Sec. 501. Reports to Congress
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Section 2B of the Federal Reserve Act ( 12 U.S.C. 225b ) is amended by striking subsection
(b)and inserting the following: The Federal Open Market Committee shall, on a quarterly basis, and in such a manner that 1 report is submitted concurrently with each semi-annual hearing required by subsection (a), submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report explaining the policy decisions of the Committee over the prior quarter and the basis for those decisions. The report described in paragraph
(1)shall include— a detailed analysis 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; prices; inflation expectations; credit conditions; and interest rates; a description of any monetary policy rule or rules used or considered by the Committee that provides or provide the basis for monetary policy decisions, including short-term interest rate targets set by the Committee, open market operations authorized under section 14, and interest rates established by the Committee pursuant to section 19(b)(12), and such description shall include, at a minimum, for each rule, a mathematical formula that models how monetary policy instruments will be adjusted based on changes in quantitative inputs; a description of any additional strategy or strategies, if any such exist, used by the Committee, separate from or supplementary to any rule or rules described in subparagraph (B), to affect monetary policy; a detailed explanation of— any deviation in the rule or rules described in subparagraph
(B)in the current report from any rule or rules described in subparagraph
(B)in the most recent quarterly report; and any deviation in the strategy or strategies described in subparagraph
(C)in the current report from any strategy or strategies described in subparagraph
(C)in the most recent quarterly report; a description of any instruments used to execute monetary policy by employees of the Federal Reserve System at the direction of the Committee, and how such instruments have been used; a description of the outlook for monetary policy over the short term, medium term, and long term; and projections of inflation and economic growth over the short term, medium term, and long term. A member of the Committee described in section 12A(a) may— dissent from the report submitted under paragraph
(1)in whole or in part; write a dissent expressing the views of the member, which shall be included as part of the report submitted to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives; and sign a dissent written by another member of the Committee to express support for views contained in such dissent. .
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Sec. 501
Reports to Congress
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