[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