[Federal Register Volume 65, Number 27 (Wednesday, February 9, 2000)]
[Rules and Regulations]
[Pages 6319-6320]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-2941]


=======================================================================
-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM

12 CFR Part 272

[Docket No. R-1059]


Rules of Procedure

AGENCY:  Federal Open Market Committee.

ACTION:  Final rule; technical amendment.

-----------------------------------------------------------------------

SUMMARY:  The Federal Open Market Committee (``the Committee'') is

[[Page 6320]]

amending its Rules of Procedure to revise and expand upon the means of 
communication available to the Secretary of the Committee and the 
members regarding meetings and proposed actions between meetings. The 
current rules provide that such communications must be in writing or by 
telegram. The proposed amendments would delete telegram as an accepted 
means of communication and would permit communications by telephone, 
including facsimile transmissions, or electronic means, such as by 
electronic mail. The option to require written communications would be 
retained.

DATES:  February 9, 2000.

FOR FURTHER INFORMATION CONTACT:  Stephen L. Siciliano, Special 
Assistant to the General Counsel for Administrative Law, Legal 
Division, Board of Governors of the Federal Reserve System, (202) 452-
3920. For the hearing impaired only, Telecommunication Device for the 
Deaf (TDD), Diane Jenkins (202-452-3544), Board of Governors of the 
Federal Reserve System, 20th and C Streets, NW, Washington, D.C. 20551.

SUPPLEMENTARY INFORMATION:  The rules were last updated in 1979. Since 
that time, new and reliable, readily available methods of transmittal, 
such as facsimile and electronic mail, have become available while 
previously relied on methods, such as the telegram, are no longer used.
    The proposed amendments would affect the manner in which the 
Secretary gives notice to members of the Committee of calls for 
meetings by the Chairman or requests by members for the calling of a 
meeting. They would also affect the means by which the Secretary 
transmits the relevant information and recommendations for an action to 
modify an outstanding Committee authorization or directive at a time 
when it is not feasible to call a meeting. The amendments to the rules 
also would permit a member to communicate with the Secretary by 
telephone or electronic means to request a meeting, to inform the 
Secretary when he or she will not be available to attend a meeting, and 
also to transmit his or her vote on an action proposed between 
meetings.
    Accordingly, the Committee is amending its Rules of Procedure by 
changing all references to ``in writing or by telegram'' to ``in 
writing, by telephone, or by electronic means'' as the accepted methods 
of communication.
    The amendments adopted by the Committee are rules of procedure. 
Accordingly, neither 5 U.S.C. 553(b), requiring notice and opportunity 
for public comment, nor the Congressional Review Act, 5 U.S.C. 801 et 
seq., applies. In addition, the amendments are technical amendments to 
update the rules to reflect new methods of communication, and its 
prompt implementation will improve the Committee's operational 
efficiency without adversely affecting any other persons. Accordingly, 
the Committee finds good cause not to delay the effective date of the 
amendments pursuant to 5 U.S.C. 553(d).

List of Subjects in 12 CFR part 272

    Administrative practice and procedure, Federal Open Market 
Committee, Organization and functions (Government agencies).
    For the reasons set out in the preamble, 12 CFR part 272 is amended 
as set forth below:

PART 272--FEDERAL OPEN MARKET COMMITTEE--RULES OF PROCEDURE

    1. The authority citation for part 272 continues to read as follows

    Authority:  5 U.S.C. 552


Sec. 272.3  [Amended]

    2. In Sec. 272.3(a) and (b), remove the words ``in writing or by 
telegram'' wherever they appear and add in their place, the words ``in 
writing, by telephone, or electronic means.''


Sec. 272.4  [Amended]

    3. Section 272.4(b) is amended by revising the fourth sentence to 
read as follows: ``All communications of recommended actions and votes 
under this paragraph shall be in writing, by telephone, or electronic 
means; if the communication is made orally, the Secretary shall cause a 
written record to be made without delay.''

    By order of the Federal Open Market Committee, February 3, 2000.
Donald L. Kohn,
Secretary of the Committee.
[FR Doc. 00-2941 Filed 2-8-00; 8:45 am]
BILLING CODE 6210-01-P