Banking and Financial Services of the House of
Representatives on or about February 20 of even numbered calendar years and
on or about July 20 of odd numbered calendar years;
(B) before the Committee on Banking, Housing, and Urban Affairs of the
Senate on or about July 20 of even numbered calendar years and on or about
February 20 of odd numbered calendar years; and
(C) before either Committee referred to in subparagraph (A) or (B), upon
request, following the scheduled appearance of the Chairman before the other
Committee under subparagraph (A) or (B).
[12 USC 225b. As added by act of Dec. 27, 2000 (114 Stat.
3028).]
1-017.2
(b) Congressional report. The Board shall, concurrent with each semi-annual hearing required by
this section, submit a written report to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Banking and Financial
Services of the House of Representatives, containing a discussion of the
conduct of monetary policy and economic developments and prospects for the
future, taking into account past and prospective developments in employment,
unemployment, production, investment, real income, productivity, exchange
rates, international trade and payments, and prices.
[12 USC 225b. As added by act of Dec. 27, 2000 (114 Stat.
3028).]
(c) Public access to information. The Board shall place on its home Internet website, a link entitled
“Audit”, which shall link to a webpage that shall serve as a repository of
information made available to the public for a reasonable period of time, not
less than 6 months following the date of release of the relevant information,
including—
(1) the reports prepared by the Comptroller General under section 714 of
title 31, United States Code;
(2) the annual financial statements prepared by an independent auditor for
the Board in accordance with section 11B;
(3) the reports to the Committee on Banking, Housing, and Urban Affairs of
the Senate required under section 13(3) (relating to emergency lending
authority); and
(4) such other information as the Board reasonably believes is necessary or
helpful to the public in understanding the accounting, financial reporting,
and internal controls of the Board and the Federal reserve
banks.
[12 USC 225b. As added by act of July 21, 2010 (124 Stat.
2118).]
