[Federal Register Volume 66, Number 139 (Thursday, July 19, 2001)]
[Notices]
[Pages 37686-37690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-17895]


-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Rules of Organization

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Revision of rules of organization.

-----------------------------------------------------------------------

SUMMARY: The Secretary of the Board has approved technical corrections 
to the Board's Rules of Organization to reflect organizational changes. 
The revisions will bring descriptions of the functions of central and 
field organizations up to date.

DATES: The revised Rules of Organization are effective August 20, 2001.

FOR FURTHER INFORMATION CONTACT: Robert deV. Frierson, Associate 
Secretary of the Board (202/452-3711), Office of the Secretary, Board 
of Governors of the Federal Reserve System, 20th Street and 
Constitution Avenue, NW., Washington, DC 20551.

[[Page 37687]]


SUPPLEMENTARY INFORMATION: The Board's Rules of Organization is an 
uncodified regulation issued as required by section 552(a)(1) of the 
Freedom of Information Act, 5 U.S.C. 552(a)(1), and is revised to read 
as follows:

Section 1--Basis and Scope

    These rules are issued by the Board of Governors of the Federal 
Reserve System (``the Board'') pursuant to the requirement of section 
552 of title 5 of the United States Code that each agency shall publish 
in the Federal Register a description of its central and field 
organization.

Section 2--Composition, Location, and Public Information

    (a) Members, Chairman, Vice Chairman. The Board consists of seven 
members appointed by the President, by and with the advice and consent 
of the Senate, for 14-year terms. The members of the Board are required 
by law to devote their entire time to the business of the Board. One 
member is designated by the President as Chairman and one as Vice 
Chairman, to serve in those positions for terms of four years. At 
meetings, the Chairman presides or, in the Chairman's absence, the Vice 
Chairman presides. In the absence of the Chairman and Vice Chairman, 
the member of the Board present with the longest service acts as 
Chairman. The Chairman of the Board, subject to its supervision, is its 
active executive officer. The Board meets regularly to consider matters 
related to monetary and credit policies, its regulatory and supervisory 
duties under various statutes, and administrative and other questions 
related to its responsibilities.
    (b) Location and business hours. The principal offices of the Board 
are at 20th Street and Constitution Avenue, NW., Washington, DC 20551. 
The public entrance is at 20th and C Streets, NW. The Board's regular 
business hours are from 8:45 a.m. to 5:15 p.m. each weekday, but its 
business hours may be changed from time to time.
    (c) Public information. Public information about the Board and its 
actions may be obtained from the Freedom of Information Office at the 
principal offices of the Board during regular business hours or from 
the Board's Internet site at www.federalreserve.gov. Requests for 
information or submissions to the Board may be sent to the Secretary of 
the Board at its principal offices.

Section 3--Central Organization

    The Board's central organization consists of the members of the 
Board and the following offices, divisions, and officials:
    (a) Office of Board Members consists of the members of the Board, 
and assistants and special assistants to the Board assigned to public 
affairs and congressional liaison.
    (b) Division of Monetary Affairs, headed by a director, is 
responsible for planning and coordinating programs, memoranda, and 
analyses and presenting decision-making options in areas of monetary 
and closely related financial policies. Responsibilities are carried 
out through various staff activities, including preparation of position 
papers and other documents on monetary policy issues such as open 
market, discount, and reserve requirement policy; coordination of 
analysis of regulatory and statistical issues closely related to 
monetary policy, including publication and interpretation of a variety 
of statistical series on money, reserves, and interest rates; and 
liaison with the trading desk at the Federal Reserve Bank of New York 
in connection with open market operations and market developments.
    (c) Office of Staff Director for Management, who reports to members 
of the Board, is responsible for the planning and coordination of Board 
operations and the management of Board resources. The Staff Director 
exercises authority over Board divisions in the areas of strategic 
planning, budgeting and financial management, human resources 
management, information technology, facilities management, and 
continuity of operations and exercises line authority over the 
divisions of Management, Information Technology, and Support Services. 
The Staff Director also oversees the Board's work with the Office of 
Management and Budget, the General Accounting Office, the Congressional 
Budget Office, and other federal agencies.
    (d) Management Division, currently headed by the Staff Director for 
Management, is responsible for supporting strategic planning and 
providing support to the Board in the areas of finance, human 
resources, and equal employment opportunity. The division is also 
responsible for maintaining the Board's management policies and 
procedures.
    (e) Office of the Secretary, headed by the Secretary of the Board, 
coordinates and handles items requiring Board action, including actions 
under delegated authority; prepares agendas for Board meetings; 
implements actions taken at Board meetings; prepares, circulates, and 
indexes minutes of the Board; publishes the Federal Reserve Regulatory 
Service and related manuals; oversees the selection of Federal Reserve 
Bank and Branch directors; provides liaison at the staff level with the 
Federal Advisory Council, the Thrift Institutions Advisory Council, and 
other groups; makes arrangements for Board and System conferences at 
the Board; maintains custody of, and provides reference service in 
connection with, official records of the Board; handles correspondence 
and requests from the public for records; secures passports and visas 
for official travel of System personnel; and provides relief 
secretarial services.
    (f) Legal Division, headed by the General Counsel, advises the 
Board in carrying out its statutory and regulatory responsibilities by 
preparing Board decisions, regulations, rules, instructions, and legal 
interpretations of statutes and regulations administered by the Board; 
represents the Board in civil litigation and administrative 
proceedings; assists other divisions in fulfilling their 
responsibilities in such areas as contracting, fiscal agency 
activities, Federal Reserve Bank matters, labor law, personnel, and 
supervisory enforcement matters; and prepares testimony or comments on 
proposed legislation.
    (g) Division of Research and Statistics, headed by a director, 
provides the Board and the Federal Open Market Committee with the 
economic analysis and information needed for current operations, for 
the formulation of monetary and credit policies, and for the exercise 
of responsibilities regarding bank regulation; prepares, publishes, and 
interprets a variety of statistical series in the financial and 
nonfinancial fields; and conducts basic research related to the effects 
of monetary policy on economic activity and prices and to the effects 
of financial regulation on the structure and functioning of financial 
markets.
    (h) Division of International Finance, headed by a director, 
provides the Board, the Federal Open Market Committee, and other System 
officials with assessments of current international economic and 
financial developments. Staff members analyze major economic and 
financial developments abroad, issues connected with exchange-market 
developments, international financial flows and their implications, the 
international monetary and financial systems and their evolution, and 
the balance-of-payments adjustment process. The division provides 
economic data and analyses for public release. It also works with the 
Chairman and other Board members in their roles as members of various

[[Page 37688]]

interagency bodies dealing with international economic policy issues.
    (i) Division of Reserve Bank Operations and Payment Systems, headed 
by a director, advises and assists the Board in its oversight of 
Reserve Banks as providers of financial services to depository 
institutions, the Department of the Treasury, and other government 
agencies. This oversight includes assessment of the future direction of 
the Reserve Banks' operations and services, the implementation of major 
initiatives, and ongoing operations. The division evaluates the 
efficiency and effectiveness of, and the adequacy of controls over, 
Reserve Bank financial and fiscal agency services, and most Reserve 
Bank support functions, such as information technology, human 
resources, financial and cost accounting, operating and capital 
budgeting, facilities management, and internal audit. The division 
prescribes accounting principles, standards, and related requirements 
to be followed by the Reserve Banks. In addition, it coordinates the 
printing and distribution of Federal Reserve notes.
    The division recommends to the Board policies and regulations to 
foster the integrity and efficiency of the U.S. payment system; works 
closely with other central banks, the private sector, international 
organizations, and other interested parties to improve the payment 
system more broadly; and conducts research on various payments issues. 
It also coordinates with the Department of the Treasury and other 
government agencies to facilitate the System's role as fiscal agent to 
the United States.
    (j) Division of Banking Supervision and Regulation, headed by a 
director, coordinates the System's supervision of banks and bank 
holding companies and oversees and evaluates the Reserve Banks' 
examination procedures; exercises general supervision of the banking, 
fiduciary, and information technology activities of state member banks, 
bank holding companies and their nonbank subsidiaries, and other 
financial entities supervised by the Board; administers laws, 
regulations, and supervisory policies relating to state member banks, 
bank holding companies, financial holding companies, nonbank 
subsidiaries, Edge and agreement corporations, foreign banks with 
domestic operations, and persons related to those institutions; 
supervises various foreign banking activities of member banks and 
foreign banking organizations; processes and presents to the Board 
applications filed under the Bank Holding Company Act of 1956, the Bank 
Merger Act, the Federal Reserve Act, and various other related 
statutes; coordinates supervisory activities with other regulators, 
such as the Securities and Exchange Commission and state insurance 
authorities, as required by the Gramm-Leach-Bliley Act; and advises the 
Board about developments in banking and in bank supervisory policies 
and procedures.
    (k) Division of Consumer and Community Affairs, headed by a 
director, administers consumer affairs legislation for which the Board 
has responsibility. Its functions include drafting regulations that 
implement the Truth in Lending Act, the Equal Credit Opportunity Act, 
the Community Reinvestment Act, the Home Mortgage Disclosure Act, the 
Fair Credit Billing Act, the Home Ownership and Equity Protection Act, 
the Consumer Leasing Act, the Electronic Fund Transfer Act, the Fair 
Credit Reporting Act, and the Federal Trade Commission Improvements 
Act. It oversees policy development and monitors the System's 
examination and enforcement activities regarding compliance by state 
member banks with these laws and with the Fair Debt Collection 
Practices Act, the Fair Housing Act, the Flood Disaster Protection Act, 
and the Real Estate Settlement Procedures Act, as well as Regulation Q 
(Interest on Deposits). The division also administers the System's 
consumer complaint program; reviews bank and bank holding company 
applications with respect to community reinvestment and consumer 
compliance matters; oversees the community affairs programs of the 
Reserve Banks, which provide information, education, and technical 
assistance regarding community development lending and other matters; 
conducts consumer research; and develops educational initiatives as an 
alternative or an adjunct to regulation.
    (l) Division of Support Services, headed by a director, manages the 
operation of all support programs necessary for the Board to conduct 
its daily business. These programs include building and office 
services, facilities management, and logistical and administrative 
operations. The division is also responsible for the management and 
operation of the personnel security program for the System; 
environmental safety plans and programs under applicable environmental 
protection laws and the Occupational Safety and Health Act; and the 
development and implementation of strategic plans for major capital 
replacements, acquisitions, and renovations.
    (m) Division of Information Technology, headed by a director, is 
responsible for the overall planning, acquisition, implementation, 
operation, and maintenance of the Board's automation and 
telecommunications equipment, operating and data base systems software, 
and other hardware and software required at the Board; information 
security; mainframe linkage to distributed processing; and the Board's 
Internet site. The division is also responsible for the design, 
development, and implementation of applications software; for the 
collection, processing, and maintenance of statistical and regulatory 
data provided by commercial banks, bank holding companies, other 
financial institutions, and Federal Reserve Banks; and for the 
provision of technical consulting services related to automation 
activities in other Board divisions and offices.
    (n) Office of Inspector General is required by the Inspector 
General Act of 1978, as amended, to conduct and supervise independent 
and objective audits, investigations, and other reviews of Board 
programs and operations; promote economy, efficiency, and effectiveness 
within the Board; prevent and detect fraud, waste, and mismanagement in 
the Board's programs and operations; review and make recommendations 
regarding possible improvements to existing and proposed legislation 
and regulations related to Board programs and operations; and keep the 
Chairman and Congress fully and currently informed of problems.
    In addition, the Federal Deposit Insurance Act, as amended, 
requires the Office of Inspector General to review the failure of any 
financial institution supervised by the Board that results in a 
material loss to deposit insurance funds and to produce, within six 
months of the loss, a report that includes possible suggestions for 
improvement in the Board's banking supervision practices. Through an 
agreement with the Inspectors General for the other federal financial 
institutions regulatory agencies, the Board's Office of Inspector 
General will also investigate any material loss to deposit insurance 
funds caused by the failure of any financial institution supervised by 
one of these agencies if that institution is a subsidiary of a Board-
regulated holding company.
    (o) Other personnel. The Board does not employ administrative law 
judges or hearing officers as regular members of its staff. However, in 
accordance with applicable law and in individual cases, the Board 
obtains and uses administrative law judges and hearing

[[Page 37689]]

officers, whose functions are separated from investigative and 
prosecuting functions of the staff.

Section 4--Field Organization

    (a) Federal Reserve Banks. The United States is divided into 12 
Federal Reserve Districts. A Federal Reserve Bank is located in one 
city in each Federal Reserve District. Ten of the Federal Reserve Banks 
have one or more Branches in other cities, and in some Districts there 
are offices or facilities with specialized functions. Each Federal 
Reserve Bank is a separate legal entity, created pursuant to the 
Federal Reserve Act and operating under the general supervision of the 
Board. The locations of the 12 Federal Reserve Banks and the 25 Federal 
Reserve Branches are shown in the appendix. Each Federal Reserve Bank, 
in addition to its other duties, carries out local functions for the 
Board pursuant to instructions of the Board, and in many matters acts 
as the Board's field representative in the Bank's District. Each 
Reserve Bank assists in the regional administration of the Board's 
regulations and policies, keeps the Board informed of local conditions, 
and recommends actions it thinks appropriate in particular cases. In 
general, persons concerned with Federal Reserve matters should deal in 
the first instance with the Federal Reserve Bank of the appropriate 
District or a Branch thereof, and the Board requests all persons to 
follow this procedure.
    (b) Federal Reserve agents. Each Federal Reserve Bank has nine 
directors, three of whom are appointed by the Board. One of the 
directors appointed by the Board is designated by the Board as chairman 
of the board of directors of the Bank and as Federal Reserve agent. 
This director acts as the Board's official representative and maintains 
a local office of the Board on the premises of the Federal Reserve 
Bank.

Section 5--Delegations of Authority

    The Board does not delegate any of its functions relating to 
rulemaking or pertaining principally to monetary or credit policies or 
involving any questions of general policy. However, the Board delegates 
certain of its supervisory and other functions prescribed by statute or 
Board regulation to its members or employees or to the Federal Reserve 
Banks as provided in its Rules Regarding Delegation of Authority (12 
CFR 265) and in specific Board actions. In addition, the Board 
delegates to the Federal Reserve Banks certain functions not provided 
for by statute or Board regulation, including authority to extend the 
time within which certain transactions may be consummated.

Appendix--Federal Reserve Banks

Boston*

600 Atlantic Avenue, Boston, Massachusetts 02106

New York*
---------------------------------------------------------------------------

    * Additional offices of these Banks are located at Lewiston, 
Maine 04240; Windsor Locks, Connecticut 06096; East Rutherford, New 
Jersey 07073; Utica at Oriskany, New York 13424; Columbus Ohio 
43216; Columbia, South Carolina 29210: Charleston, West Virginia 
25328; Des Moines, Iowa 50306; Indianapolis, Indiana 46206; 
Milwaukee, Wisconsin 53201; and Peoria, Illinois 61601.
---------------------------------------------------------------------------

33 Liberty Street (Federal Reserve P.O. Station), New York, New York 
10045
Buffalo Branch
    160 Delaware Avenue, Buffalo, New York 14202 (P.O. Box 961, 
Buffalo 14240-0961)

Philadelphia

Ten Independence Mall, Philadelphia, Pennsylvania 19106 (P.O. Box 
66, Philadelphia 19105)

Cleveland*

1455 East Sixth Street, Cleveland, Ohio 44114 (P.O. Box 6387, 
Cleveland 44101)

Cincinnati Branch
    150 East Fourth Street, Cincinnati, Ohio 45202 (P.O. Box 999, 
Cincinnati 45201-0999)

Pittsburgh Branch
    717 Grant Street, Pittsburgh, Pennsylvania 15219 (P.O. Box 867, 
Pittsburgh 15230)

Richmond*

701 East Byrd Street, Richmond, Virginia 23219 (P.O. Box 27622, 
Richmond 23261)

Baltimore Branch
    502 S. Sharp Street, Baltimore, Maryland 21201 (P.O. Box 1378, 
Baltimore 21203)

Charlotte Branch
    530 East Trade Street, Charlotte, North Carolina 28202 (P.O. Box 
30248, Charlotte 28230)

Atlanta

1000 Peachtree Street N.E., Atlanta, Georgia 30309-4470
Birmingham Branch
    524 Liberty Parkway, Birmingham, Alabama 35242

Jacksonville Branch
    800 Water Street, Jacksonville, Florida 32204 (P.O. Box 929, 
Jacksonville 32231-0044)

Miami Branch
    9100 Northwest 36th Street, Miami, Florida 33178 (P.O. Box 
520847, Miami 33152-0847)

Nashville Branch
    301 Eighth Avenue, North, Nashville, Tennessee 37203 (P.O. Box 
4407, Nashville 37203-4407)

New Orleans Branch
    525 St. Charles Avenue, New Orleans, Louisiana 70130 (P.O. Box 
61630, New Orleans 70161-1630)

Chicago*

230 South LaSalle Street, Chicago, Illinois 60604 (P.O. Box 834, 
Chicago 60690-0834)

Detroit Branch
    160 W. Fort Street, Detroit, Michigan 48226 (P.O. Box 1059, 
Detroit 48231)

St. Louis

411 Locust Street, St. Louis, Missouri 63102 (P.O. Box 442, St. 
Louis 63166)

Little Rock Branch
    325 West Capitol Avenue, Little Rock, Arkansas 72201 (P.O. Box 
1261, Little Rock 72203-1261)

Louisville Branch
    410 South Fifth Street, Louisville, Kentucky 40202 (P.O. Box 
32710, Louisville 40232-2710)

Memphis Branch
    200 North Main Street, Memphis, Tennessee 38103 (P.O. Box 407, 
Memphis 38101-0407)

Minneapolis

90 Hennepin Avenue, Minneapolis, Minnesota 55401 (P.O. Box 291, 
Minneapolis 55480-0291)

Helena Branch
    100 Neill Avenue, Helena, Montana 59601

Kansas City

925 Grand Blvd., Kansas City, Missouri 64198

Denver Branch
    1020 16th Street, Denver, Colorado 80202 (Terminal Annex-P.O. 
Box 5228, Denver 80217)

Oklahoma City Branch
    226 Dean A. McGee Avenue (P.O. Box 25129), Oklahoma City, 
Oklahoma 73125

Omaha Branch
    2201 Farnam Street, Omaha, Nebraska 68102 (P.O. Box 3958, Omaha 
68103)

Dallas

2200 North Pearl Street, Dallas, Texas 75201-2272 (P.O. Box 655906, 
Dallas 75265-5906)

El Paso Branch
    301 East Main Street, El Paso, Texas 79901-1326 (P.O. Box 100, 
El Paso 79999-0100)

Houston Branch 1701 San Jacinto Street, Houston, Texas 77002-8215 
(P.O. Box 2578, Houston 77252-2578)

San Antonio Branch
    126 East Nueva Street, San Antonio, Texas 78204 (P.O. Box 1471, 
San Antonio 78295-1471)

San Francisco

101 Market Street, San Francisco, California 94105 (P.O. Box 7702, 
San Francisco 94120)

Los Angeles Branch
    950 South Grand Avenue, Los Angeles, California 90015 (Terminal 
Annex-P.O. Box 2077, Los Angeles 90051)

Portland Branch
    915 S.W. Stark Street, Portland, Oregon 97025 (P.O. Box 3436, 
Portland 97208)

Salt Lake City Branch

[[Page 37690]]

    120 South State Street, Salt Lake City, Utah 84111 (P.O. Box 
30780, Salt Lake City 84125)
Seattle Branch
    1015 Second Avenue, Seattle, Washington 98104 (P.O. Box 3567, 
Seattle 98124)
Phoenix Processing Center
    1550 N. 47th Avenue, Phoenix, Arizona 85043

Boundaries of Federal Reserve Districts
[GRAPHIC] [TIFF OMITTED] TN19JY01.013

    By order, approved pursuant to authority delegated by the Board, 
effective July 12, 2001.
Jennifer J. Johnson,
Secretary of the Board.

[FR Doc. 01-17895 Filed 7-18-01; 8:45 am]
BILLING CODE 6210-01-P