(a) Notice. Notices of proposed regulations of the Board of Governors
of the Federal Reserve System (the “Board”) or amendments thereto
are published in the Federal Register, except as specified
in paragraph (e) of this section or otherwise excepted by law. Such
notices include a statement of the terms of the proposed regulations
or amendments and a description of the subjects and issues involved;
but the giving of such notices does not necessarily indicate the Board’s
final approval of any feature of any such proposal. The notices also
include a reference to the authority for the proposed regulations
or amendments and a statement of the time, place, and nature of public
participation.
8-018
(b) Public participation. The usual method of public submission of data, views, or arguments
is in writing. It is ordinarily preferable that they be sent to the
Secretary of the Board, Washington, D.C. 20551, with copies to the
appropriate Federal Reserve Bank. The locations of the 12 Federal
Reserve Banks and the boundaries of the Federal Reserve districts
are shown in the appendix to the Board’s Rules of Organization. Such
material will be made available for inspection and copying upon request,
except as provided in section 261.6(b) of this chapter regarding availability
of information.
(c) Preparation of draft and action by Board. In the light of consideration
of all relevant matter presented or ascertained, the appropriate division
of the Board’s staff, in collaboration with other divisions, prepares
drafts of proposed regulations or amendments, and the staff submits
them to the Board. The Board takes such action as it deems appropriate
in the public interest. Any other documents that may be necessary
to carry out any decision by the Board in the matter are usually prepared
by the Legal Division, in collaboration with the other divisions of
the staff.
(d) Effective
dates. Any substantive regulation or amendment thereto issued
by the Board is published not less than 30 days prior to the effective
date thereof, except as specified in paragraph (e) of this section
or as otherwise excepted by law.
8-019
(e) Exceptions as to notice or effective date. In certain situations, notice and public participation with respect
to proposed regulations may be impracticable, unnecessary, contrary
to the public interest, or otherwise not required in the public interest,
or there may be reason and good cause in the public interest why the
effective date should not be deferred for 30 days. The reason or reasons
in such cases usually are that such notice, public participation,
or deferment of effective date would prevent the action from becoming effective
as promptly as necessary in the public interest, would permit speculators
or others to reap unfair profits or to interfere with the Board’s
actions taken with a view to accommodating commerce and business and
with regard to their bearing upon the general credit situation of
the country, would provoke other consequences contrary to the public
interest, would unreasonably interfere with the Board’s necessary
functions with respect to management or personnel, would not aid the
persons affected, or would otherwise serve no useful purpose. The
following may be mentioned as some examples of situations in which
advance notice or deferred effective date, or both, will ordinarily
be omitted in the public interest: The review and determination of
discount rates established by Federal Reserve Banks, and changes in
general requirements regarding reserves of member banks, maximum interest
rates on time and saving deposits, or credit for purchasing or carrying
securities.
