---
kind: "section"
citation: "12 U.S.C. § 247a"
title: "12"
title_heading: "Banks and Banking"
number: "247a"
heading: "Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/247a"
units:
  - "Chapter 3 — Federal Reserve System"
  - "Subchapter II — Board of Governors of the Federal Reserve System"
---

# §247a. Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress


The [Board](/usc/12/221a.md?p=a) of Governors of the Federal Reserve System shall keep a complete record of the action taken by the [Board](/usc/12/221a.md?p=a) 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](/usc/12/221a.md?p=a) and the Committee in each instance. The [Board](/usc/12/221a.md?p=a) shall keep a similar record with respect to all questions of policy determined by the [Board](/usc/12/221a.md?p=a), 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.


## Source credit

(Dec. 23, 1913, ch. 6, § 10 (par.), as added Aug. 23, 1935, ch. 614, title II, § 203(d), 49 Stat. 705.)

## Notes

### Editorial Notes

### 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.