12 U.S.C. § 247
Reports to Congress
The Board of Governors of the Federal Reserve System shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. The report required under this paragraph shall include the reports required under section 1691f of title 15, section 57a(f)(7) 1
Notes of Decisions
Cited in 3
cases (1 in the last 5 years), 1964–2024 · leading case: Merrill v. FEDERAL OPEN MARKET COMMITTEE, ETC.
Merrill v. FEDERAL OPEN MARKET COMMITTEE, ETC. (1976)
“This conclusion is supported by 40 years of practice of the FOMC and the Board of Governors in submitting policy records to Congress each year, by the provisions of 12 U.S.C. § 247 , and more recently by the practice of publishing the Directive and referencing the Records of…”
Bryan v. Federal Open Market Committee (1964)
“The Board of Governors of the Federal Reserve System is required to file an annual report with Congress which includes “a full account of the action so taken during the preceding year with respect to open-market policies and operations * * * ”.”
Daisey Trust v. Federal Housing Finance Agency (2024)
“12 U.S.C. § 247 . The 20 dissent describes the Board as “a unique institution with a unique historical background” related to financial panics “that were widely attributed to the country’s lack of a national bank.”
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