[Federal Register Volume 83, Number 68 (Monday, April 9, 2018)]
[Proposed Rules]
[Pages 15095-15096]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-07102]


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DEPARTMENT OF THE TREASURY

31 CFR Parts 30 and 32


Eliminating Unnecessary Regulations

AGENCY: Departmental Offices, Treasury.

ACTION: Notice of proposed rulemaking.

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SUMMARY: Pursuant to the policies stated in Executive Order 13777 (the 
executive order), the Treasury Department conducted a review of 
existing regulations, with the goal of reducing regulatory burden by 
revoking or revising existing regulations that meet the criteria set 
forth in the executive order. This notice of proposed rulemaking 
proposes to streamline our regulations by removing one regulation that 
is no longer necessary because it does not have any current or future 
applicability, and by amending one regulation to remove portions that 
no longer have any current or future applicability.

DATES: Comment due date: June 8, 2018.

ADDRESSES: Submit comments electronically through the Federal 
eRulemaking Portal: http://www.regulations.gov, or by mail to: The 
Treasury Department, Attn: Office of the Assistant General Counsel for 
Banking and Finance, 1500 Pennsylvania Avenue NW, Washington, DC 20220. 
Because paper mail in the Washington, DC area may be subject to delay, 
it is recommended that comments be submitted electronically. Please 
include your name, affiliation, address, email address, and telephone 
number in your comment. Comments will be available for public 
inspection on www.regulations.gov. In general, comments received, 
including attachments and other supporting materials, are part of the 
public record and are available to the public. Do not submit any 
information in your comment or supporting materials that you consider 
confidential or inappropriate for public disclosure.

FOR FURTHER INFORMATION CONTACT: Laurie Adams, Office of the Assistant 
General Counsel for Banking and Finance at (202) 927-8727 or 
[email protected].

SUPPLEMENTARY INFORMATION: 

Background

    On February 24, 2017, the President issued Executive Order 13777, 
Enforcing the Regulatory Reform Agenda (82 FR 12285). E.O. 13777 
directed each agency to establish a Regulatory Reform Task Force. Each 
Regulatory Reform Task Force was directed to review existing 
regulations for regulations that: (i) Eliminate jobs, or inhibit job 
creation; (ii) are outdated, unnecessary, or ineffective; (iii) impose 
costs that exceed benefits; (iv) create a serious inconsistency or 
otherwise interfere with regulatory reform initiatives and policies; 
(v) are inconsistent with the requirements of the Information Quality 
Act (section 515 of the Treasury and General Government Appropriations 
Act of 2001) or OMB Information Quality Guidance issued pursuant to 
that provision; or (vi) derive from or implement Executive Orders or 
other Presidential directives that have been subsequently rescinded or 
substantially modified.
    This notice of proposed rulemaking proposes to remove one 
regulation and portions of a second regulation that have no current or 
future applicability and, therefore, no longer provide useful guidance. 
Removing these regulations from the Code of Federal Regulations will 
streamline Title 31, Money and Finance: Treasury; and increase clarity 
of the law. These regulations are proposed to be removed from the Code 
of Federal Regulations solely because the regulations are outdated and 
unnecessary.

Explanation of Provisions

    The regulations, or portions of regulations, proposed to be removed 
relate to components of Treasury programs that are no longer in 
existence. They are: TARP Standards for Compensation and Corporate 
Governance, 31 CFR part 30. The regulations in 31 CFR part 30 set forth 
standards for the compensation of executives of companies that received 
capital from Treasury as part of the Troubled Asset Relief Program 
(TARP) developed under the Emergency Economic Stabilization Act of 2008 
(EESA) (12 U.S.C. 5201 et seq.). Portions of this rule relate to 
``exceptional financial assistance'' that was provided to some of the 
largest financial institutions in the United States under programs 
specifically created for those institutions. Other portions of the rule 
established and provided authority to the Office of the Special Master 
for TARP Executive Compensation (Special Master). The Special Master 
was given authority to approve certain payments to employees of TARP 
recipients receiving exceptional financial assistance, review payments 
to employees made prior to February 17, 2009, and issue advisory 
opinions on compensation to TARP recipients.
    The TARP program has largely wound down and there are no recipients 
of exceptional financial assistance left in the TARP program. 
Additionally, the Special Master had the opportunity to review 
compensation made prior to February 17, 2009. Given the absence of 
exceptional financial assistance entities and the current status of the 
TARP program, the Office of the Special Master for TARP Executive 
Compensation no longer has any employees. Thus, Treasury proposes that 
Section 30.16 of 31 CFR part 30 be removed.

Payments in Lieu of Low Income Housing Tax Credits (31 CFR Part 32)

    The regulation in 31 CFR part 32 sets forth Treasury's policy 
regarding the time limitation within which State housing credit 
agencies must disburse funds received under section 1602 of the 
American Recovery and Reinvestment Tax Act of 2009. This rule allowed 
States to disburse section 1602 funds to subawardees through December 
31, 2011 under certain conditions.
    Treasury no longer awards section 1602 funds to State housing 
credit

[[Page 15096]]

agencies. Thus, Treasury proposes to remove 31 CFR part 32 because no 
State housing credit agencies hold section 1602 funds and because the 
time period for disbursement of section 1602 funds to subawardees has 
expired.

Procedural Matters

    This proposed rule is not a significant regulatory action under 
Executive Order 12866. Therefore, a regulatory assessment is not 
required. The undersigned certifies that this proposed rule, if 
adopted, would not have a significant economic impact on a substantial 
number of small entities. This certification is based on the fact that 
this rule would remove outdated and unnecessary regulations and 
therefore would have no economic impact on any small entities. 
Accordingly, an analysis under the Regulatory Flexibility Act (5 U.S.C. 
chapter 6) is not required. Notwithstanding this certification, the 
Department invites comments on any impact this rule would have on small 
entities.

List of Subjects

31 CFR Part 30

    Securities.

31 CFR Part 32

    Housing, taxes.

Proposed Amendments to the Regulations

    For the reasons stated in the preamble, 31 CFR parts 30 and 32 are 
proposed to be amended as follows:

PART 30--[AMENDED]

0
1. The authority citation for part 30 continues to read as follows:

    Authority:  12 U.S.C. 5221; 31 U.S.C. 321.


Sec.  30.16  [Removed]

0
2. Section 30.16 is removed.

PART 32--PAYMENTS IN LIEU OF LOW INCOME HOUSING TAX CREDITS 
[REMOVED]

0
3. Part 32 is removed.

Ryan Brady,
Executive Secretary.
[FR Doc. 2018-07102 Filed 4-6-18; 8:45 am]
 BILLING CODE 4810-25-P