The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF N EW YORK r Circular No. 6 0 1 4 ~1 I- August 9, 1967 J FEDERAL FARM LOAN BONDS —Redemption of August 21 Maturity — Offering of New Bonds To All Batiks and Trust Companies, and Others Concerned, i n the Second Federal Reserve D i s t r i c t : At the request of the twelve Federal Land Banks, transmitted to us by the Treasury Department, we bring to your attention the following notice: An issue of $179 million consolidated Federal farm loan 4 % percent bonds dated December 20, 1965, will mature August 21, 1967. These bonds may be redeemed through the Federal Reserve Banks and Branches or the Treasurer of the United States, Washing ton, D. C. 20220. Funds for the redemption of the maturing bonds and for other requirements will be provided by the Federal Land Banks through a public offering of consolidated Federal farm loan bonds for delivery August 21, 1967. The new bonds will be offered for cash, no preference being given holders of the maturing issue. The offering will comprise approxi mately $250 million of bonds dated August 21, 1967, due April 21, 1969. The bonds will be offered by the Banks’ Fiscal Agent, Robert W . Gilmore, One Chase Manhattan Plaza, New York, N. Y. 10005, through an organized dealer group. The interest rate and offering price of the issue will be announced on or about August 10. Additional copies of this circular will be furnished upon request. A lfred H ates, President. ERRATUM The Board of Governors has informed us that in the printing of the pamphlet containing the Federal Open Market Committee's Rules of Organization, Rules Regarding Availability of Information, and Rules of Procedure, Revised effective July 4, 1967, the word "not" was inadvertently omitted from the nextto-last full sentence on page 9 of that pamphlet. That sentence should read as follows (the omitted word is underscored): Attendance at Committee meetings is restricted to members of the Committee and its official staff, including the Manager of the System Open Market Account and the Special Manager for foreign currency operations for such Account, the Presidents of Federal Reserve Banks who are not at the time members of the Committee, and such other advisers as the Committee may invite from time to time. Circulars Division f) T C o / y ( FEDERAL OPEN M ARK ET COMMITTEE RULES OF ORGANIZATION RULES REGARDING AVAILABILITY OF INFORMATION (1 2 CFR 271) RULES OF PROCEDURE (1 2 CFR 272) Effective July 4, 1967 INQUIRIES WITH RESPECT TO THIS PAMPHLET Any inquiry relating to this pamphlet should be addressed to the Federal Reserve Bank of the district in which the inquiry arises. CONTENTS RULES OF O R G A N IZ A T IO N P age Sec. 1 - B a s i s a n d S c o p e .............................................................................................. Se c . 2 - C o m p o s it io n a n d M e e t in g s o f C o m m i t t e e ................................. (a ) Sec. 3 M e m b e r s .............................................................................................. 1 1 (b) C h a irm a n and V ic e C h airm an ........................................... 1 (c ) M e e t i n g s .............................................................................................. 1 - P erso nn el RULES 1 ........................................................................................................ 1 (a ) Official S ta ff .................................................................................... 1 ( b) O th ers 2 ...................................... ......................................................... R E G A R D IN G A V A IL A B IL IT Y OF IN F O R M A T IO N S e c . 2 7 1 .1 -B a s i s a n d S cope ........................................................................................... S e c . 2 7 1 .2 - D e f i n i t i o n s ..................................................................................................... 3 3 ( a) “ In fo rm a tio n o f the C om m ittee” ...................................... 3 ( b) “ R ecords o f the C om m ittee” ................................................... 3 S e c . 2 7 1 .3 -P u b l is h e d I n f o r m a t io n .......................................................................... F ederal R e giste r .......................................................................... 3 ( b ) P olicy r e c o r d .................................................................................... 4 (c ) 4 ( a) O th er published in form ation ................................................. S e c . 2 7 1 .4 -R ecords A v a il a b l e to t h e P u b l ic o n R e q u e s t ....................... (а ) 3 4 R ecords a v a i l a b l e .......................................................................... 4 (б ) P lace and t i m e ............................................................................... 4 (c) O b ta in in g access to r e c o r d s ..................................................... 5 S e c . 2 7 1 .5 -D e f e r m e n t o f A v a i l a b i l i t y of C e r t a in I n f o r m a t i o n . . . . 5 D e ferre d a v a ila b ility o f i n f o r m a t i o n ............................... 5 ( b ) R eason s f o r d eferm en t o f a v a i l a b i l i t y ............................ 5 ( a) S e c . 2 7 1 .6 - I n f o r m a t io n n o t D i s c l o s e d .................................................................. 6 S e c . 2 7 1 .7 -S u b p o e n a s .......................................................................................................... 7 A d v ice b y person s e r v e d .......................................................... 7 ( b ) A p p e a r a n ce b y p erson s e r v e d .............................................. 7 (a ) RULES OF PROCEDURE S e c . 2 7 2 .1 -B a s is a n d S c o p e .............................................................................................. S e c . 2 7 2 .2 -C o m m it t e e A c t io n 9 ...................................................................................... 9 S e c . 2 7 2 .3 - N o tice a n d P u b l ic P r o c e d u r e ............................................................. 10 S e c . 2 7 2 .4 - E f f e c t iv e D a t e .............................................................................................. 10 RULES OF ORGANIZATION * As amended effective July 4, 1967 SECTION 1— BASIS AND SCOPE These rules are issued by the Federal Open M arket Committee (the “ Com m ittee” ) pursuant to the requirem ent o f section 552 o f Title 5 o f the United States Code that every agency shall pub lish in the Federal R egister a description o f its central and field organization. SECTION 2— COMPOSITION AND M EETINGS OF COMMITTEE (a) Members.— The Federal Open M arket Com m ittee con sists o f the m em bers o f the B oard o f G overnors o f the Federal R eserve System and five representatives o f the Federal Reserve Banks w ho are Presidents o r F irst V ice Presidents o f such banks. The representatives o f the Federal R eserve Banks, and an alter nate fo r each representative, are elected in accordance w ith sec tion 12A o f the Federal Reserve A ct fo r term s o f one year com m encing on M arch 1 o f each year. ( b ) Chairman and Vice Chairman.— A t its first m eeting on or a fter M arch 1 o f each year, the Com m ittee selects a Chairman and a V ice Chairm an fro m am ong its m em bership. (c ) Meetings.— The Com mittee meets at W ashington, D. C., on call by the Chairm an o f the B oard o f Governors o f the Fed eral R eserve System o r at the request o f three m embers o f the Committee, at least fo u r times each year and oftener i f deemed necessary. SECTION 3— PERSONN EL (a ) Official Staff.— The official staff o f the Federal Open M ar ket Com m ittee includes its Secretary and Assistant Secretaries, General Counsel and Assistant General Counsel, and E conom ist and A ssociate Econom ists, w ho perform the duties indicated by their titles. These staff members are selected from am ong the officers and employees o f the Board o f G overnors o f the Federal Reserve System and the Federal Reserve Banks. In addition, one o f the Federal Reserve Banks is selected by the Committee to execute transactions fo r the System Open M arket A cc o u n t; and the Com m ittee selects a M anager o f the System Open M arket * The text is n ot included in the Code o f Federal R egulations and therefore m ay not be cited with a code reference. 1 RULES OF ORGANIZATION 2 A ccou n t and a Special M anager fo r foreign currency operations fo r such A ccount, both o f whom shall be satisfactory to such F ed eral R eserve Bank. (b) Others.— The services o f other officers and employees o f the B oard o f G overnors o f the Federal Reserve System and F ed eral Reserve Banks are m ade available and are utilized by the Com m ittee as required. RULES REGARDING AVAILABILITY OF INFORMATION * (12 CFR 271) As revised effective July 4, 1967 SECTION 271.1— BASIS AND SCOPE This P art is issued by the Federal Open M arket Committee (the “ Com m ittee” ) pursuant to the requirem ent o f section 552 o f Title 5 o f the United States Code that every agency shall publish in the Federal R egister fo r the guidance o f the public descriptions o f the established places at which, the officers from whom, and the m ethods w hereby, the public m ay obtain in form a tion, make subm ittals or requests, or obtain decisions. SECTION 271.2— DEFIN ITIO N S ( cl) “ Information of the Committee” .— F or purposes o f this Part, the term “ in form ation o f the Com m ittee” means all in fo r m ation com ing into the possession o f the Committee or o f any m em ber th ereof or o f any officer, employee, or agent o f the Com mittee, the Board o f G overnors o f the Federal Reserve System, or any Federal Reserve Bank, in the perform ance o f duties for, or pursuant to the direction of, the Committee. ( b) “ Records of the Committee” .— F or purposes o f this Part, the term “ records o f the C om m ittee” means rules, statements, opinions, orders, m em oranda, letters, reports, accounts, and other papers containing inform ation o f the Committee that constitute a part o f the Com m ittee’s official files. SECTION 271.3— PU BLISH ED IN FORM ATION (a) Federal Register.— T o the extent required by sections 552 and 553 o f the United States Code, and subject to the provisions o f §§ 271.5 and 271.6, the Com m ittee publishes in the Federal Register, in addition to this Part, (1 ) a description o f its organization; (2 ) statements o f the general course and method by w hich its functions are channeled and determ in ed; (3 ) rules o f p ro ce d u re ; (4 ) substantive rules o f general applicability, and state ments o f general policy and interpretations o f general ap plicability form ulated and adopted by the C om m ittee; ♦ T h e text corresponds to the Code o f Federal Regulations, T itle 12. Chapter II, P art 271; cited as 12 C FR . The words "th is P a rt” , as used herein, mean these rules. 271 3 4 RULES REGARDING INFORMATION (5 ) every amendm ent, revision, or repeal o f the fo r e goin g ; and (6 ) general notices o f proposed rule making. (b) Policy re c o r d - In accordance w ith section 10 o f the F ed eral Reserve A ct (12 U.S.C. 2 4 7 a ), each annual report made to Congress b y the Board o f G overnors o f the Federal Reserve System includes a com plete record o f the actions taken b y the Comm ittee during the preceding year upon all m atters o f policy relating to open m arket operations, show ing the votes taken and the reasons underlying such actions. (c ) Other published information. — F rom tim e to tim e, other in form ation relating to open m arket operations o f the Federal Reserve Banks is published in the Federal R eserve Bulletin, issued m onthly by the B oard o f G overnors o f the Federal Reserve System, in such B oa rd ’s annual report to Congress, and in announcements and statements released to the press. Copies o f issues o f the Bulletin and o f annual reports o f the Board m ay be obtained upon request. SECTION 271.4— RECORDS A V A IL A B L E TO THE PUBLIC ON R EQ UEST (a) Records available.— R ecords o f the Committee are made available to any person, upon request, fo r inspection o r copyin g in accordance w ith the provisions o f this section and subject to the lim itations stated in §§ 271.5 and 271.6. R ecords fallin g w ithin the exem ptions from disclosure set forth in section 5 5 2 (b ) o f Title 5 o f the United States Code and in § 271.6 m ay never theless be made available in accordance w ith this section to the fullest extent consistent, in the Com m ittee’s judgm ent, w ith the effective perform an ce o f the Com m ittee’s statutory responsibil ities and w ith the avoidance o f in ju ry to a public or private inter est intended to be protected by such exem ptions. (b) Place and time.— In general, the records o f the Com m it tee are held in the custody o f the Board o f G overnors o f the Federal Reserve System, but certain o f such records, o r copies thereof, are held in the custody o f one o r m ore o f the Federal R eserve Banks. A n y such records su bject to this section will be m ade available f o r inspection or copyin g during regular business hours at the offices o f the B oard o f G overnors o f the Federal R e serve System in the Federal Reserve Building, 20th and Con stitution Avenue, W ashington, D. C., 20551, or, in certain in stances as provided in paragraph (c ) o f this section, at the offices o f one o r m ore designated Federal Reserve Banks. RULES REGARDING INFORMATION 5 (c ) Obtaining access to records.— A n y person requesting access to records o f the Com m ittee shall subm it such request in w ritin g to the Secretary o f the B oard o f Governors o f the Federal Reserve System. In any case in w hich the records re quested, or copies thereof, are available at a Federal Reserve Bank, the Secretary o f the B oard m ay so advise the person re questing access to the records. E very request fo r access to rec ords o f the Com m ittee shall state the full name and address o f the person requesting them and shall describe such records in a m anner reasonably sufficient to perm it their identification w ith out undue difficulty; and such person shall pay a fee in an amount based upon $5 per hour fo r the tim e required to locate such rec ords and prepare them fo r inspection plus 10 cents per standard page fo r any copyin g thereof. SECTION 271.5— D E FER M EN T OF A V A IL A B IL IT Y OF C ER TA IN IN FORM ATION (a) Deferred availability of information. — In some instances, certain types o f inform ation o f the Committee are not published in the Federal R egister or made available fo r public inspection o r copyin g until after such period o f time as the Committee may determ ine to be reasonably necessary to avoid the effects de scribed in paragraph ( b) o f this section o r as m ay otherwise be necessary to prevent im pairm ent o f the effective discharge o f the Com m ittee’s statutory responsibilities. F or example, the Com m ittee’s current econom ic policy directive adopted at each meet ing o f the Com m ittee is published in the Federal R egister app roxi m ately 90 days a fte r the date o f its a d op tion ; and no inform ation in the records o f the Com m ittee relating to the adoption o f any such directive is made available fo r public inspection or copying b efore it is published in the Federal R egister. ( b) Reasons fo r deferment of availability.— Publication of, or access to, certain in form ation o f the Com m ittee may be deferred because earlier disclosure o f such in form ation would (1 ) in terfere with the orderly execution o f policies adopted by the Com m ittee in the perform ance o f its stat utory functions; (2 ) perm it speculators and others to gain u nfair profits or to obtain u n fair advantages by speculative trading in securities, foreign exchange, or oth erw ise; (3 ) result in unnecessary or unwarranted disturbances in the securities m a rk et; (4 ) make open m arket operations m ore costly ; RULES REGARDING INFORMATION 6 (5 ) in terfere w ith the orderly execution o f the objectives or policies o f other G overnm ent agencies concerned w ith dom estic or foreign econom ic or fiscal m atters; or (6 ) interfere with, or im pair the effectiveness of, financial transactions with foreign banks, bankers, or countries that m ay influence the flow o f gold and o f dollar balances to or from foreign countries. SECTION 271.6— IN FO RM ATION NOT DISCLOSED E xcept as m ay be authorized by the Committee, in form ation o f the Com m ittee that is not available to the public through other sources w ill not be published or made available fo r inspec tion, exam ination, or copyin g by any person if such inform ation (a) is exem pted from disclosure by statute or executive ord er; ( b) relates solely to internal personnel rules o r practices or other internal practices o f the C om m ittee; (c) relates to trade secrets o r com m ercial or financial in fo r m ation obtained from any person and privileged or confidential; ( d) is contained in inter-agency or intra-agency m em oranda or letters, including records o f deliberations and discussions at m eetings o f the Committee and reports and documents filed by m em bers or staff o f the Com m ittee that would not be routinely available to a private party in litigation w ith the C om m ittee; ( e) is contained in personnel, m edical, or sim ilar files (in clu d ing financial files) the disclosure o f w hich would constitute a clearly unw arranted invasion o f personal privacy; or ( / ) is contained in or related to exam ination, operating, or condition reports prepared by, on behalf of, or fo r the use o f any agency responsible fo r the regulation or supervision o f finan cial institutions. E xcept as provided by or pursuant to this Part, no person shall disclose, or perm it the disclosure of, any inform ation o f the Com m ittee to any person, w hether by givin g out or fu rn ish in g such in form ation or copy thereof, by allow ing any person to inspect, examine, or reproduce such inform ation or copy thereof, or by any other means, whether the inform ation is located at the offices o f the Board o f Governors o f the Federal Reserve System, any Federal Reserve Bank, or elsewhere, unless such disclosure is required in the perform an ce o f duties for, o r pursuant to the direction of, the Committee. A n y person who m ay be denied access to records o f the Committee may, within 5 days thereafter, file w ith the Com mittee a w ritten request fo r review o f such action. RULES REGARDING INFORMATION 7 SECTION 271.7— SUBPOENAS (a ) Advice by person served.— I f any person, whether or not an officer o r employee o f the Committee, o f the Board o f G over nors o f the Federal Reserve System, or o f a Federal Reserve Bank, has inform ation o f the Com m ittee that may not be dis closed by reason o f § 271.5 or § 271.6 and in connection therewith is served w ith a subpoena, order, or other process requiring his personal attendance as a witness or the production o f documents o r inform ation upon any proceeding, he should prom ptly inform the Secretary o f the Com m ittee o f such service and o f all relevant facts, including the documents and inform ation requested and any facts that m ay be o f assistance in determ ining whether such docum ents or in form ation should be made available; and he should take action at the appropriate tim e to inform the court or tribunal that issued the process, and the attorney fo r the party at whose instance the process was issued, i f known, o f the substance o f this Part. ( b ) Appearance by person served.— E xcept as disclosure o f the relevant in form ation is authorized pursuant to this Part, any person who has in form ation o f the Committee and is re quired to respond to a subpoena or other legal process shall attend at the tim e and place therein mentioned and decline to disclose such in form ation or give any testim ony with respect thereto, basing his refusal upon this Part. If, notwithstanding, the court or other body orders the disclosure o f such inform ation, o r the givin g o f such testim ony, the person having such inform ation o f the Com m ittee shall continue to decline to disclose such in form a tion and shall prom ptly report the facts to the Committee fo r such action as the Committee m ay deem appropriate. RULES OF PROCEDURE * (12 CFR 272) As amended effective July 4, 1967 SECTION 272.1— BASIS AND SCOPE This P art is issued by the Federal Open M arket Committee (the “ Com m ittee” ) pursuant to the requirem ent o f section 552 o f Title 5 o f the United States Code that every agency shall publish in the Federal R egister its rules o f procedure. SECTION 272.2— COM M ITTEE ACTION The function o f the Com m ittee is the direction and regulation o f open m arket operations w hich are conducted b y the Federal Reserve Banks. This involves the determ ination o f the policies w hich are to be pursued with respect to open m arket operations by the Federal Reserve Banks w ith a view to accom m odating com m erce and business and w ith regard to their bearing upon the general credit situation o f the country, together with considera tion and action upon incidental m atters relating to the manner in w hich such operations are to be conducted. The discharge o f the Com m ittee’s responsibilities requires the continuous gather ing o f in form ation and study o f changing financial, econom ic, and credit conditions and other pertinent considerations by the m em bers o f the Com m ittee and its personnel. These activities are closely interrelated with other activities o f the Board o f G over nors o f the Federal Reserve System and the Federal Reserve Banks and all relevant inform ation and views developed by these organizations are available to the Committee. W ith this back ground, action is taken by the Com m ittee upon its own initiative at periodic m eetings held at least fo u r times each year and oftener i f deemed necessary. Attendance at Committee m eetings is re stricted to m em bers o f the Committee and its official staff, in cluding the M anager o f the System Open M arket A ccount and the Special M anager fo r foreign currency operations fo r such A c count, the Presidents o f Federal Reserve Banks who are at the tim e m em bers o f the Committee, and such other advisers as the Committee m ay invite from tim e to time. The Committee acts through the adoption and transm ittal o f directives and regula tions to the Federal Reserve Banks. Operations in the System * T he text corresponds to the Code o f Federal Regulations, T itle 12, Chapter II, P a rt 272; cited as 12 C F R 272. 9 10 RULES OF PROCEDURE Open Market A ccou n t are conducted pursuant to directives issued by the Committee. SECTION 272.3— NOTICE AN D PUBLIC PROCEDURE There ordinarily will be no published notice o f proposed action by the Com m ittee o r public procedure thereon, as described in section 553 o f Title 5 o f the United States Code, because such notice and procedure are im practicable, unnecessary, or contrary to the public interest. SECTION 272.4— E F F E C T IV E DATE Com m ittee action ordinarily w ill be made effective on the date the action is taken because the nature o f the su bject m atter and the action taken is such that the public interest and the p rop er dis charge o f the Com m ittee’s responsibilities so require.
@FedFRASER