13146 Federal Register / Vol. 62, No. 53 / Wednesday, March 19, 1997 / Notices

Open Meeting, Technical Mapping

Advisory Council

AGENCY: Federal Emergency

Management Agency (FEMA).

ACTION: Notice of meeting.

SUMMARY: In accordance with section

10(a)(2) of the Federal Advisory

Committee Act, 5 U.S.C. App. 1, the

Federal Emergency Management Agency

gives notice that the following meeting

will be held:

NAME: Technical Mapping Advisory

Council.

DATES OF MEETING: March 27, 1997.

PLACES: The meeting will be held via

teleconference through the FEMA

teleconference operator. If you wish to

participate you must fax your name and

the telephone number where you can be

reached on the date and time indicated.

Fax this information to (202) 646–4596.

TIMES: 11:00 a.m. to 3 p.m. EDT.

PROPOSED AGENDA: Topics to be

discussed include finalizing the minutes

from the previous meeting, National

Flood Insurance Program map

distribution and map accuracy issues,

and finalizing the agenda for the face-toface meeting of the Council scheduled

for May 21, 1997.

STATUS: This teleconference is open to

the public.

FOR FURTHER INFORMATION CONTACT:

Michael K. Buckley, PE, Federal

Emergency Management Agency, 500 C

Street SW., Room 421, Washington, DC

20472; telephone (202) 646–2756 or by

fax as noted above.

Dated: March 11, 1997.

Richard W. Krimm,

Executive Associate Director, Mitigation

Directorate.

[FR Doc. 97–6911 Filed 3–18–97; 8:45 am]

BILLING CODE 6718–04–P

FEDERAL HOUSING FINANCE BOARD

[No. 97–21]

Statement of Policy: Financial

Management Policy for the Federal

Home Loan Banks

AGENCY: Federal Housing Finance

Board.

ACTION: Policy statement.

SUMMARY: The Board of Directors of the

Federal Housing Finance Board

(Finance Board) is proposing to adopt as

a statement of policy the ‘‘Financial

Management Policy For The Federal

Home Loan Bank System’’ (FMP). The

Finance Board is publishing the policy

statement with only minor changes from

the existing version of the FMP, and is

soliciting public comments on the FMP

for a period of 30 days.

DATES: The Finance Board will accept

comments on the FMP until April 18,

1997.

ADDRESSES: Mail comments to Elaine L.

Baker, Executive Secretary, Federal

Housing Finance Board, 1777 F Street,

N.W., Washington, D.C. 20006.

Comments will be available for public

inspection at this address.

FOR FURTHER INFORMATION CONTACT: Neil

R. Crowley, Senior Attorney, Office of

General Counsel, (202) 408–2990, or

Julie Paller, Senior Financial Analyst,

(202) 408–2842, Federal Housing

Finance Board, 1777 F Street, N.W.,

Washington, D.C. 20006.

SUPPLEMENTARY INFORMATION:

I. Background

The FMP provides a framework

within which the Federal Home Loan

Banks (Banks) may implement their

financial management strategies in a

prudent and responsible manner. The

FMP includes a series of guidelines

relating to the investment, funding, and

hedging practices of the Banks, as well

as to the management of credit, interest

rate, and liquidity risks. Adhering to the

guidelines promotes the Banks’ ability

to accomplish their housing finance and

community development missions

while generating sufficient income to

meet their various financial obligations.

The FMP has evolved from a series of

policies and guidelines initially adopted

by the Finance Board’s predecessor

agency, the Federal Home Loan Bank

Board (FHLBB). The FHLBB had

adopted guidelines comparable to the

FMP in the 1970s and revised them a

number of times thereafter. The Finance

Board adopted the FMP in 1991,

consolidating in one document the

previous policies on funds management,

hedging, and interest rate swaps, and

adding new guidelines on management

of unsecured credit and interest rate

risks.

In recent years, the financial markets

and the Banks’ participation in those

markets have evolved considerably.

Moreover, Congress has altered the

statutory provisions governing the

Federal Home Loan Bank System

(System), principally through the

Financial Institutions Reform, Recovery,

and Enforcement Act of 1989 (FIRREA),

Public Law 101–73, 103 Stat. 415

(August 9, 1989). As a consequence of

such financial and legislative changes,

the FHLBB and Finance Board

periodically revised their financial

policies and guidelines so that the

Banks could continue to manage their

finances prudently, profitably, and in

furtherance of their mission. In

undertaking such revisions to the FMP

and its predecessor policies, the FHLBB

and Finance Board in the past accepted

informal comments from the Banks as

part of that process. In some instances,

staff of the Banks submitted proposals

for consideration by the agency, and in

other instances staff of the Banks and

the agency worked together to analyze

the existing policies and to suggest ways

in which they could be revised to reflect

the changing environment in which the

Banks operate. Such informal processes

and collaborative efforts reflected the

dual regulatory and managerial

responsibilities exercised by the FHLBB

and the Finance Board.

More recently, however, the nature of

the relationship between the Finance

Board and the System has changed, both

as a result of the changes brought about

by FIRREA and of the process of

devolution undertaken by the Finance

Board. As a result of the Finance

Board’s determination to devolve to the

Banks those managerial responsibilities

that are not vested by statute in the

Finance Board, the agency has assumed

a more predominantly regulatory role

with respect to the Banks. The Finance

Board intends to concentrate its efforts

on its regulatory role, overseeing the

safety and soundness of the Banks and

ensuring that they adhere to their

housing finance and community

development missions. In light of the

changes in its role and its relationship

with the Banks, the Finance Board has

determined that it would be appropriate

to issue the FMP as a statement of

agency policy and to solicit comments

on the FMP from the public at large.

II. Statement of Policy

The Finance Board last revised and

reissued the entire FMP in July 1996,

following which Banks and other parties

raised several interpretive questions. In

the version of the FMP that is being

published today the Finance Board is

proposing to resolve three interpretive

questions, to incorporate into the FMP

two other matters that the Finance

Board has addressed previously by

separate resolutions, and to make three

additional changes that the Finance

Board deems appropriate. The

publication of the FMP as a proposed

policy statement shall not suspend the

effectiveness of the version of the FMP

approved by the Finance Board on July

3, 1996 pursuant to Resolution No. 96–

45, nor the separate revisions approved

on December 6, 1996 by Resolution No.

96–90 (relating to inflation-indexed

consolidated obligations) or on January

14, 1997 by Resolution No. 97–05