Federal Register / Vol. 82, No. 224 / Wednesday, November 22, 2017 / Rules and Regulations 55495 

1See 12 U.S.C. 241. 

2See 12 U.S.C. 248(i). 

3 66 FR 37686 (Jul 19, 2001), as amended at 68 

FR 24743 (May 8, 2003). 

4Since the current structure of the Board was 

established in 1936, the Board has had fewer than 

five members on only a few occasions for a short 

period of time and the Board has never had fewer 

than four members. 

5 In a document published elsewhere in this issue 

of the Federal Register. 

6 In a document published elsewhere in this issue 

of the Federal Register. 

start date that falls within FY 2018 

(October 1, 2017–September 30, 2018) 

will be counted against the new cap of 

9,998. Counting each CW–1 

nonimmigrant worker in this manner 

will help ensure that USCIS does not 

approve requests that would exceed the 

cap of 9,998 CW–1 nonimmigrant 

workers granted such status in FY 2018. 

This document does not affect the 

current immigration status of foreign 

workers who have CW–1 nonimmigrant 

status. Such foreign workers, however, 

will be affected by this document when 

their CNMI employers file: 

• For an extension of their CW–1 

nonimmigrant classification; or 

• A change of status from another 

nonimmigrant status to that of CW–1 

nonimmigrant status. 

This document does not affect the 

status of any individual currently 

holding CW–2 nonimmigrant status as 

the spouse or minor child of a CW–1 

nonimmigrant worker. This document 

also does not directly affect the ability 

of any individual to extend or otherwise 

obtain CW–2 status, as the cap applies 

to CW–1 principals only. This 

document, however, may indirectly 

affect individuals seeking CW–2 status 

since their status depends on the CW– 

1 principal’s ability to obtain or retain 

CW–1 status. 

Elaine C. Duke, 

Acting Secretary of Homeland Security. 

[FR Doc. 2017–25306 Filed 11–21–17; 8:45 am] 

BILLING CODE 9111–97–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 265 

[Docket No. R–1578] 

RIN 7100 AE–85 

Rules Regarding Delegation of 

Authority 

AGENCY: Board of Governors of the 

Federal Reserve System (Board). 

ACTION: Final rule. 

SUMMARY: The Board is amending its 

Rules Regarding Delegation of 

Authority, in connection with the 

amendment to the Board’s Rules of 

Organization (published elsewhere in 

this issue of the Federal Register), to 

provide a modified quorum procedure 

during exigent circumstances. 

DATES: The rule is effective November 

22, 2017. 

FOR FURTHER INFORMATION CONTACT: 

Laurie Schaffer, Associate General 

Counsel, (202) 452–2272, or Daniel 

Hickman, Counsel, (202) 973–7432, 

Legal Division, Board of Governors of 

the Federal Reserve System, 20th Street 

and Constitution Avenue NW., 

Washington, DC 20551. For the hearing 

impaired only, Telecommunication 

Device for Deaf (TDD) users may contact 

(202) 263–4869. 

SUPPLEMENTARY INFORMATION: The Board 

consists of up to seven members 

appointed by the President, by and with 

the advice and consent of the Senate, as 

provided in the Federal Reserve Act 

(Act).1 The Act does not define a 

quorum of the Board, and authorizes the 

Board to make all rules and regulations 

necessary to enable the Board effectively 

to perform its duties and functions.2 For 

many years, the Board defined a quorum 

to be a majority (four members) of its 

authorized strength of seven members. 

In 2003, the Board revised its definition 

of quorum of the Board to be a majority 

of the Board members currently in 

office, unless there are five members in 

office, in which case a quorum would be 

four members.3 This modification 

allowed the Board to function with 

fewer than four members in office and 

enhanced the Board’s ability to function 

during emergencies. 

Over the past decade, the Board has 

had to operate with fewer than five 

members on several occasions.4 Based 

on this experience, the Board has 

determined that substantial vacancies 

present administrative and logistical 

challenges that make it difficult to 

conduct routine business and efficiently 

manage operations, particularly with the 

Board’s traditional reliance on a 3- 

member committee structure. In light of 

these considerations, the Board has 

reconsidered its quorum practice and 

decided to amend its definition of a 

quorum 5 to provide that a quorum of 

the Board is four members, unless there 

are three or fewer members in office, in 

which case a quorum would be all 

members in office. This revised 

definition will facilitate the Board’s 

ability to continue to function 

efficiently during periods of substantial 

vacancies on the Board. This revision 

does not alter the number of Board 

members required to constitute a 

quorum or the functioning of the 

Board’s committee structure in normal 

operating environments (that is, when 

five or more members are in office). 

Since this revision may make it more 

difficult to convene a quorum of the 

Board under exigent circumstances, the 

Board also has added a modified 

definition of quorum providing that, in 

an emergency situation, a quorum of the 

Board consists of a majority of the Board 

members in office.6 An emergency 

situation is defined as a situation when 

action on a matter is necessary to 

prevent, correct, or mitigate serious 

harm to the economy or the stability of 

the financial system, and action is 

required before the full Board can 

convene. As part of this final rule, the 

Board is adding a provision to its 

regulations specifying that the Chair (or 

the Vice Chair, if the Chair is 

unavailable) would be authorized to 

determine when an emergency situation 

exists. 

The revised rule relates solely to the 

internal procedure of the Board, and, 

accordingly, the public notice, public 

comment and delayed effective date 

provisions of the Administrative 

Procedure Act do not apply. See 5 

U.S.C. 553(b) and (d). Because public 

notice and comment is not required, the 

Regulatory Flexibility Act (5 U.S.C. 601 

et seq.) also does not apply to this 

action. 

List of Subjects in 12 CFR Part 265 

Authority delegations (Government 

agencies), Banks, banking. 

Authority and Issuance 

For the reasons set forth in the 

preamble, the Board amends 12 CFR 

part 265 as follows: 

PART 265—RULES REGARDING 

DELEGATION OF AUTHORITY 

■ 1. The authority citation of part 265 

continues to read as follows: 

Authority: 12 U.S.C. 248(i) and (k). 

■ 2. Section 265.4(c) is added to read as 

follows: 

§ 265.4 Functions delegated to Board 

members. 

* * * * * 

(c) Exigent circumstances. The 

Chairman is authorized to determine 

when an emergency situation exists for 

purposes of section 2(b)(2) of the 

Board’s Rules of Organization. If the 

Chairman is unavailable or unable to 

determine that an emergency situation 

exists, then the Vice Chairman is 

authorized to determine when an 

emergency situation exists. 


ethrower on DSK3G9T082PROD with RULES
55496 Federal Register / Vol. 82, No. 224 / Wednesday, November 22, 2017 / Rules and Regulations 

1See 12 U.S.C. 241. 

2See 12 U.S.C. 248(i). 

3 66 FR 37686 (Jul 19, 2001), as amended at 68 

FR 24743 (May 8, 2003). 

4Since the current structure of the Board was 

established in 1936, the Board has had fewer than 

five members on only a few occasions for a short 

period of time and the Board has never had fewer 

than four members. 

5The Board’s Rules Regarding Delegation of 

Authority are codified at 12 CFR part 265. 

By order of the Board of Governors of the 

Federal Reserve System, October 31, 2017. 

Ann E. Misback, 

Secretary of the Board. 

[FR Doc. 2017–24052 Filed 11–21–17; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 265 

[Docket No. OP–1578] 

Rules of Organization 

AGENCY: Board of Governors of the 

Federal Reserve System (Board). 

ACTION: Amendment to Rules of 

Organization. 

SUMMARY: The Board has amended its 

definition of a quorum of the Board in 

the Board’s Rules of Organization. The 

amendment is designed to facilitate the 

Board’s ability to continue to function 

efficiently during periods of substantial 

vacancies on the Board. The amendment 

does not alter the number of Board 

members required to constitute a 

quorum in normal operating 

environments. The amendment also 

addresses Board member recusals and 

disqualifications. In addition, the Board 

has provided a modified definition of a 

quorum during exigent circumstances. 

In connection with this modification, 

the Board is amending its Rules 

Regarding Delegation of Authority, 

published elsewhere in this Federal 

Register, to authorize the Chair (or Vice 

Chair, if the Chair is unavailable) to 

determine when an emergency situation 

exists. 

DATES: The amendment to the Board’s 

Rules of Organization became effective 

on October 25, 2017. 

FOR FURTHER INFORMATION CONTACT: 

Laurie Schaffer, Associate General 

Counsel (202) 452–2272, or Daniel 

Hickman, Counsel (202) 973–7432, 

Legal Division, Board of Governors of 

the Federal Reserve System, 20th Street 

and Constitution Avenue NW., 

Washington, DC 20551. For the hearing 

impaired only, Telecommunication 

Device for Deaf (TDD) users may contact 

(202) 263–4869. 

SUPPLEMENTARY INFORMATION: The Board 

consists of up to seven members 

appointed by the President, by and with 

the advice and consent of the Senate, as 

provided in the Federal Reserve Act 

(Act).1 The Act does not define a 

quorum of the Board, and authorizes the 

Board to make all rules and regulations 

necessary to enable the Board effectively 

to perform its duties and functions.2 For 

many years, the Board defined a quorum 

to be a majority (four members) of its 

authorized strength of seven members. 

In 2003, the Board revised its definition 

of a quorum of the Board to be a 

majority of the Board members currently 

in office, unless there are five members 

in office, in which case a quorum would 

be four members.3 This modification 

allowed the Board to function with 

fewer than four members in office and 

enhanced the Board’s ability to function 

during emergencies. 

Over the past decade, the Board has 

had to operate with fewer than five 

members on several occasions.4 Based 

on this experience, the Board has 

determined that substantial vacancies 

present administrative and logistical 

challenges that make it difficult to 

conduct routine business and efficiently 

manage operations, particularly with the 

Board’s traditional reliance on a 3- 

member committee structure. In light of 

these considerations, the Board has 

reconsidered its quorum practice and 

decided to amend its definition of a 

quorum to provide that a quorum of the 

Board is four members, unless there are 

three or fewer members in office, in 

which case a quorum would be all 

members in office. This revised 

definition will facilitate the Board’s 

ability to continue to function 

efficiently during periods of substantial 

vacancies on the Board. This revision 

does not alter the number of Board 

members required to constitute a 

quorum or the functioning of the 

Board’s committee structure in normal 

operating environments (that is, when 

five or more members are in office). 

Increasing the quorum requirement 

for a four-member and three-member 

Board may make it more difficult to 

convene a quorum if a member of the 

Board is recused or disqualified from a 

particular matter. To address this 

concern, the Board also has amended its 

Rules of Organization to clarify that 

Board members who are recused or 

disqualified from participating in a 

particular matter will be excluded from 

calculations of the quorum requirement 

for that matter. 

Since the revisions may make it more 

difficult to convene a quorum of the 

Board under exigent circumstances, the 

Board also has added a modified 

definition of quorum providing that, in 

an emergency situation, a quorum of the 

Board consists of a majority of the Board 

members in office. An emergency 

situation is defined as a situation when 

action on a matter is necessary to 

prevent, correct, or mitigate serious 

harm to the economy or the stability of 

the financial system, and action is 

required before the full Board can 

convene. The Board is amending its 

Rules Regarding Delegation of Authority 

(12 CFR part 265), published elsewhere 

in this Federal Register, to authorize the 

Chair (or the Vice Chair, if the Chair is 

unavailable) to determine when an 

emergency situation exists. 

The Board has incorporated these 

revisions into its Rules of Organization 

and Rules Regarding Delegation of 

Authority,5 published elsewhere in this 

Federal Register. The revisions relate 

solely to the internal procedure of the 

Board, and, accordingly, the public 

notice, public comment and delayed 

effective date provisions of the 

Administrative Procedure Act do not 

apply. See 5 U.S.C. 553(b) and (d). 

Because public notice and comment is 

not required, the Regulatory Flexibility 

Act (5 U.S.C. 601 et seq.) also does not 

apply to this action. 

Board of Governors—Rules of 

Organization 

■ Section 2 paragraph (b) is revised to 

read as follows: 

Section 2 Composition, Location, and 

Public Information 

* * * * * 

(b)(1) Quorum. Four Board members 

constitutes a quorum of the Board for 

purposes of transacting business except 

that, if there are three or fewer Board 

members in office, then a quorum 

consists of all Board members currently 

in office. If a Board member is recused 

or disqualified from participating in a 

matter, the member shall not be counted 

for purposes of calculating the quorum 

for that matter. 

(b)(2) Exigent Circumstances. In an 

emergency situation, a quorum of the 

Board consists of a majority of the Board 

members in office. An emergency 

situation exists when action on a matter 

is necessary to prevent, correct, or 

mitigate serious harm to the economy or 

the stability of the financial system, and 

action is required before the full Board 

can convene. 


ethrower on DSK3G9T082PROD with RULES