Adopted on October 1, 2010; amended and restated on April 24, 2018

RULES OF ORGANIZATION OF

THE FINANCIAL STABILITY OVERSIGHT COUNCIL

§ XXX.1 Purpose and Definitions and Duties.

(a) These rules of organization (“rules”) are adopted by the Financial Stability Oversight 

Council (the “Council”), which was established July 21, 2010, pursuant to section 111(e)(2) of 

the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, (the “Act”). 

These rules, which shall be rules of agency organization, procedure, or practice for purposes of 

section 553 of title 5, United States Code, describe the Council's authorities, organizational

structure, and the rules by which the Council takes actions. (Act, § 111(e)(2)). To the extent that 

any of these rules conflict with the Act, the Act shall be controlling.

(b) The purposes of the Council are to identify risks to the financial stability of the

United States that could arise from the material financial distress or failure, or ongoing activities, 

of large, interconnected bank holding companies or nonbank financial companies, or that could 

arise outside the financial services marketplace; to promote market discipline, by eliminating 

expectations on the part of shareholders, creditors, and counterparties of such companies that the 

Government will shield them from losses in the event of failure; and to respond to emerging 

threats to the stability of the United States financial system. (Act, § 112(a)(1)).

(c) The duties of the Council are set forth in the Act. (Act, § 112(a)(2)).

(d) Terms used herein that are not defined by these rules shall have the meanings set 

forth in §§ 2 and 102 of the Act, as applicable.

§ XXX.2 Composition of the Council.

(a) Voting Members.—The members of the Council, who shall each have one vote on the

Council, are—

(1) the Secretary of the Treasury, who shall serve as Chairperson of the Council

(the “Chairperson”);

(2) the Chairman of the Board of Governors of the Federal Reserve System (the

“Board of Governors”);

(3) the Comptroller of the Currency (the “Comptroller”);

(4) the Director of the Bureau of Consumer Financial Protection (the “Bureau”); 

(5) the Chairman of the Securities and Exchange Commission (the

“Commission”);
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(6) the Chairperson of the Federal Deposit Insurance Corporation (the

“Corporation”);

(7) the Chairperson of the Commodity Futures Trading Commission (the

“CFTC”);

(8) the Director of the Federal Housing Finance Agency (the “FHFA”); 

(9) the Chairman of the National Credit Union Administration Board (the

“NCUA”); and

(10) an independent member having insurance expertise (the “independent voting 

member”) appointed by the President, by and with the advice and consent of the Senate. 

(Act, § 111(b)(1)).

(b) Nonvoting Members.—The nonvoting members of the Council, who shall each serve 

in an advisory capacity, are—

(1) the Director of the Office of Financial Research (the “OFR”); 

(2) the Director of the Federal Insurance Office (the “FIO”);

(3) a designated State insurance commissioner (selected by the State insurance 

commissioners);

(4) a designated State banking supervisor (selected by the State banking 

supervisors); and

(5) a designated State securities commissioner or officer performing like functions

(selected by the State securities commissioners). (Act, § 111(b)(2)).

(c) Term.—The independent voting member shall serve for a term of 6 years. The 

designated State insurance commissioner, designated State banking supervisor, and designated 

State securities commissioner shall each serve for a term of 2 years, which term shall begin on 

the date of appointment which shall be the date the Secretary of the Treasury receives written 

notice of the appointment. (Act, § 111(c)(1)).

(d) Vacancy.—Any vacancy on the Council shall be filled in the manner in which the 

original appointment was made. (Act, § 111(c)(2)).

(e) Acting Officials and Delegations.—

(1) Acting Officials.— In the event of a vacancy in the office of the head of a 

member agency or department, and pending the appointment of a successor, or during the 

absence or disability of the head of a member agency or department, the acting head of

the member agency or department shall serve as a member of the Council in the place of 

that agency or department head. (Act, § 111(c)(3)).

(2) Delegations.—Except as provided in § XXX.6(c), the Secretary of the

Treasury; the Chairman of the Board of Governors; the Comptroller; the Director of the
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Bureau; the Chairman of the Commission; the Chairperson of the Corporation; the

Chairperson of the CFTC; the Director of the FHFA; and the Chairman of the NCUA

may each, in accordance with applicable law, delegate their individual authority under the 

Act to another officer or employee of their respective agencies. In view of the important 

nature of matters being considered by the Council, each of these voting members will 

make all reasonable efforts not to delegate their individual authority as provided for

above.

(3) The Director of the OFR and the Director of the FIO may only delegate their 

authority as advisory, nonvoting members of the Council to another officer or employee 

of their respective offices who is serving as a deputy director.

(4) The State insurance commissioners, the State banking supervisors, and the 

State securities commissioners may designate an alternate for the designated State 

insurance commissioner, designated State banking supervisor, and designated State 

securities commissioner, respectively. Such designated alternate may only attend 

meetings of the Council if the designated State insurance commissioner, designated State 

banking supervisor, or designated State securities commissioner will not participate, 

unless the alternate is attending in another capacity otherwise permitted under the rules 

adopted by the Council.

(5) A written notice of delegation or alternate designation under paragraphs (2), 

(3), or (4) shall be delivered to the Chairperson or the Secretary of the Council and, to the 

extent practicable, such written notice shall be delivered in advance of the next meeting

of the Council.

(6) An officer or employee acting for the Secretary of the Treasury pursuant to 

subsection (e) (1) or (2) shall also act as the Chairperson of the Council. Unless 

otherwise specified by the Act, such officer or employee shall possess the powers and 

duties that the Chairperson possesses under these rules.

§ XXX.3 Duties and Staff.

(a) Duties of the Chairperson.—

(1) In general.—To facilitate the conduct of business by the Council, the 

Chairperson shall preside over meetings and carry out the routine administrative 

functions and business affairs of the Council. The Chairperson may call meetings of the 

Council, may prepare plans and agendas for meetings of the Council, and shall ensure

that the Council meets not less frequently than quarterly. The Chairperson shall regularly 

consult with the members of the Council in performing the responsibilities of the 

Chairperson of the Council.

(2) Council staff.— Subject to Council oversight, the Chairperson shall direct and 

manage the activities of the Council staff. The Chairperson may delegate responsibility 

for carrying out the routine administrative functions and business affairs of the Council
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and directing and managing the activities of the Council staff to the Executive Director of 

the Council. The Chairperson may—

(A) designate or hire individuals to serve as Executive Director of the 

Council, Legal Counsel of the Council, and Secretary of the Council, subject to 

the Council approving by a majority vote of the voting members then serving the 

appointment of an individual to serve as Executive Director or Legal Counsel;

(B) in consultation with the Council, coordinate the process by which 

member agency employees and Federal government employees are detailed to the 

Council;

(C) designate or hire such additional staff as may be needed in carrying 

out the functions of the Council; and

(D) coordinate, through the direction of Council staff, the execution of any 

authority exercised by the Council that may require such ongoing coordination

and staff support.

(3) Review of the expenses and approval of the budget of the Council.—

(A) Expenses.—The Council shall periodically review the expenses of the 

Council. To facilitate a review of the expenses, the Chairperson shall provide 

periodic reports to the Council and a report of expenses to the Council no later 

than September 1 of each year beginning September 1, 2011.

(B) Budget.—

(i) Initial budget.—For the fiscal year ending September 30, 2011, 

the Chairperson shall propose an annual budget for the Council no later 

than November 30, 2010, which upon an affirmative vote of a majority of 

the voting members then serving shall be adopted as the annual budget of 

the Council.

(ii) Annual budget.—For the fiscal year beginning October 1,

2012, and for each fiscal year thereafter, the Chairperson shall propose an 

annual budget for the Council no later than 1 month before the beginning 

of the fiscal year, which upon an affirmative vote of a majority of the 

voting members then serving shall be adopted as the annual budget of the 

Council.

(4) Coordination of Council studies.—On behalf of the Council, the Chairperson 

shall coordinate the Council’s efforts in conducting any studies required to be conducted 

by the Council. (See, e.g., Act, §115(c)(1); §215; §619; §622).

(5) Coordination of Council reports.—On behalf of the Council, the Chairperson 

shall coordinate the Council’s efforts in preparing any Council report to Congress. (See, 

e.g., Act, §112(a)(2)(N); §113(c)(2); §115(c)(2); §117(c)(2)(A); §120(d); §202(g)(4);

§215).
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(6) Testimony before Congress.—After consulting with the Council on the 

testimony to be given, the Chairperson shall appear before the Congress after the 

Council’s annual report is submitted (Act, §112(a)(2)(N); §112(c)) to testify on the 

report, and the efforts, activities, objectives, and plans of the Council. The Chairperson 

shall also be responsible for giving testimony before Congress, on behalf of the Council, 

on other matters that either require or permit Council testimony before Congress.

(7) Coordination with the OFR.—The Chairperson shall consult with the OFR as 

provided in the Act to facilitate the OFR’s mission of providing support to the Council.

(b) Duties of the Executive Director of the Council.—The Executive Director shall 

advise and assist the Council in carrying out its responsibilities under the Act, assist in providing 

general direction with respect to the administration of the Council’s actions, assist in directing

the activities of the staff, and perform such other duties as the Chairperson may require. The

Executive Director may delegate his or her duties to an employee of the Council.

(c) Duties of the Legal Counsel of the Council.—The Legal Counsel shall provide legal 

advice relating to the responsibilities of the Council, advise and assist the Council in carrying out 

its responsibilities under the Act, and perform such other duties as the Chairperson or Executive 

Director may require. The Legal Counsel may delegate his or her duties to an employee of the 

Council who is a member of the legal staff supporting the Council.

(d) Duties of the Secretary of the Council.—The Secretary of the Council shall prepare 

minutes of all meetings, maintain a complete record of all votes and actions taken by the 

Council, retain custody of all records of the Council, and perform such other duties as the 

Chairperson or Executive Director may require. The Secretary of the Council may delegate his 

or her duties to an employee of the Council.

(e) Statements by Voting Members.—When the Council submits its annual 

report to Congress, each voting member of the Council shall—

(1) If such member believes that the Council, the Government, and the private 

sector are taking all reasonable steps to ensure financial stability and to mitigate systemic 

risk that would negatively affect the economy, submit a signed statement to Congress 

stating such belief; or

(2) If such member does not believe that all reasonable steps described under 

paragraph (1) are being taken, submit a signed statement to Congress stating what actions 

such member believes need to be taken in order to ensure that all reasonable steps 

described under paragraph (1) are taken. (Act, §112(b)).

§ XXX.4 Information Collection and Sharing.

(a) Information Collection from the OFR, Member Agencies, the FIO, and Other Federal
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and State Financial Regulatory Agencies.—The Council shall collect any data or information 

from member agencies and the FIO as necessary to carry out the duties of the Council under the 

Act, including monitoring the financial services marketplace to identify and assess risks to the 

United States financial system. Notwithstanding any other provision of law, the OFR, member 

agencies and the FIO are authorized to provide such data and information to the Council. The 

Council shall also collect information from other Federal and State financial regulatory agencies 

to assess risks to the United States financial system. (Act, §112(a)(2) and (d)).

(b) Information Collection from Nonbank Financial Companies and Bank Holding 

Companies.—In addition to collecting or directing the collection of other information as 

authorized by the Act—

(1) The Council shall, to the extent the Council determines appropriate, direct the 

OFR to collect information from nonbank financial companies and bank holding 

companies for the purpose of assessing risks to the U.S. financial system and the extent to 

which a financial activity or financial market in which the nonbank financial company or 

bank holding company participates, or the nonbank financial company or bank holding 

company itself, poses a threat to the financial stability of the United States. (Act,

§112(a)(2) and (d)(3)).

(2) The Council, acting through the OFR, may require a bank holding company 

with total consolidated assets of $50,000,000,000 or greater or a nonbank financial 

company supervised by the Board of Governors, and any subsidiary thereof, to submit 

certified reports to keep the Council informed as to the financial condition of the 

company; systems for monitoring and controlling financial, operating, and other risks; 

transactions with any subsidiary that is a depository institution; and the extent to which 

the activities and the operations of the company and any subsidiary thereof, could, under 

adverse circumstances, have the potential to disrupt financial markets or affect the overall 

financial stability of the United States. (Act, §116(a)).

(c) Coordination of Information Collection.— On behalf of the Council, the Chairperson 

shall coordinate such collection and distribution of information across agencies, and shall 

coordinate such direction of the OFR as described in § XXX.4(a) and (b).

(1) Coordination with member agencies and primary financial regulatory 

agencies.—Before requiring the submission of reports from any nonbank financial 

company or bank holding company that is regulated by a member agency or a primary 

financial regulatory agency, the Council, acting through the OFR, shall coordinate with 

such agencies and rely whenever possible on information available from the OFR or such 

agencies. (Act, §112(d)(3)(B)).

(2) Coordination with foreign regulators.—Before requiring the submission of 

reports from a foreign nonbank financial company or a foreign-based bank holding 

company, the Council, acting through the OFR, shall consult with the appropriate foreign 

regulator of such company and whenever possible rely on information being collected by 

such regulator. (Act, §112(d)(3)(C)). The Council, acting through the OFR, may also
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facilitate information sharing and coordination with foreign regulators as appropriate to 

further efforts to collect information from such regulators.

§ XXX.5 Offices.

The principal offices of the Council are at 1500 Pennsylvania Avenue, N.W., 

Washington, D.C. 20220, unless the Chairperson advises the Council members otherwise.

§ XXX.6 Meetings and actions of the Council.

(a) Frequency and Place.—The Council shall meet at the call of the Chairperson or a 

majority of the voting members then serving, but not less frequently than quarterly. The location 

of all meetings shall be 1500 Pennsylvania Avenue, N.W., Washington, D.C., unless the 

Chairperson advises the Council members of an alternate location. Such meetings shall be held

in conformity with the Council’s transparency policy as adopted under § XXX.8(c).

(b) Quorum.—A majority of the voting members of the Council then serving shall 

constitute a quorum for the conduct of Council business.

(c) Limitation on Delegations of Authority.—The Council may not delegate its authority, 

and, except in the case of a delegation pursuant to § XXX.9(d)(1) to the extent permitted by the 

Act, the Secretary of the Treasury; the Chairman of the Board of Governors; the Comptroller; the 

Director of the Bureau; the Chairman of the Commission; the Chairperson of the Corporation;

the Chairperson of the CFTC; the Director of the FHFA; and the Chairman of the NCUA may 

not delegate their individual voting authority on the following matters—

(1) Determinations that a U.S. nonbank financial company shall be supervised by 

the Board of Governors and shall be subject to prudential standards (Act, §113(a)(1));

(2) Determinations that a foreign nonbank financial company shall be supervised 

by the Board of Governors and shall be subject to prudential standards (Act, §113(b)(1));

(3) Determinations that a company shall be supervised by the Board of Governors 

and shall be subject to prudential standards, in order to prevent the company from

evading title I of the Act (Act, §113(c)(1));

(4) Rescissions of determinations that U.S. nonbank financial companies or 

foreign nonbank financial companies designated for supervision by the Board of 

Governors no longer require the supervision of the Board of Governors (Act, §113(d));

(5) Determinations to waive or modify the notice and opportunity for hearing 

relating to designations of U.S. nonbank financial companies, foreign nonbank financial 

companies, financial market utilities, or payment, clearing, or settlement activities (Act,

§113(f) and §804(c)(3));

(6) Recommendations concerning the establishment and refinement of prudential 

standards and reporting and disclosure requirements applicable to certain nonbank
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financial companies and large, interconnected bank holding companies (Act, §115(a), (c), 

(d), (e), (f), and (g));

(7) Recommendations for resolution of supervisory jurisdictional disputes among 

two or more member agencies (Act, §119);

(8) Decisions resolving supervisory jurisdictional disputes among two or more 

member agencies (Act, §803(8)(B));

(9) Recommendations that a primary financial regulatory agency apply new or 

heightened standards and safeguards for a financial activity or practice (Act, §120);

(10) Approvals of mitigatory actions to be taken by the Board of Governors with 

regard to certain systemically important financial companies that pose a grave threat to 

the financial stability of the United States (Act, §121(a));

(11) Resolution of disputes between the Commission and the CFTC regarding

joint rulemakings (Act, §712(d)(3));

(12) Determinations that, when other provisions established by the Act are 

insufficient to effectively mitigate systemic risk and protect taxpayers,swaps entities may 

no longer access Federal assistance with respect to any swap, security-based swap, or 

other activity of the swaps entity, which shall be made on an institution-by-institution 

basis (Act, §716(l));

(13) Designations of financial market utilities or payment, clearing, or settlement 

activities that are determined to be, or that are determined to be likely to become, 

systemically important (Act, §804(a)(1));

(14) Rescissions of designations of systemic importance for designated financial 

market utilities or designated payment, clearing, or settlement activities (Act, §

804(b)(1));

(15) Determinations of the sufficiency of responses by the CFTC or the 

Commission to the Board of Governors’ determinations that existing prudential 

requirements with respect to designated clearing entities and financial institutions 

engaged in designated payment, clearing, or settlement activities for which the CFTC or 

the Commission is the Supervisory Agency or the appropriate financial regulator are 

insufficient to prevent or mitigate significant liquidity, credit, operational, or other risks 

to the financial markets or to the financial stability of the United States (Act,

§805(a)(2)(E));

(16) Votes authorizing or requiring examinations of or enforcement actions 

against designated financial market utilities and financial institutions engaged in 

designated activities (Act, §807(e)(4); §807(f)(1); §808(e)(2)(A)(v) and (B)(iv));

(17) Decisions to stay or set aside a regulation of the Bureau or any provision
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thereof (Act, §1023(c)(3)); and

(18) Decisions to establish special advisory, technical, professional, or 

interagency staff committees and appoint the chairpersons for such committees (Act, §

111(d)) and decisions to delegate certain actions not required by the Act to be taken by 

the Council pursuant to § XXX.6(i), including the decision to appoint the chairperson of 

committees composed of members of the Council.

(d) Notice.—There shall be at least one week notice prior to meetings of the Council, 

unless the Chairperson or a majority of the voting members determines that exigent 

circumstances require a meeting with less notice.

(e) Agenda of Meetings.— To the extent practicable, an agenda, information, and 

materials shall be distributed to Council members at least 48 hours in advance of each meeting.

(f) Minutes.—The Secretary of the Council shall keep minutes of each Council meeting 

and of action taken without a meeting, a draft of which is to be distributed to each Council 

member as soon as practicable after each meeting or action. To the extent practicable, the 

minutes of a Council meeting shall be corrected and approved in advance of the next meeting of 

the Council. The minutes will be made public subject to redaction in accordance with the 

transparency policy as adopted under § XXX.8(c).

(g) Use of Conference Call Communications Equipment.—Subject to the consent of the 

Chairperson and to the arrangement of appropriate security measures, a Council member may 

participate in a meeting of the Council through the use of conference call, telephone, or other 

communications equipment that allows persons to be heard by and to hear others in the meeting. 

Any member so participating in a meeting shall be deemed present for all purposes.

(h) Action between Meetings.—Any action that may be taken by the Council at a meeting 

may be acted on by the Council at other times through the communication of voting member 

votes to the Secretary of the Council, in writing, and any action approved in this manner shall 

have the same effect as an action taken at a meeting.

(i) Council Delegations of Authority.—Except as provided in § XXX.6(c), the Council 

may delegate authority to the Chairperson, a committee composed of members of the Council, 

the Executive Director, the Legal Counsel, the Secretary of the Council, other designated staff of 

the Council, the OFR, or a member agency to take certain actions not required by the Act to be 

taken by the Council. The Council may not delegate to a subcommittee, other entity, or person 

the authority to approve any report or recommendation transmitted to the Congress on behalf of 

the Council. All delegations shall be made pursuant to resolutions of the Council and recorded

in writing, whether in the minutes of a meeting or otherwise. Any action taken pursuant to 

delegated authority has the effect of an action taken by the Council. Any voting member of the 

Council may request full Council review of any action taken pursuant to delegated authority.

(j) Voting.—Votes of the Council shall be recorded in the minutes. No votes may be 

cast via proxy.
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§ XXX.7 Deputies, Special Advisory, Technical, and Professional Committees.

(a) Deputies Committee.—The Council may establish a Deputies Committee as may be 

useful to assist the Council in carrying out its functions. The members of the Deputies 

Committee shall be a senior official from each member agency. The duties of the Deputies 

Committee shall include coordinating and overseeing the work of interagency staff committees, 

coordinating the Council’s agenda, and any other work assigned by the Council.

(b) Special Advisory, Technical, and Professional Committees.—The Council may 

appoint such special advisory, technical, or professional committees as may be useful in 

carrying out the functions of the Council, including an advisory committee consisting of State

regulators. The members of such committees may be members of the Council, or other persons, 

or both.

§ XXX.8 Freedom of Information Act and Delivery of Process.

(a) FOIA.—The Freedom of Information Act, section 552 of title 5, United States Code, 

including the exceptions thereunder, shall apply to any data or information submitted by or to the 

Council.

(b) Delivery of Process.— Service of process will be received by the Legal Counsel of

the Council or the delegate of such official and shall be delivered to the following location: Legal 

Counsel, Financial Stability Oversight Council, 1500 Pennsylvania Avenue, N.W., Washington, 

DC 20220.

(c) Transparency.—The Council will develop and implement a transparency policy.

§ XXX.9 Disqualification.

(a) Federal Ex Officio and Federally Appointed Council Members.—Any Council 

member listed in § XXX.2(a), the Director of OFR, and the Director of FIO shall disqualify 

himself or herself from participation in a Council discussion or action on any matter as required 

by applicable law.

(b) State Designated Council Members.—Any other Council member shall disqualify 

himself or herself from participation in a Council discussion or action on any matter if the 

Council member has, or may appear to have, a financial conflict of interest or appearance of 

partiality. For purposes of this subsection, the following definitions shall apply—

(1) Financial conflict of interest.—A financial conflict of interest arises when the 

Council member participates personally and substantially in an official capacity in any 

particular matter that has a direct and predictable effect on the Council member’s own 

financial interests or the financial interests of the Council member’s spouse; minor child;
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outside employer; any person or entity that the Council member is negotiating with or has 

an arrangement concerning future employment; or any person or entity that the Council 

member serves as an officer, director, trustee, or general partner.

(2) Appearance of partiality.—An appearance of partiality may arise when a 

Council member participates in an official capacity in a particular matter involving 

specific parties that has a financial effect on a member of the Council member’s 

household or in a matter involving a party or representative of a party who is a person or 

entity with whom the Council member has a covered relationship.

(3) Definition of covered relationship.—For purposes of paragraph (2), covered 

relationships include a member of the Council member’s household; a relative the

Council member is close to; any person or entity for whom the Council member’s spouse, 

parent, or dependent child serves or seeks to serve as an officer, director, trustee, general 

partner, agent, attorney, consultant, contractor, or employee; any person or entity the 

Council member serves or has served in the previous year as an officer, director, trustee, 

general partner, agent, attorney, consultant, contractor, or employee; any person or entity 

with whom the Council member seeks to have a business relationship; or any

organization other than a political party in which the Council member is an active 

participant.

(c) Notice of Disqualification.—A disqualified Council member shall notify the other

Council members and the Secretary of the Council, in writing, of any such disqualification. 

(d) Replacement of Disqualified Council Members.—In the event that—

(1) a member of one of the agencies or departments listed in § XXX.2(a) has 

disqualified himself or herself under subsection (a), the replacement for such individual, 

with respect to the matter that is the basis for the disqualification, shall be in accordance 

with the statute, regulations, or directives of that agency or department, and such 

replacement may be effected by means of a delegation of such individual’s authority to 

another officer of that agency or department who was appointed by the President with 

the advice and consent of the Senate or who is the first assistant to the office of such 

individual for purposes of the Federal Vacancies Reform Act of 1998 (5 U.S.C. 3345 et 

seq.);

(2) the Director of OFR or the Director of FIO has disqualified himself or herself 

under subsection (a), the replacement for such individual, with respect to the matter 

which is the basis for the disqualification, shall be the officer or employee of the 

respective office who is serving as deputy director of OFR or FIO, respectively; or

(3) the designated State insurance commissioner, the designated State banking 

supervisor, or the designated State securities commissioner has disqualified himself or 

herself under subsection (b), the replacement for such individual, with respect to the 

matter which is the basis for disqualification, shall be the designated alternate for each 

official, if such an alternate has been designated.
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(e) Duties and Obligations of Replacement Council Members.—Any replacement under 

subsection (d) shall be subject, with respect to the matter which is the basis for the 

disqualification, to all the duties and obligations to which the Council member would be subject 

but for the disqualification.

(f) Legal Consultation.—Council members covered under subsection (a) shall consult 

with their own agency ethics officials concerning potential disqualifications (and appropriate 

remedies) or other ethics issues. Council members covered under subsection (b) shall consult 

with the Council’s Legal Counsel concerning potential disqualifications (and appropriate 

remedies) or other ethics issues. The agency ethics official for the Council member described in

§ XXX.2(a)(10) shall be the Legal Counsel of the Council.

§ XXX.10 Confidentiality and Protection and Access to Information.

(a) Confidentiality.—The Council, the OFR, and the other voting and nonvoting member 

agencies shall maintain the confidentiality of any data, information, and reports submitted or 

available to them in accordance with the Act, other applicable law, and any memorandum of 

understanding.

(b) Protection of information.—The submission of any non-public data or information 

under the Act and other applicable law shall be protected and maintained in a confidential 

manner so that all applicable privileges are preserved.

(c) Participation and Sharing of Certain Information with Council Members.—

(1) Participation.—Nonvoting members of the Council shall not be excluded from 

any of the proceedings, meetings, discussions, or deliberations of the Council, except that 

the Chairperson may, upon an affirmative vote of the member agencies, exclude the 

nonvoting members from any of the proceedings, meetings, discussions, or deliberations 

of the Council when necessary to safeguard and promote the free exchange of

confidential supervisory information.

(2) Sharing of Information.—To safeguard and promote the free exchange of 

confidential supervisory information, confidential commercial or financial information, 

and other similar non-public information, the Chairperson may, in the Chairperson’s 

discretion and with the approval of the Council, enter into memoranda of understanding 

or other similar agreements with nonvoting members and, as necessary, with voting 

members regarding the specific treatment and protection of such information.

(d) Access to Council Staff and Books and Records.—

(1) Any voting member of the Council may request information and briefings 

from the staff of the Council and shall have access to all books, records, and data of the 

Council.

(2) Any nonvoting member of the Council may request information and briefings 
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from the staff of the Council.

(3) Any nonvoting member of the Council who has entered into appropriate

memoranda of understanding or other similar agreements with the Council under 

subsection (c) shall have access to all books, records, and data of the Council.

§ XXX.11 Rules or Procedures.

The Council has the authority to adopt, in addition to these rules, such rules or procedures 

as may be necessary for the conduct of the business of the Council. Such rules shall be rules of 

agency organization, procedure, or practice for purposes of section 553 of title 5, United States 

Code.

§ XXX.12 Amendments.

These rules may be adopted or amended, and additional rules or procedures may be 

adopted, only by a majority of the voting members then serving, on a nondelegable basis.