[Federal Register Volume 62, Number 165 (Tuesday, August 26, 1997)]
[Rules and Regulations]
[Page 45150]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-22685]
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FEDERAL RESERVE SYSTEM
12 CFR Part 265
[Docket No. R-0984]
Rules Regarding Delegation of Authority
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
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SUMMARY: The Board is amending its delegation rules to remove the
delegation to the Board's General Counsel to approve provisions of
Federal Reserve Bank operating circulars related to uniform services.
Under a newly amended supervisory letter, other Board officials will
review uniform Reserve Bank operating circulars, in consultation with
the General Counsel.
EFFECTIVE DATE: August 21, 1997.
FOR FURTHER INFORMATION CONTACT: Oliver Ireland, Associate General
Counsel, (202/452-3625) or Stephanie Martin, Senior Attorney (202/452-
3198), Legal Division. For the hearing impaired only, contact Diane
Jenkins, Telecommunications Device for the Deaf (TDD) (202/452-3544),
Board of Governors of the Federal Reserve System, 20th and C Streets,
N.W., Washington, D.C. 20551.
SUPPLEMENTARY INFORMATION: The Board recently revised its supervisory
letter containing policies and guidelines concerning Federal Reserve
Bank operations. One of the provisions of the amended supervisory
letter requires the Reserve Banks to submit proposed operating
circulars or amendments to circulars to the Director of the Division of
Reserve Bank Operations and Payment Systems (or to the Director of the
Division of Monetary Affairs, in the case of the lending circular). The
Reserve Bank may issue or amend the circular if the appropriate
Director, in consultation with the General Counsel, does not object
within ten business days of receiving the proposed circular or
amendment. In accordance with this new review procedure, the Board is
amending its Rules Regarding Delegation of Authority (12 CFR part 265)
to remove the delegation to the Board's General Counsel to approve
provisions of Federal Reserve Bank operating circulars related to
uniform services.
Administrative Procedure Act
The Administrative Procedure Act (5 U.S.C. 553(a)(2)) exempts
``matters relating to agency management or personnel'' from the
requirements regarding notice of proposed rulemaking, public comment,
and 30-day advance publication. Because the Board's delegation rules
fall under this exemption, the Board is adopting this amendment without
notice-and-comment or advance publication procedures.
List of Subjects in 12 CFR Part 265
Authority delegations (Government agencies), Banks, banking,
Federal Reserve System.
For the reasons set forth in the preamble, the Board is amending 12
CFR Part 265 as set forth below:
PART 265--RULES REGARDING DELEGATION OF AUTHORITY
1. The authority citation for Part 265 continues to read as
follows:
Authority: 12 U.S.C. 248(i) and (k).
Sec. 265.6 [Amended]
2. In Sec. 265.6, paragraph (a)(5) is removed.
By order of the Board of Governors of the Federal Reserve
System, August 21, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-22685 Filed 8-25-97; 8:45 am]
BILLING CODE 6210-01-P
