The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F ed er a l R eser ve Ba n k o f Dallas DALLAS, TEXAS 75222 Circular No. 78-FRB(1) November 13, 1978 AMENDMENTS TO RULES REGARDING DELEGATION OF AUTHORITY AND RULES REGARDING PUBLIC OBSERVATION OF MEETINGS TO ALL OFFICERS AT THE HEAD OFFICE AND BRANCHES: The Board of Governors of the Federal Reserve System has amended its "Rules Regarding Delegation of Authority" and its "Rules Re garding Public Observation of Meetings," both effective August 2, 1978, in order to expedite and facilitate performance of certain of its functions by delegating to any three Board members designated by the Chairman authority to act on certain matters in the absence of a quorum of the Board where delay would be inconsistent with the public interest. The "Rules Regarding Public Observation of Meetings" a re also amended to prescrib e for the treatment of certain meetings of the threemember group under the Government in the Sunshine Act. The amendment to the "Rules Regarding Delegation of Authority" and the amendments to the "Rules Regarding Public Observation of Meet ings" a re attached. They should be filed with the respective rules in your Regulations Binder. If you have any questions regarding these amendments, please contact Robert Smith, III, Assistant Vice President and Secretary, at Ext. 6207. Additional copies of the amendments will be furnished upon re quest to the S ecretary's Office of this Bank, Ext. 6267. You should note that a new numbering system is being instituted with this c irc u la r. The "FRB" designation will be used in the future for circulars which transmit amendments to the Board of Governors Rules or any other materials that change procedures or give information involving only the Board of Governors a n d /o r the Federal Reserve Banks. These circulars do not contain information which affects anyone outside the Fed eral Reserve System; therefore, copies will not be sent to banks and others. Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank: 1-8 00 -492 -440 3 (intrastate) and 1 -8 00 -527 -497 0 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) - 2 - "FRB" c ircu lars a re to be given the usual building distribution, which includes officers at the Head Office and Branches. However, we will follow the policy of sending out amendments to the Rules and other materials of this type in all binders that a re supplied in the future. Sincerely yours, Robert H. Boykin First Vice President Enclosures (2) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM RULES REGARDING PUBLIC OBSERVATION OF MEETINGS AMENDMENTS! 1. Effective August 2, 1978, Section 261b.2 is 2. Effective August 2, 1978, Section 261 b.7 is amended by inserting “and the Committee” after amended by adding a new subsection (h) to read as follows: “Board”. SECTION 261 b.2 — D EFINITIONS * * » * * (h) “Committee” means the Action Committee established pursuant to 12 C.F.R. §265.1a(c). SECTION 261b.7 — M EETINGS CLOSED TO PUBLIC OBSERVATION U ND ER EX PED ITED PROCEDURES (a) Since the Board and the Committee*** tFor this publication to be complete as amended effective August 2, 1978, retain: 1) Printed pamphlet as adopted effective March 12, 1977; 2) This slip sheet. (Because of the nature of this revision, no general circular distribution was made.) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM RULES REGARDING DELEGATION OF AUTHORITY AMENDMENT! Effective August 2, 1978, Section 265.1a is amended by adding a new paragraph (c) to read as follows: Secretary of the Board of an absence of a quorum of the Board present in person, to act by unani mous vote on any matter that the Chairman of the Board has certified must be acted upon promptly SECTION 265.1a — SPECIFIC FUNCTIONS in order to avoid delay that would be inconsistent D ELEGATED TO BOARD MEMBERS with the public interest, other than (i) those relat ing to rulemaking, (ii) those pertaining principally * * * * * to monetary and credit policies, and (iii) those for which a statute expressly requires the affirmative (c) Any three Board members designated from vote of more than three members of the Board. time to time by the Chairman (the “Action Com This delegation of authority shall terminate mittee”) are authorized, upon certification by the June 30, 1980. fFor this publication to be complete as amended effective August 2, 1978, except for certain revisions affecting only Board staff, retain: 1) Printed pamphlet as revised effective September 1, 1977; 2) Amendment effective January 26, 1978, Section 265.2(f) (37); (Because of the nature of this revision, no general circular distribution was made.) 3) This slip sheet.
@FedFRASER