12 U.S.C. § 225b : US Code - Section 225B: Appearances before and reports to the Congress

Search 12 U.S.C. § 225b : US Code - Section 225B: Appearances before and reports to the Congress

(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) of this
section.
(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).
(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.