(a) Actions at
meetings. Actions are taken at meetings of the Committee except
as described below.
(b) Actions between
meetings. Special circumstances may make it desirable in the
public interest for Committee members to consider an action to modify
an outstanding Committee authorization or directive at a time when
it is not feasible to call a meeting. Whenever, in the judgment of
the Chair, such circumstances have arisen, the relevant information
and recommendations for action are transmitted to the members by the
secretary, and the members communicate their votes to the secretary.
If the action is approved by a majority of the members, advice to
that effect is promptly given by the secretary to the members of the
Committee and to the Federal Reserve Bank selected to execute transactions
for the System Open Market Account. 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. An action taken
between meetings has the force and effect of an action at a meeting;
provided, however, that if a meeting is held before the execution
of any operations pursuant to the action, the action is null and void
unless it is ratified and confirmed by the Committee at such meeting.
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(c) Delegations of authority. In special circumstances,
the Committee may delegate authority to take an action, subject to
such instructions or guidelines as the Committee deems proper. Such
delegations of authority may be made to the Chair; to a subcommittee
consisting of the Chair and the Vice Chair of the Committee and the
Vice Chair of the Board (or in the absence of the Chair or of the
Vice Chair of the Board the members of the Board designated by the
Chair as alternates, and in the absence of the Vice Chair of the Committee
the alternate for the Vice Chair); or to any other member or members
of the Committee. An action taken pursuant to such a delegation of
authority has the force and effect of an action taken by the Committee.
(d) Technical changes to Committee
rules. The secretary of the Committee (or the acting secretary)
is authorized to make technical corrections, such as spelling, grammar,
construction, and organization (including removal of obsolete provisions
and references), to the Committee’s rules, regulations, and orders
and other records of Committee action but only with the concurrence of the Committee’s
general counsel.
(e) Effective date. Committee action ordinarily is made effective as of the time it
is taken because the nature of the subject matter and the action taken
is such that the public interest and the proper discharge of the Committee’s
responsibilities so require. Occasionally, however, the Committee
may specify that an action is to be effective at some different time.
