[Federal Register Volume 61, Number 190 (Monday, September 30, 1996)]
[Rules and Regulations]
[Pages 50947-50948]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-25009]



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 Rules and Regulations
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  Federal Register / Vol. 61, No. 190 / Monday, September 30, 1996 / 
Rules and Regulations  

[[Page 50947]]



FEDERAL DEPOSIT INSURANCE CORPORATION

5 CFR Part 3202

RINs 3064-AA07, 3209-AA16


Supplemental Financial Disclosure Requirements for Employees of 
the Federal Deposit Insurance Corporation

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Final rule.

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SUMMARY: The Federal Deposit Insurance Corporation, with the 
concurrence of the Office of Government Ethics (OGE), is removing an 
interim supplemental financial disclosure regulation for FDIC 
employees, that has supplemented the OGE executive branch wide 
financial disclosure regulation, 5 CFR part 2634. In light of the OGE 
determination that agencies that obtain written approval from OGE for 
supplemental financial disclosure forms are not required to have 
supplemental financial disclosure regulations, the FDIC has determined 
that its supplemental financial disclosure regulation is no longer 
needed. This is consistent with the goals of the FDIC's regulation 
review project on eliminating unnecessary regulations pursuant to 
Section 303 (a) of the Riegle Community Development and Regulatory 
Improvement Act of 1994. The substance of the eliminated regulation 
will be continued in the FDIC internal written procedure that existed 
before the part 3202 regulation was established.

EFFECTIVE DATE: October 30, 1996.

FOR FURTHER INFORMATION CONTACT: Richard M. Handy, Assistant Executive 
Secretary (Ethics), Office of the Executive Secretary, Federal Deposit 
Insurance Corporation, 550 17th Street, N.W., Washington, D.C. 20429; 
telephone: (202) 898-7271.

SUPPLEMENTARY INFORMATION: On July 26, 1993, the FDIC, with the 
concurrence of OGE, published an interim rule on supplemental financial 
disclosure requirements for FDIC employees, with a 60-day public 
comment period. 58 FR 39625-39628. No comments were received in 
response to the 1993 publication.
    The FDIC's interim supplemental financial disclosure regulation, 
which has been codified at 5 CFR part 3202, has supplemented OGE's 
Executive Branch Financial Disclosure, Qualified Trusts, and 
Certificates of Divestiture regulation, which is codified at 5 CFR part 
2634. Section 3202.101 describes financial disclosure reports filing 
requirements, their custody and confidentiality. Section 3202.102 
describes the printing of confidential financial disclosure forms in 
three parts with an FDIC identification number. Section 3202.103 
describes confidential reports of employee interest in FDIC-insured 
depository institutions. Section 3202.104 describes confidential 
reports of employee indebtedness. Section 3202.105 describes 
confidential statements of employee credit card obligation in insured 
state nonmember banks.
    At the time that the FDIC's part 3202 regulation was established in 
1993, it was thought that a regulation would be necessary in order to 
allow the FDIC to continue to use the supplemental financial disclosure 
forms that it had previously used in connection with the disclosures 
discussed above. Since then, OGE has determined that agencies that 
obtain written approval from OGE for their supplemental forms are not 
required to have supplemental financial disclosure regulations. This is 
consistent with the goals of the FDIC's regulation review project on 
eliminating unnecessary regulations pursuant to Section 303 (a) of the 
Riegle Community Development and Regulatory Improvement Act of 1994. 
The FDIC will continue the substance of the part 3202 regulation in its 
pre-existing internal written procedures, with appropriate updating 
revisions, once the regulation is eliminated. Reliance on the internal 
written procedures alone will allow the FDIC to adapt its disclosure 
requirements more easily to organizational changes that periodically 
occur than if the regulation remains in place. The FDIC previously 
obtained OGE's approval of its supplemental forms which are 
incorporated into the FDIC's internal written procedures. Therefore, 
with OGE concurrence, the FDIC has determined that it is appropriate to 
remove its part 3202 regulation.

Administrative Procedure Act

    Pursuant to 5 U.S.C. 553 (a) (2) and (b), the FDIC Board of 
Directors has found that good cause exists for waiving the regular 
notice of proposed rulemaking as to this final rule removal action. 
This action is being taken because it is in the public interest that 
the part 3202 regulation which concerns matters of agency organization, 
practice and procedure be removed. The regulation is not needed at this 
time because the matters in the regulation are covered adequately by 
internal written FDIC procedures, as approved in pertinent part by the 
OGE.

Regulatory Flexibility Act

    Because no general notice of proposed rulemaking was published 
prior to this final rule, the requirements of the Regulatory 
Flexibility Act for an initial and final regulatory flexibility 
analysis do not apply (5 U.S.C. 601(2)).

Paperwork Reduction Act

    This final rule removal action does not contain any information 
collections as defined by the Paperwork Reduction Act (44 U.S.C. 3501 
et seq.). Therefore, no material has been submitted to the Office of 
Management and Budget.

List of Subjects in 5 CFR Part 3202

    Administrative practice and procedure, Conflict of interests, 
Financial disclosure, Government employees, Privacy, Reporting and 
recordkeeping requirements.

    For the reasons set forth in the preamble, and in accordance with 
its authority under 5 U.S.C. 7301 and 5 CFR 2634.103, the Board of 
Directors of the Federal Deposit Insurance Corporation, with the 
concurrence of the Office of Government Ethics, is amending chapter 
XXII of title 5 of the Code of Federal Regulations as follows:

PART 3202--[REMOVED]

    1. Part 3202 is removed.

    By Order of the Board of Directors.


[[Page 50948]]


    Dated at Washington, D.C. this 10th day of September, 1996.
Jerry L. Langley,
Executive Secretary.
    Concurred in this 23d day of September, 1996.
Stephen D. Potts,
Director, Office of Government Ethics.
[FR Doc. 96-25009 Filed 9-27-96; 8:45 am]
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