For purposes of this part,
the following definitions shall apply:
(a) The
term “agency” means the Board and subdivisions thereof.
(b) The term “subdivision” means any group composed of
two or more Board members that is authorized to act on behalf of the
Board.
(c) The term “meeting” means the deliberations
of at least the number of individual agency members required to take
action on behalf of the agency where such deliberations determine
or result in the joint conduct or disposition of official Board business,
but does not include (1) deliberations required or permitted by subsection
(d) or (e) of the act, or (2) the conduct or disposition of official
agency business by circulating written material to individual members.
(d) The term “number of individual agency members
required to take action on behalf of the agency” means in the case
of the Board, a majority of its members except that (1) Board determination
of the ratio of reserves against deposits under section 19(b) of the
Federal Reserve Act requires the vote of four members, (2) Board action
with respect to advances, discounts and rediscounts under sections
10(a), 11(b) and 13(3) of the Federal Reserve Act requires the vote
of five members and (3) Board action with respect to the percentage
of individual member bank capital and surplus which may be represented
by loans secured by stock and bond collateral under section 11(m)
of the Federal Reserve Act requires the vote of six members. In the
case of subdivisions of the Board, the term means the number of members
constituting a quorum of the designated subdivision.
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(e) The term “member” means a member of the Board appointed under
section 10 of the Federal Reserve Act. In the case of certain Board proceedings
pursuant to 12 USC 1818(e), the Comptroller of the Currency is entitled
to sit as a member of the Board and for these proceedings he shall
be deemed a “member” for the purposes of this part. In the case of
any subdivision of the Board, the term “member” means a member of
the Board designated to serve on that subdivision.
(f) The term “public observation” means that the public shall have
the right to listen and observe but not to record any of the meetings
by means of cameras or electronic or other recording devices unless
approval in advance is obtained from the Public Affairs Office of
the Board and shall not have the right to participate in the meeting,
unless participation is provided for in the Board’s Rules of Procedure.
(g) The term “federal agency” means an “agency” as
defined in 5 USC 551(1).
(h) “Committee” means
the Action Committee established pursuant to 12 CFR 265.1a(c).
