AMENDMENTS TO THE FEDERAL RESERVE ACT.

SEC. 1003. AMENDMENTS TO THE FEDERAL RESERVE ACT. (a) Repeal.—Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended by striking all after the first sentence. (b) Appearances Before and Reports to the Congress.— (1) In general.—The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by inserting after section 2A the following new section: “SEC. 2B. 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). “(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). 114 STAT. 3029 “(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.”.