12 U.S.C. § 247a

Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress

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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.

Notes of Decisions

Cited in 2 cases, 1976–1979 · leading case: Federal Open Market Committee of Federal Reserve System v. Merrill

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Federal Open Market Committee of Federal Reserve System v. Merrill (1979) scotus · cites it 2× “12 U. S. C. § 247a. To comply with this requirement, the FOMC secretariat prepares a document during the month after each Committee meeting.”

Merrill v. FEDERAL OPEN MARKET COMMITTEE, ETC. (1976) dcd “4 , amendments are made to the Domestic Policy Directive between meetings, those amendments, together with the reasons therefore and votes thereon, are included in the “Record of Policy Actions” for the most recent meeting.”

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