### Question
How does GENERAL define covered transaction?


### Answer
Under *31 U.S.C. § 714*, **covered transaction** is defined as:

> any open market transaction or discount window advance that meets the definition of “covered transaction” in section 11(s) of the Federal Reserve Act

#### Citation:
  - *31 U.S.C. § 714*
  - Heading: **SUBTITLE I-GENERAL > CHAPTER 7-GOVERNMENT ACCOUNTABILITY OFFICE > SUBCHAPTER II-GENERAL DUTIES AND POWERS**

