[Federal Register Volume 70, Number 197 (Thursday, October 13, 2005)]
[Rules and Regulations]
[Pages 59628-59629]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-20471]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Office of Federal Housing Enterprise Oversight

12 CFR Part 1700

RIN 2550-AA33


Organization and Functions

AGENCY: Office of Federal Housing Enterprise Oversight, HUD.

ACTION: Final rule.

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

SUMMARY: The Office of Federal Housing Enterprise Oversight (OFHEO) is 
revising the regulation that describes its organization and functions. 
The revisions reflect changes in OFHEO's organizational structure and 
the functional responsibilities of some of its offices.

DATES: The final regulation is effective October 13, 2005.

FOR FURTHER INFORMATION CONTACT: Mary Alice Donner, Senior Counsel,

[[Page 59629]]

telephone (202) 343-1319 (not a toll-free number); Office of Federal 
Housing Enterprise Oversight, Fourth Floor, 1700 G Street, NW., 
Washington, DC 20552. The telephone number for the Telecommunications 
Device for the Deaf is (800) 877-8339.

SUPPLEMENTARY INFORMATION: 

Discussion of Final Regulation

    This final regulation informs the public about structural and 
functional changes within OFHEO that were recently implemented by the 
Acting Director. Changes in OFHEO's structure consist of the 
establishment of a new Office of Executive Director, and the 
establishment of the Offices of Human Resources Management and of 
Budget and Financial Management. The Office of Human Resources 
Management and the Office of Budget and Financial Management will 
assume the functions of the former Office of Finance and 
Administration, among other responsibilities. The Office of Executive 
Director is headed by the Executive Director and Chief of Staff, and 
consists of the Office of Budget and Financial Management, Office of 
Human Resources Management, the Office of Technology and Information 
Management, and the Office of Strategic Planning and Management. The 
Office of Information Technology is renamed Office of Technology and 
Information Management to reflect more accurately the nature and scope 
of that Office's responsibilities.
    In promulgating this regulation, OFHEO finds that notice and public 
comment are not necessary. Section 553(b)(3)(A) of title 5, United 
States Code, provides that when regulations involve matters of agency 
organization, procedure or practice, the agency may publish regulations 
in final form. In addition, OFHEO finds, in accordance with 5 U.S.C. 
553(d), that a delayed effective date is unnecessary. Accordingly, this 
regulation is effective upon publication.

Regulatory Impact

Executive Order 12866, Regulatory Planning and Review

    The final regulation is not classified as an economically 
significant rule under Executive Order 12866 because it would not 
result in an annual effect on the economy of $100 million or more or a 
major increase in costs or prices for consumers, individual industries, 
Federal, state, or local government agencies, or geographic regions; or 
have significant adverse effects on competition, employment, 
investment, productivity, innovation, or on the ability of United 
States-based enterprises to compete with foreign-based enterprises in 
domestic or foreign markets. Accordingly, no regulatory impact 
assessment is required and this final regulation has not been submitted 
to the Office of Management and Budget for review.

Executive Order 13132, Federalism

    Executive Order 13132 requires that Executive departments and 
agencies identify regulatory actions that have significant federalism 
implications. A regulation has federalism implications if it has 
substantial direct effects on the states, on the relationship or 
distribution of power between the Federal Government and the states, or 
on the distribution of power and responsibilities among various levels 
of government. The final regulation has no federalism implications that 
warrant the preparation of a federalism assessment in accordance with 
Executive Order 13132.

Regulatory Flexibility Act

    The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) requires that 
a regulation that has a significant economic impact on a substantial 
number of small entities, small businesses, or small organizations 
include an initial regulatory flexibility analysis describing the 
regulation's impact on small entities. Such an analysis need not be 
undertaken if the agency has certified that the regulation will not 
have a significant economic impact on a substantial number of small 
entities, 5 U.S.C. 605(b). OFHEO has considered the impact of the final 
regulation under the Regulatory Flexibility Act. The Acting General 
Counsel of OFHEO certifies that the final regulation will not have a 
significant economic impact on a substantial number of small business 
entities.

Paperwork Reduction Act

    This final regulation does not contain any information collection 
requirements that require the approval of the Office of Management and 
Budget under the Paperwork Reduction Act (44 U.S.C. 3501 et seq.).

List of Subjects in 12 CFR Part 1700

    Organization and functions (Government Agencies).


0
Accordingly, for the reasons stated in the Preamble, OFHEO amends 12 
CFR part 1700 to read as follows:

PART 1700--ORGANIZATION AND FUNCTIONS

0
1. The authority citation for part 1700 continues to read as follows:

    Authority: 5 U.S.C. 552; 12 U.S.C. 4513 and 4526.

0
2. Amend Sec.  1700.2 as follows:
0
a. Remove paragraphs (c)(3), (c)(7), and (c)(8).
0
b. Redesignate paragraphs (c) and (d) as paragraphs (d) and (e), 
respectively.
0
c. Redesignate newly designated paragraphs (d)(1) and (d)(2) as 
paragraphs (d)(2) and (d)(3).
0
d. Redesignate newly designated paragraphs (d)(9) and (d)(10) as 
paragraphs (d)(7) and (d)(8).
0
e. Add a new paragraph (c) and a new paragraph (d)(1) to read as 
follows:


Sec.  1700.2  Organization of the Office of Federal Housing Enterprise 
Oversight.

* * * * *
    (c) Executive Director and Chief of Staff. The Executive Director 
and Chief of Staff of OFHEO heads the Office of Executive Director. The 
Executive Director and Chief of Staff reports to the Director and the 
Deputy Director. The Executive Director and Chief of Staff is the chief 
administrative officer of OFHEO, serves as a legal advisor on 
administrative matters, and coordinates communication and cooperation 
on administrative issues with the Office of General Counsel.
    (d) Offices and functions. (1) Office of Executive Director. The 
Office of Executive Director consists of the Office of Budget and 
Financial Management, the Office of Human Resources Management, the 
Office of Technology and Information Management, and the Office of 
Strategic Planning and Management. The Office of Executive Director is 
responsible for OFHEO-wide management and oversight of all 
administrative matters.
* * * * *

    Dated: October 4, 2005.
Stephen Blumenthal,
Acting Director, Office of Federal Housing Enterprise Oversight.
[FR Doc. 05-20471 Filed 10-12-05; 8:45 am]
BILLING CODE 4220-01-P