8-435
To implement the open-meeting requirements
of subsections (b) through (f) of the Government in the Sunshine Act
(5 USC 552b), the Board of Governors of the Federal Reserve System
has enacted its Rules Regarding Public Observation of Meetings (12
CFR 261b). The objective of the act is to provide the public with
the fullest practicable information regarding the decisionmaking processes
of defined agencies while at the same time protecting the rights of
individuals and the ability of the government to carry out its responsibilities.
Under the act and part 261b, members of the Board of Governors may
not, after March 12, 1977, jointly conduct or dispose of official
agency business other than in accordance with the procedures specified
in part 261b. Generally, such procedures require that every portion
of every Board meeting be open to public observation, except when
the Board deems that the public interest requires that the meeting
or a portion of the meeting be closed because it relates to a matter
delineated in subsection (c) of the act.
Part 261b provides for the closing of meetings under expedited
procedures as well as for the closing of meetings under regular procedures.
In addition, rules are set forth for the maintenance of transcripts,
recordings, and minutes; for inspection and copying of such transcripts
and minutes; and for related fees.
