[Federal Register Volume 87, Number 108 (Monday, June 6, 2022)]
[Notices]
[Pages 34271-34272]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-12033]


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

FEDERAL RESERVE SYSTEM


Privacy Act of 1974; System of Records

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice of a modified system of records.

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

SUMMARY: Pursuant to the provisions of the Privacy Act of 1974, notice 
is given that the Board of Governors of the Federal Reserve System 
(Board) proposes to modify an existing system of records, entitled 
BGFRS-41, ``FRB--Ethics Program Records,'' which maintains information 
collected in connection with the administration of the Board's Ethics 
Program and enables the Board to ensure public trust in the Board's and 
the Federal Open Market Committee's monetary responsibilities.

DATES: This modified system of records will become effective upon 
publication in the Federal Register, without further notice, unless 
comments dictate otherwise. Comments must be received on or before July 
6, 2022.
    The Office of Management and Budget (OMB), which has oversight 
responsibility under the Privacy Act, requires a 30-day period prior to 
publication in the Federal Register in which to review the system and 
to provide any comments to the agency. The public is then given a 30-
day period in which to comment, in accordance with 5 U.S.C. 552a(e)(4) 
and (11).

ADDRESSES: You may submit comments, identified by BGFRS-41 ``FRB--
Ethics Program Records,'' by any of the following methods:
     Agency Website: https://www.federalreserve.gov. Follow the 
instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include name and 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments will be made available on the Board's website 
at https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove sensitive 
personally identifiable information. Public comments may also be viewed 
electronically and in-person in Room M-4365A, 2001 C St. NW, 
Washington, DC 20551, between 9:00 a.m. and 5:00 p.m. during federal 
business weekdays.

FOR FURTHER INFORMATION CONTACT: David B. Husband, Senior Counsel, 
(202) 530-6270 or [email protected]; Legal Division, Board of 
Governors of the Federal Reserve System, 20th Street and Constitution 
Avenue NW, Washington, DC 20551. If you are deaf, hard of hearing, or 
have a speech disability, please dial 7-1-1 to access telecommunication 
relay services.

SUPPLEMENTARY INFORMATION: The Board is modifying this system of 
records to account for the addition to the system of information 
related to compliance by certain Board and Reserve Bank employees, 
including Board members and Reserve Bank presidents, with the rules and 
reporting requirements set out in the Federal Open Market Committee's 
(FOMC) Investment and Trading Policy for FOMC Officials (``investment 
and trading policy''). As a result, the Board is updating the 
``Categories of Records in the System'' section to indicate that the 
system will include investment and trading activity information 
collected for the purposes of administering the investment and trading 
policy. In addition, the Board is updating the ``Categories of 
Individuals Covered by the System'' and ``Record Source Categories'' 
sections to indicate that the system will now include information 
relating to Reserve Bank personnel. In light of the purposes of the 
investment and trading policy and the new information that will be 
collected pursuant to the policy, the Board is also expanding the 
purpose of the system to align with the Board's commitment to upholding 
the highest standards of ethical conduct and the maintenance of public 
trust, which is critical to the execution of the Board's and the FOMC's 
monetary policy responsibilities.
    Finally, in the ``Categories of Records in the System'' section, 
the Board is replacing the reference to ``ethics inquiries'' with a 
broader reference to ``ethics matters;'' updating the System Manager; 
and updating the ``Administrative, Physical, and Technical Safeguards'' 
section to better reflect the applicable safeguards.

SYSTEM NAME AND NUMBER:
    BGFRS-41, ``FRB--Ethics Program Records''

SECURITY CLASSIFICATION:
    Unclassified.

SYSTEM LOCATION:
    Board of Governors of the Federal Reserve System, 20th Street and 
Constitution Avenue NW, Washington, DC 20551.

SYSTEM MANAGER(S):
    Sean Croston, Alternate Designated Agency Ethics Official, Legal 
Division, Board of Governors of the Federal Reserve System, 20th Street 
and Constitution Avenue NW, Washington, DC 20551, (202) 452-2810, or 
[email protected].

AUTHORITY FOR MAINTENANCE OF THE SYSTEM:
    12 U.S.C. 244; Ethics in Government Act of 1978, 5 U.S.C. app; 
Ethics Reform Act of 1989, Pub. L. 101-194; 5 CFR 2638.104(c)(2).

PURPOSE(S) OF THE SYSTEM:
    This system of records enables the Board to administer the Board's 
Ethics Program consistent with applicable requirements in furtherance 
of the Board's commitment to uphold the highest standards of ethical 
conduct. This system of records also enables the Board to ensure public 
trust in the Board's as well as the Federal Open Market Committee's 
monetary policy responsibilities.

CATEGORIES OF INDIVIDUALS COVERED BY THE SYSTEM:
    Individuals covered by this system consist of prospective, current, 
and former Board and Federal Reserve Bank employees, including Board 
members and Reserve Bank presidents.

CATEGORIES OF RECORDS IN THE SYSTEM:
    This system covers records regarding ethics matters involving 
prospective, current, and former Board and Reserve Bank employees. For 
example, the records may contain, without limitation: the prospective, 
current, or former employee's name, address, telephone number, and 
email address; ethics advice (including waivers); compensated outside 
employment approvals (i.e., employment outside of or unrelated to the 
employee's official Board duties); information in support of Public 
Financial Disclosure Reports and Confidential Financial Disclosure 
Reports that is not already covered by the government-wide system of 
record notices ``OGE/GOVT-1, Executive Branch Public Financial 
Disclosure Reports and Other Name-Retrieved

[[Page 34272]]

Ethics Program Records'' and ``OGE/GOVT-2, Executive Branch 
Confidential Financial Disclosure Reports;'' and information regarding 
investment and trading activity collected for the purposes of 
administering the Federal Open Market Committee's ``Investment and 
Trading Policy for FOMC Officials.'' In addition, the system may also 
contain records relating to the employment or financial interests of 
the family members of prospective, current, or former Board and Reserve 
Bank employees.

RECORD SOURCE CATEGORIES:
    The primary source of the information is the prospective, current, 
or former Board or Reserve Bank employee. Other sources may include, 
but are not limited to, the employee's supervisors, attorneys, 
representatives, or family members, Office of Inspector General staff, 
and other Board or Reserve Bank staff.

ROUTINE USES OF RECORDS MAINTAINED IN THE SYSTEM, INCLUDING CATEGORIES 
OF USERS AND PURPOSES OF SUCH USES:
    General routine uses, A, B, C, D, E, F, G, H, I, and J apply to 
this system. These general routine uses are located at https://www.federalreserve.gov/files/SORN-page-general-routine-uses-of-board-systems-of-records.pdf and are published in the Federal Register at 83 
FR 43872 at 43873-74 (August 28, 2018).

POLICIES AND PRACTICES FOR STORAGE OF RECORDS:
    Paper records in this system are stored in locked file cabinets 
with access limited to staff with a need to know. Electronic records 
are stored on a secure server with access limited to staff with a need 
to know.

POLICIES AND PRACTICES FOR RETRIEVAL OF RECORDS:
    Paper and electronic records can be retrieved by name or other 
personal identifiers.

POLICIES AND PRACTICES FOR RETENTION AND DISPOSAL OF RECORDS:
    The retention period for the records in this system is six years or 
when no longer needed for an active investigation, whichever is later, 
but longer retention is authorized if required for business use.

ADMINISTRATIVE, TECHNICAL, AND PHYSICAL SAFEGUARDS:
    Paper records are secured by lock and key and electronic files are 
stored on secure servers. The system has the ability to track 
individual user actions within the system. The audit and accountability 
controls are based on NIST and Board standards which, in turn, are 
based on applicable laws and regulations. The controls assist in 
detecting security violations and performance or other issues in the 
system. Access to the system is restricted to authorized users who 
require access for official business purposes. Users are classified 
into different roles and common access and usage rights are established 
for each role. User roles are used to delineate between the different 
types of access requirements such that users are restricted to data 
that is required in the performance of their duties. Periodic 
assessments and reviews are conducted to determine whether users still 
require access, have the appropriate role, and whether there have been 
any unauthorized changes.

RECORD ACCESS PROCEDURES:
    The Privacy Act allows individuals the right to access records 
maintained about them in a Board system of records. Your request for 
access must: (1) contain a statement that the request is made pursuant 
to the Privacy Act of 1974; (2) provide either the name of the Board 
system of records expected to contain the record requested or a concise 
description of the system of records; (3) provide the information 
necessary to verify your identity; and (4) provide any other 
information that may assist in the rapid identification of the record 
you seek.
    Current or former Board employees may make a request for access by 
contacting the Board office that maintains the record. The Board 
handles all Privacy Act requests as both a Privacy Act request and as a 
Freedom of Information Act request. The Board does not charge fees to a 
requestor seeking to access or amend his/her Privacy Act records.
    You may submit your Privacy Act request to the--Secretary of the 
Board, Board of Governors of the Federal Reserve System, 20th Street 
and Constitution Avenue NW, Washington, DC 20551.
    You may also submit your Privacy Act request electronically by 
filling out the required information at: https://foia.federalreserve.gov/.

CONTESTING RECORD PROCEDURES:
    The Privacy Act allows individuals to seek amendment of information 
that is erroneous, irrelevant, untimely, or incomplete and is 
maintained in a system of records that pertains to them. To request an 
amendment to your record, you should clearly mark the request as a 
``Privacy Act Amendment Request.'' You have the burden of proof for 
demonstrating the appropriateness of the requested amendment and you 
must provide relevant and convincing evidence in support of your 
request.
    Your request for amendment must: (1) provide the name of the 
specific Board system of records containing the record you seek to 
amend; (2) identify the specific portion of the record you seek to 
amend; (3) describe the nature of and reasons for each requested 
amendment; (4) explain why you believe the record is not accurate, 
relevant, timely, or complete; and (5) unless you have already done so 
in a related Privacy Act request for access or amendment, provide the 
necessary information to verify your identity.

NOTIFICATION PROCEDURES:
    Same as ``Access procedures'' above. You may also follow this 
procedure in order to request an accounting of previous disclosures of 
records pertaining to you as provided for by 5 U.S.C. 552a(c).

EXEMPTIONS PROMULGATED FOR THE SYSTEM:
    None.

HISTORY:
    This system was previously published in the Federal Register at 84 
FR 7054 (March 1, 2019).

    Board of Governors of the Federal Reserve System.
Ann Misback,
Secretary of the Board.
[FR Doc. 2022-12033 Filed 6-3-22; 8:45 am]
BILLING CODE P