Federal Register / Vol. 72, No. 40 / Thursday, March 1, 2007 / Notices 9337 

1See Committee Rules of Organization, § 5. 2See 5 U.S.C. 553(b) and (d). 

1Copies of the Minutes of the Federal Open 

Market Committee meeting on January 30–31, 2007, 

which includes the domestic policy directive issued 

at the meeting, are available upon request to the 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551. The minutes are published 

in the Federal Reserve Bulletin and in the Board’s 

annual report. 

Board of Governors of the Federal Reserve 

System, February 23, 2007. 

Robert deV. Frierson, 

Deputy Secretary of the Board. 

[FR Doc. E7–3570 Filed 2–28–07; 8:45 am] 

BILLING CODE 6210–01–S 

FEDERAL RESERVE SYSTEM 

Federal Open Market Committee; Rules 

of Organization 

AGENCY: Federal Open Market 

Committee. 

ACTION: Notice; Amendment to Rules of 

Organization. 

SUMMARY: The Federal Open Market 

Committee (the ‘‘Committee’’) has 

amended its Rules of Organization to 

allow for the appointment of a 

temporary manager of the System Open 

Market Account in certain 

circumstances. 

DATES: The amendments to the Rules of 

Organization became effective on 

January 30, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Kieran J. Fallon, Assistant General 

Counsel (202–452–5270), April Snyder, 

Senior Attorney (202–452–3099), Legal 

Division; Board of Governors of the 

Federal Reserve System; Deborah J. 

Danker, Deputy Secretary (202–452–

3253), or Matthew Luecke, Senior 

Financial Analyst, (202–452–2576); 

Federal Open Market Committee, 20th 

Street and Constitution Avenue, NW., 

Washington, DC 20551. Users of 

Telecommunication Device for Deaf 

(TTD) only, call (202) 263–4869. 

SUPPLEMENTARY INFORMATION: The 

Committee is composed of the members 

of the Board of Governors of the Federal 

Reserve System and five representatives 

of the Federal Reserve Banks, selected 

in the manner set forth in section 12A 

of the Federal Reserve Act (12 U.S.C. 

263(a)). The Committee’s Rules of 

Organization provide for the Committee 

to select a manager of the System Open 

Market Account, which is the account 

through which open market transactions 

are conducted on behalf and under the 

direction of the Committee.1 The 

manager keeps the Committee informed 

on market conditions and on 

transactions made for the System Open 

Market Account and renders such 

reports as the Committee may specify. 

The Rules of Organization also provide 

that the manager selected by the 

Committee shall be satisfactory to the 

Federal Reserve Bank selected by the 

Committee to execute transactions for 

the System Open Market Account 

(‘‘executing Reserve Bank’’). 

The manager serves at the pleasure of 

the Committee. The Committee has 

amended its Rules of Organization to 

also provide that if the President of the 

executing Reserve Bank determines that 

the manager is not able to perform the 

duties of the position, the Chairman of 

the Committee may select, with the 

concurrence of such President, another 

person to serve temporarily as manager 

until the Committee and the executing 

Reserve Bank select a replacement 

manager in accordance with the 

Committee’s Rules of Organization. This 

provision is designed to facilitate the 

smooth and uninterrupted operation of 

the System Open Market Account in the 

event that a manager becomes unable to 

serve in the position. 

The Committee has incorporated the 

amendments into the Committee’s Rules 

of Organization. The Committee’s Rules 

of Organization are uncodified 

regulations for use by the Committee 

and are issued pursuant to 5 U.S.C. 552. 

Because the amendments relate solely to 

the internal organization, procedure, or 

practice of the Committee, the public 

notice, public comment, and delayed 

effective date provisions of the 

Administrative Procedure Act do not 

apply.2

For the reasons discussed above, the 

Committee has amended its Rules of 

Organization as follows: 

1. The following sentence is added at 

the end of § 5 of the Rules of 

Organization: 

Section 5—Manager 

* * * In the event that the President 

of the Federal Reserve Bank selected by 

the Committee determines that the 

manager is not able to perform the 

duties of the position, the Chairman 

may select a person satisfactory to such 

President to serve as manager until the 

Committee and the designated Reserve 

Bank select a replacement manager in 

accordance with this section. 

By order of the Federal Open Market 

Committee, February 23, 2007. 

Vincent R. Reinhart, 

Secretary, Federal Open Market Committee. 

[FR Doc. E7–3540 Filed 2–28–07; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

Federal Open Market Committee; 

Domestic Policy Directive of January 

30–31, 2006 

In accordance with § 271.25 of its 

rules regarding availability of 

information (12 CFR part 271), there is 

set forth below the domestic policy 

directive issued by the Federal Open 

Market Committee at its meeting held 

on January 30–31, 2007.1

The Federal Open Market Committee 

seeks monetary and financial conditions 

that will foster price stability and 

promote sustainable growth in output. 

To further its long–run objectives, the 

Committee in the immediate future 

seeks conditions in reserve markets 

consistent with maintaining the federal 

funds rate at an average of around 51⁄4

percent. 

By order of the Federal Open Market 

Committee, February 22, 2007. 

Vincent R. Reinhart, 

Secretary, Federal Open Market Committee. 

[FR Doc. E7–3543 Field 2–28–07; 8:45 am] 

BILLING CODE 6210–01–S 

GENERAL SERVICES 

ADMINISTRATION 

Privacy Act of 1974; Cancellation of a 

System of Records 

AGENCY: General Services 

Administration 

ACTION: Cancellation of a system of 

records 

SUMMARY: The General Services 

Administration (GSA) is providing 

notice of a cancelled record system, 

Parties Excluded from Federal 

Procurement and Nonprocurement 

Program (GSA/OAP–1). The system was 

replaced by the new system of records 

GSA/Govt–8 (Excluded Parties List 

System) which became effective on 

January 4, 2007. 

DATES: Effective: March 1, 2007. 

FOR FURTHER INFORMATION: Call or e-mail 

the GSA Privacy Act Officer: telephone 

202–208–1317; e-mail 

gsa.privacyact@gsa.gov. 

ADDRESSES: Comments may be 

submitted to the Program Manager, 

Integrated Acquisition Environment 

Program, Office of the Chief Acquisition 


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