Internal memoranda prepared by the legal staff of the Board of Governors should not normally be subject to release under the Government in the Sunshine Act and the Freedom of Information Act. The longstanding principle of confidentiality in the attorney-client relationship that exists between the Board and its legal staff would be seriously eroded by requiring the release of staff legal memoranda. Moreover, the prospect of unrestricted release of any staff memorandum would severely impede the staff’s ability to provide the Board with full and frank discussions and evaluations of sensitive issues. STAFF OP. of March 29, 1979.

Under terms of the Freedom of Information Act and the concomitant case law, the Board and the Reserve Banks are under no obligation to compile or procure lists that are not presently in existence or in their possession. If such lists are in existence and in the possession of the Board and/or the Reserve Bank, the burden falls upon them either to release such lists or to justify nondisclosure on grounds of one of the specific exemptions in the act. BHC-44; May 22, 1974.