[Federal Register Volume 60, Number 140 (Friday, July 21, 1995)]
[Rules and Regulations]
[Pages 37555-37556]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17844]

Rules and Regulations
                                                Federal Register

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Federal Register / Vol. 60, No. 140 / Friday, July 21, 1995 / Rules 
and Regulations

[[Page 37555]]


Overseas Private Investment Corporation

5 CFR Chapter XXXIII

22 CFR Part 705

RINs 3209-AA00, 3209-AA04, 3209-AA15, and 3209-AA16

Supplemental Standards for Ethical Conduct for Employees of the 
Overseas Private Investment Corporation

agency: Overseas Private Investment Corporation (OPIC).

action: Final rule.


summary: The Overseas Private Investment Corporation (OPIC), with the 
concurrence of the Office of Government Ethics (OGE), is issuing a 
regulation for employees of OPIC that supplements the executive branch-
wide Standards of Ethical Conduct issued by OGE. OPIC is also repealing 
its existing agency standards of conduct regulations that are now 
superseded by the branch-wide Standards of Ethical Conduct and by the 
executive branch financial disclosure regulation also issued by OGE. In 
place of the regulations, OPIC is substituting a cross-reference to the 
new branch-wide regulations and this supplemental regulation.

effective date: July 21, 1995.

for further information contact: James R. Offutt, (202) 336-8414.


I. Analysis of Regulation

    On August 7, 1992, the OGE published the Standards of Ethical 
Conduct for Employees of the Executive Branch (Standards) for 
codification at 5 CFR part 2635. See 57 FR 35006-35067, as corrected at 
57 FR 48557 (October 27, 1992) and 57 FR 52583 (November 4, 1992). The 
Standards, effective February 3, 1993, set uniform ethical conduct 
standards applicable to all executive branch personnel.
    With the concurrence of OGE, 5 CFR 2635.105 authorizes executive 
agencies to publish agency-specific supplemental regulations that are 
necessary to properly implement their respective ethics programs. OPIC 
and OGE have determined that the following interim supplemental rule is 
necessary for successful implementation of OPIC's ethics program, in 
light of OPIC's operations.
    5 CFR 2635.105 and 2635.803 authorize individual agencies, by 
supplemental regulation, to require employees to obtain approval before 
engaging in outside employment activities. This final rule, for 
codification at 5 CFR 4301.101, requires any employee of OPIC who wants 
to engage in outside employment to obtain prior approval of such 
activity from OPIC's Designated Agency Ethics Official.
    OPIC is also repealing its existing standards of conduct 
regulations at 22 CFR part 705 which, except for the sections noted 
immediately below, were superseded by the executive branch-wide 
Standards on February 3, 1993. Sections 705.735-104, 705.735-109 and 
part of 705.734-110 of OPIC's standards, dealing with financial 
disclosure, were superseded on October 5, 1992 by OGE's executive 
branch-wide financial disclosure regulation codified at 5 CFR part 
2634. See 57 FR 11800-11830 (April 7, 1992), as amended at 57 FR 21854-
21855 (May 22, 1992) and 57 FR 62605 (December 31, 1992). In place of 
its old standards at 22 CFR part 705, OPIC is issuing a residual cross-
reference provision at new 22 CFR 705.101 to refer to both the branch-
wide Standards and financial disclosure regulations and to OPIC's new 
supplemental regulation.

II. Matters of Regulatory Procedure

Administrative Procedure Act

    The Deputy General Counsel of OPIC found good cause pursuant to 5 
U.S.C. 553(b) for waiving, as unnecessary and contrary to the public 
interest, the general notice of proposed rulemaking and the 30-day 
delay in effectiveness as to the interim rules and repeal. The reason 
for this determination was that it was important to smooth transition 
from OPIC's prior ethics rules to the new executive branch-wide 
Standards and financial disclosure regulations that these rulemaking 
actions take place as soon as possible. Furthermore, this rulemaking is 
related to OPIC organization, procedure and practice. Nonetheless, the 
interim rulemaking was published in 58 FR 33319 (June 17, 1993), and 
had provision for a 45-day public comment period. No comments were 
received on the interim rulemaking.

Executive Order 12866

    In promulgating these final regulations, the Overseas Private 
Investment Corporation has adhered to the regulatory philosophy and the 
applicable principles of regulation set forth in section 1 of Executive 
Order 12866, Regulatory Planning and Review. These regulations have not 
been approved by the Office of Management and Budget under the 
Executive Order, as they deal with agency organizational, management, 
and personnel matters and are not, in any event, deemed ``significant'' 

Regulatory Flexibility Act

    The Deputy General Counsel of OPIC determined under the Regulatory 
Flexibility Act (5 U.S.C. chapter 6) that this regulation will not have 
a significant impact on small business because it affects only OPIC 

Paperwork Reduction Act

    The Deputy General Counsel of OPIC determined that the Paperwork 
Reduction Act (44 U.S.C. chapter 35) does not apply because this 
regulation does not contain any information collection requirements 
that require the approval of the Office of Management and Budget.

Executive Agency Ethics Programs

    The Director of the Office of Government Ethics approved this 
interim rule, for the reasons set forth in the preamble, on March 18, 
1993. No changes were made to the interim rule to make it the final 

List of Subjects in 5 CFR Part 4301 and 22 CFR Part 705

    Conflict of interests, Government employees.

    For the reasons set out the preamble, the interim rules published 
in the

[[Page 37556]]
Federal Register issue of June 17, 1993 (58 FR 33320) adding 5 CFR 
chapter XXXIII and revising 22 CFR part 709 are adopted as final 
without change.

    Authority: 5 U.S.C. 7301.

    Dated: July 14, 1995.
James R. Offutt,
Assistant General Counsel, Department of Legal Affairs, Overseas 
Private Investment Corporation.
    Dated: July 14, 1995.
Stephen D. Potts,
Director, Office of Government Ethics.
[FR Doc. 95-17844 Filed 7-20-95; 8:45 am]