Federal Register / Vol. 48, No. 225 / M onday, Novem ber 21, 1983 / Rules and Regulations 52567

FEDERAL ELECTION COMMISSION

11CFR Part 110

[Notice 1983-29]

Honoraria; Modification of the 

Definition of “Acceptance”

AGENCY: Federal Election Commission. 

AÇTION: Final rule; technical 

amendment.

SUMMARY: The Commission is 

publishing today a technical amendment 

to its regulations on acceptance of 

honoraria (11 CFR 110.12) to conform 

that section to Pub. L. 98-63. The Public 

Law modified the Federal Election 

Campaign Act regarding the payment of 

honoraria to charitable organizations, 

by eliminating the requirement that the 

honorarium payor select a charity from 

a list of five charitable organizations 

supplied by a federal officeholder or 

employee. The technical amendment 

appearing here removes that 

requirement from the Commission’s 

regulations.

EFFECTIVE DATE: November 21,1983.

FOR FURTHER INFORMATION CONTACT:

Susan E. Propper, Assistant General 

Counsel, 1325 K Street, N.W., 

Washington, D.C. 20463. (202) 523-4143 

or toll-free (800) 424-9530. 

SUPPLEMENTARY INFORMATION: Pub. L 

98-63, 97 Stat. 338, amended the Federal 

Election Campaign Act of 1971 in part 

by eliminating the requirement that to 

avoid acceptance of an honorarium, a 

federal officeholder or employee who 

had earned an honorarium must provide 

a list of five charitable organizations to 

the honorarium payor, so that person 

could select one to pay. Under the 

amendment, the federal officeholder or 

employee can avoid acceptance of an 

honorarium by either paying the 

honorarium to a charity, or by having 

the honorarium paid to a charity on his 

or her behalf. The technical amendment 

published in this notice modifies the 

Commission s regulations governing the 

acceptance of honoraria, to bring the 

regulations into conformance with the 

Act. The revision follows the language 

of 2 U.S.C. 44li, as amended.

Because the amendment is merely 

technical, it is exempt from the notice 

and comment requirements of the 

Administrative Procedure Act (see 5 

U.S.C. 553(b)(B)) and 2 U.S.C. 438(d) 

(relating to legislative review of 

Commission regulations). It is therefore 

made effective November 21,1983.

List of Subjects in 11 CFR Part 110

Government employees, Federal 

officeholders.

PART 110— CONTRIBUTION AND 

EXPENDITURE LIMITATIONS AND 

PROHIBITIONS

11 CFR 110.12(b)(5) is revised to read 

as follows:

§ 110.12 Honoraria (2 U.S.C. 44li).

* * * * *

(b) * * *

(5) A ccepted. “Accepted” means that 

there has been actual or constructive 

receipt of the honorarium and that the 

federal officeholder or employee 

exercises dominion or control over it 

and determines its subsequent use. 

However, an honorarium is not deemed 

accepted for the purposes of 11 CFR 

110.12 if the federal officeholder or 

employee pays the honorarium to a 

charitable organization, or if the 

honorarium is paid to a charitable 

organization on behalf of the federal 

officeholder or employee. Nothing in this 

paragraph shall be construed as an 

interpretation of relevant provisions of 

the Internal Revenue Code (Title 26, 

United States Code).

* * - * * *

Certification of no Effect Pursuant to 5

U.S.C. 605(b) (Regulatory Flexibility

Act)

I certify that the attached final rule 

will not have a significant economic 

impact on a substantial number of small 

entities. The basis for this certification 

is that only federal officeholders and 

employees are affected, and therefore, 

no small entity is affected under the 

final rule.

(2 U.S.C. 44li)

Dated: November 16,1983.

Danny L. McDonald,

Chairman Federal Election Commission.

[FR Doc. 83-31201 Filed 11-18-83; 8:45 amj

BILLING CODE 6715-01-M

DEPARTMENT OF THE TREASURY 

Comptroller of the Currency 

12 CFR Parts 7 and 28 

[Docket No. 83-51]

National Bank Borrowing Limits

AGENOV: Office of the Comptroller of the 

Currency, Treasury.

ACTION: Final rule.

s u m m a r y : The Office of the Comptroller 

of the Currency is adopting final 

amendments to its regulations and 

interpretive rulings regarding national 

bank borrowing limits. These 

amendments are being published to 

make the Office’s interpretive rulings

consistent with the repeal of national 

bank borrowing limits by Section 402 of 

the Garn-St Germain Act (Oct. 15,1982] 

This Congressional action repealed the 

12 U.S.C. 82 provision which provided 

that no national banking association 

could be liable in an amount exceeding 

the amount of its capital stock plus 50 

percent of the amount of its unimpaired 

surplus fund, subject to certain 

exceptions.

In light of the technical nature of the 

revisions, the lack of the imposition of 

any substantive new requirements, and 

the effective date of the Act, the Office 

for good cause finds that the procedures 

prescribed by 5 U.S.C. 553 relating to 

notice, public hearing and comment, and 

deferred effective date are unnecessary 

* and would serve no useful purpose.

EFFECTIVE DATE: November 21,1983.

FOR FURTHER INFORMATION CONTACT:

Larry J. Stein, Senior Attorney, Legal 

Advisory Services Division, (202) 447- 

1880; or Emily R. McNaughton, National 

Bank Examiner, Commercial 

Examinations Division, (202) 447-1165, 

Office of the Comptroller of the 

Currency, Washington, D.C. 20219.

SUPPLEMENTARY INFORMATION:

Background

The nature of the banking business 

has changed dramatically over the 

nearly 120 years that the national bank 

borrowing limit has been in effect. That 

restriction has hampered the ability of 

national banks to compete, on an equal 

basis, with other providers of financial 

services. Its repeal should serve to 

stimulate product innovation and 

provide national banks with a wider 

array of funding options.

This deregulatory action also places 

more responsibility on bank chief 

executives for sound asset and liability 

management. As the variety and volume 

of non-deposit liabilities increase, the 

job of maintaining stable net interest 

margins and adequate liquidity will 

become more difficult and complex. As 

always, national bank asset and liability 

management policies and practices will 

be closely scrutinized by national bank 

examiners.

As noted in the Senate Banking 

Committee Report (S. Rept. No. 536, 97th 

Cong., 2nd Sess. 27 (1982)), this 

legislation does not affect the authority 

of this Office under other provisions of 

the national banking laws. This Office 

may limit banking transactions, 

including liability transactions, in 

general categories or specific instances 

through these other provisions of law as 

well as under the safety and soundness