[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