[Federal Register Volume 61, Number 60 (Wednesday, March 27, 1996)]
[Rules and Regulations]
[Page 13395]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7424]



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FEDERAL RESERVE SYSTEM

12 CFR Part 265

[Docket No. R-0918]


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 Rules Regarding Delegation of 
Authority to authorize the Board's General Counsel to deny a request 
for stay of the effective date of a Board order. The Board itself would 
retain sole discretion to grant a request for stay of the effectiveness 
of any decision. This amendment corrects an unintentional omission from 
the Rules Regarding Delegation of Authority.

EFFECTIVE DATE: March 27, 1996.

FOR FURTHER INFORMATION CONTACT: Robert deV. Frierson, Assistant 
General Counsel (202/452-3711), or Christopher Greene, Attorney (202/
452-2263), Legal Division. For users of Telecommunications Device for 
the Deaf (TDD) only, please contact Dorothea Thompson (202/452-3544), 
Board of Governors of the Federal Reserve System, 20th and C Streets, 
NW., Washington, DC 20551.

SUPPLEMENTARY INFORMATION: In 1987, the Board, pursuant to its 
authority under the Bank Holding Company Act and section 11(k) of the 
Federal Reserve Act, delegated to its General Counsel authority to deny 
a request for stay of the effective date of a Board order (52 FR 48805, 
December 28, 1987). The Board reorganized its Rules Regarding 
Delegation of Authority (12 CFR part 265) in 1991 to make it easier to 
locate specific delegations (56 FR 25614, June 5, 1991). In taking this 
action, the General Counsel's authority to deny a request for stay of 
the effective date of an action taken by the Board was unintentionally 
omitted from the amended Rules Regarding Delegation of Authority. This 
final rule corrects this omission.

Public Comment

    The provisions of 5 U.S.C. 553 relating to notice, public 
participation, and deferred effective date have not been followed in 
connection with the adoption of this amendment because the change to be 
effected is technical and procedural in nature and does not constitute 
a substantive rule subject to the requirements of that section.

Regulatory Flexibility Act

    No significant impact on small entities is expected.

Paperwork Reduction Act of 1995

    In accordance with section 3506 of the Paperwork Reduction Act of 
1995 (44 U.S.C. Ch. 35; 5 CFR 1320 Appendix A.1), the Board reviewed 
the rule under the authority delegated to the Board by the Office of 
Management and Budget. No collections of information pursuant to the 
Paperwork Reduction Act are contained in the rule.

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 amends 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).

    2. In Sec. 265.6, paragraph (a)(1) is revised to read as follows:


Sec. 265.6  Functions delegated to General Counsel.

* * * * *
    (a) Procedure--(1) Reconsideration of Board action. Pursuant to 
Sec. 262.3(i) of this chapter (Rules of Procedure) to determine whether 
or not to grant a request for reconsideration or whether to deny a 
request for stay of the effective date of any action taken by the Board 
with respect to an action as provided in that part.
* * * * *
    By order of the Secretary of the Board of Governors of the 
Federal Reserve System, March 22, 1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-7424 Filed 3-26-96; 8:45 a.m.]
Billing Code 6210-01-P