,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #ejah  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #g1 #bjad ,mr4  
,huiz5ga ( ,mi*igan 7= himself & ,mr4   
,g>rett7 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committee  
on ,ov]sight & ,gov]nm5t ,re=m1 = a     
p]iod to be subsequ5tly det]m9$ by !    
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,a ,,bill  ,to am5d 
! ,f$]al ,res]ve ,act to e/abli%        
requirem5ts = policy rules & black\t    
p]iods ( ! ,f$]al ,op5 ,m>ket           
,committee1 to e/abli% requirem5ts =    
c]ta9 activities ( ! ,bo>d ( ,gov]nors (
 ! ,f$]al ,res]ve ,sy/em1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,f$]al ,res]ve             
,acc\ntability & ,transp>5cy ,act (     
#bjad4  #b4 ,requirem5ts = policy rules 
( ! ,f$]al ,op5 ,m>ket ,committee  7a7  
,9 g5]al ,! ,f$]al ,res]ve ,act 7#ab    
,u4,s4,c4 #bba et seq47 is am5d$ by     

ins]t+ aft] section #b;,b ! foll[+ new  
section3  #b;,c4 ,directive ,policy     
,rules ( ! ,f$]al ,op5 ,m>ket ,committee
  7a7 ,def9itions ,9 ?is section !      
foll[+ def9itions %all apply3  7#a7     
,appropriate congressional committees ,!
 t]m appropriate congressional          
committees means ! ,committee on        
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate4  7#b7 ,directive ,policy ,rule  
,! t]m ,directive ,policy ,rule means a 
policy rule develop$ by ! ,f$]al ,op5   
,m>ket ,committee t meets ! requirem5ts 
( subsection 7c7 & t provides ! basis = 
! ,op5 ,m>ket ,op]ations ,directive4    
7#c7 ,,gdp ,! t]m ,,gdp means ! gross   
dome/ic product ( ! ,unit$ ,/ates z     
comput$ & publi%$ by ! ,dep>tm5t (      
,comm]ce4  7#d7 ,int]m$iate ,policy     
,input ,! t]m ,int]m$iate ,policy       
,input--  7,a7 may include any v>iable  
det]m9$ by ! ,f$]al ,op5 ,m>ket         
,committee z a necess>y input to guide  

op5-m>ket op]ations2  7,b7 %all include 
an e/imate (1 & ! me?od ( calculation =1
 ! curr5t rate ( inflation or curr5t    
inflation expectations2 &  7,c7 %all    
include1 specify+ :e!r ! v>iable or     
e/imate is hi/orical1 curr5t1 or a =eca/
 & ! me?od ( calculation1 at lea/ "o (--
  7i7 an e/imate ( real ,,gdp1 nom9al   
,,gdp1 or pot5tial ,,gdp2  7ii7 an      
e/imate ( ! monet>y aggregate compil$ by
 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve 
,sy/em & ,f$]al res]ve banks2 or  7iii7 
an int]active v>iable or a net e/imate  
compos$ ( ! e/imates describ$ 9 clauses 
7i7 & 7ii74  7#e7 ,legislative day ,!   
t]m legislative day means a day on :i*  
ei!r ,h\se ( ,congress is 9 session4    
7#f7 ,op5 ,m>ket ,op]ations ,directive  
,! t]m ,op5 ,m>ket ,op]ations ,directive
 means an ord] to a*ieve a specifi$     
,policy ,in/rum5t ,t>get provid$ to !   
,f$]al ,res]ve ,bank ( ,new ,york by !  
,f$]al ,op5 ,m>ket ,committee pursuant  
to p[]s au?oriz$ "u section #ad ( ?is   
,act t guide op5-m>ket op]ations4  7#g7 

,policy ,in/rum5t ,! t]m ,policy        
,in/rum5t means--  7,a7 ! nom9al ,f$]al 
funds rate2  7,b7 ! nom9al rate ( int]e/
 paid on nonborr[$ res]ves2 or  7,c7 !  
disc\nt w9d[ prim>y cr$it int]e/ rate   
mo/ rec5tly publi%$ on ! ,f$]al ,res]ve 
,/ati/ical ,release on select$ int]e/   
rates 7daily or weekly71 commonly ref]r$
 to z ! ,h4#ae release4  7#h7 ,policy   
,in/rum5t ,t>get ,! t]m ,policy         
,in/rum5t ,t>get means ! t>get = !      
,policy ,in/rum5t specifi$ 9 ! ,op5     
,m>ket ,op]ations ,directive4  7#i7     
,ref]5ce ,policy ,rule ,! t]m ,ref]5ce  
,policy ,rule means a calculation ( !   
nom9al ,f$]al funds rate z equal to !   
sum ( ! foll[+3  7,a7 ,! rate (         
inflation ov] ! previ\s f\r qu>t]s4     
7,b7 ,"o-half ( ! p]c5tage deviation ( !
 real ,,gdp f an e/imate ( pot5tial     
,,gdp4  7,c7 ,"o-half ( ! diff]5ce      
betwe5 ! rate ( inflation ov] ! previ\s 
f\r qu>t]s & two4  7,d7 ,two4  7b7      
,submitt+ a ,directive ,policy ,rule ,n 
lat] ?an #dh h\rs aft] ! end ( a meet+ (

 ! ,f$]al ,op5 ,m>ket ,committee1 !     
,*airman ( ! ,f$]al ,op5 ,m>ket         
,committee %all submit to ! appropriate 
congressional committees & ! ,comptroll]
 ,g5]al ( ! ,unit$ ,/ates a ,directive  
,policy ,rule & a /atem5t t id5tifies ! 
memb]s ( ! ,f$]al ,op5 ,m>ket ,committee
 :o vot$ 9 favor ( ! ,rule4  7c7        
,requirem5ts = a ,directive ,policy     
,rule ,a ,directive ,policy ,rule %all--
  7#a7 id5tify ! ,policy ,in/rum5t !    
,directive ,policy ,rule is design$ to  
t>get2  7#b7 describe ! /rategy or rule 
( ! ,f$]al ,op5 ,m>ket ,committee = !   
sy/ematic quantitative adju/m5t ( !     
,policy ,in/rum5t ,t>get to respond to a
 *ange 9 ! ,int]m$iate ,policy ,inputs2 
7#c7 include a function t compreh5sively
 models ! int]active relation%ip betwe5 
! ,int]m$iate ,policy ,inputs2  7#d7    
include ! coeffici5ts ( ! ,directive    
,policy ,rule t g5]ate ! curr5t ,policy 
,in/rum5t ,t>get & a range ( pr$ict$    
future values = ! ,policy ,in/rum5t     
,t>get if *anges occur 9 any ,int]m$iate

 ,policy ,input2  7#e7 describe !       
proc$ure = adju/+ ! supply ( bank       
res]ves to a*ieve ! ,policy ,in/rum5t   
,t>get2  7#f7 include a /atem5t z to    
:e!r ! ,directive ,policy ,rule         
sub/antially con=ms to ! ,ref]5ce       
,policy ,rule &1 if applicable--  7,a7  
an explanation ( ! ext5t to :i* x dep>ts
 f ! ,ref]5ce ,policy ,rule2  7,b7 a    
detail$ ju/ification = t dep>ture2 &    
7,c7 a description ( ! circum/ances "u  
:i* ! ,directive ,policy ,rule may be   
am5d$ 9 ! future2  7#g7 include a       
c]tification t su* ,rule is expect$ to  
support ! economy 9 a*iev+ /able prices 
& maximum natural employm5t ov] ! long  
t]m2 &  7#h7 include a calculation t    
describes ) ma!matical precision !      
expect$ annual inflation rate ov] a     
#e-ye> p]iod4  7d7 ,,gao report ,!      
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all comp>e ! ,directive ,policy ,rule  
submitt$ "u subsection 7b7 ) ! rule t 0 
mo/ rec5tly submitt$ to det]m9e :e!r !  
,directive ,policy ,rule has mat]ially  

*ang$4 ,if ! ,directive ,policy ,rule   
has mat]ially *ang$1 ! ,comptroll]      
,g5]al %all1 n lat] ?an #g days aft] ea*
 meet+ ( ! ,f$]al ,op5 ,m>ket           
,committee1 conduct an audit ( ! ,rule &
 submit a report to ! appropriate       
congressional committees specify+ :e!r !
 ,rule submitt$ aft] t meet+ & ! ,f$]al 
,op5 ,m>ket ,committee are 9 compliance 
) ?is section4  7e7 ,*ang+ m>ket        
conditions  7#a7 ,rule ( con/ruction    
,no?+ 9 ?is ,act %all be con/ru$ to     
require t ! plans ) respect to !        
sy/ematic quantitative adju/m5t ( !     
,policy ,in/rum5t ,t>get describ$ "u    
subsection 7c77#b7 be implem5t$ if !    
,f$]al ,op5 ,m>ket ,committee det]m9es t
 su* plans _c or %\ld n be a*iev$ due to
 *ang+ m>ket conditions4  7#b7 ,,gao    
approval ( update ,^u det]m9+ t plans   
describ$ 9 p>agraph 7#a7 _c or %\ld n be
 a*iev$1 ! ,f$]al ,op5 ,m>ket ,committee
 %all submit an explanation = t         
det]m9ation & an updat$ v]sion ( !      
,directive ,policy ,rule to !           

,comptroll] ,g5]al ( ! ,unit$ ,/ates & !
 appropriate congressional committees n 
lat] ?an #dh h\rs aft] mak+ !           
det]m9ation4 ,! ,comptroll] ,g5]al %all1
 n lat] ?an #dh h\rs aft] receiv+ su*   
updat$ v]sion1 conduct an audit & issue 
a report det]m9+ :e!r su* updat$ v]sion 
& ! ,f$]al ,op5 ,m>ket ,committee are 9 
compliance ) ?is section4  7f7          
,directive ,policy ,rule & ,f$]al ,op5  
,m>ket ,committee n 9 compliance  7#a7  
,9 g5]al ,if ! ,comptroll] ,g5]al ( !   
,unit$ ,/ates det]m9es t ! ,directive   
,policy ,rule & ! ,f$]al ,op5 ,m>ket    
,committee are n 9 compliance ) ?is     
section 9 ! report submitt$ pursuant to 
subsection 7d71 or t ! updat$ v]sion ( !
 ,directive ,policy ,rule & ! ,f$]al    
,op5 ,m>ket ,committee are n 9          
compliance ) ?is section 9 ! report     
submitt$ pursuant to subsection 7e77#b71
 ! ,*airman ( ! ,bo>d ( ,gov]nors ( !   
,f$]al ,res]ve ,sy/em %all1 n lat] ?an  
#g legislative days aft] ! date (       
submission ( su* a report1 te/ify be=e !

 appropriate congressional committees z 
to :y ! ,directive ,policy ,rule1 !     
updat$ v]sion1 or ! ,f$]al ,op5 ,m>ket  
,committee is n 9 compliance4  7#b7     
,,gao audit ,not)/&+ subsection 7b7 (   
section #gad ( title #ca1 ,unit$ ,/ates 
,code1 ^u submitt+ a report (           
noncompliance pursuant to subsection 7d7
 or subsection 7e77#b7 & aft] ! p]iod ( 
#g legislative days describ$ 9 p>agraph 
7#a71 ! ,comptroll] ,g5]al %all audit ! 
conduct ( monet>y policy by ! ,bo>d (   
,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! 
,f$]al ,op5 ,m>ket ,committee ^u reque/ 
( ! appropriate congressional committee4
 ,su* committee may specify ! p>amet]s (
 su* audit4  7g7 ,congressional he>+s ,!
 ,*airman ( ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em %all1 if reque/$  
by ei!r ( ! appropriate congressional   
committees & n lat] ?an #g legislative  
days aft] su* reque/1 appe> be=e su*    
committee to expla9 any *ange to !      
,directive ,policy ,rule4  4  7b7       
,con=m+ am5dm5t ,! second s5t5ce (      

subsection 7b7 ( section #gad ( title   
#ca1 ,unit$ ,/ates ,code1 is am5d$ by   
/rik+ ,audits & ins]t+ ,except z provid$
 9 section #b;,c7f7 ( ! ,f$]al ,res]ve  
,act1 audits4  #c4 ,f$]al ,op5 ,m>ket   
,committee black\t p]iod  ,section      
#ab;,a ( ! ,f$]al ,res]ve ,act 7#ab     
,u4,s4,c4 #bfc7 is am5d$ by add+ at !   
end ! foll[+ new subsection3  7d7       
,black\t p]iod  7#a7 ,9 g5]al ,dur+ a   
black\t p]iod1 ! only public            
communications t may be made by memb]s &
 /aff ( ! ,committee ) respect to       
macroeconomic or f9ancial developm5ts or
 ab\t curr5t or prospective monet>y     
policy issues are ! foll[+3  7,a7 ,!    
dissem9ation ( publi%$ data1 surveys1 & 
reports t h be5 cle>$ = publication by !
 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve   
,sy/em4  7,b7 ,answ]s to te*nical       
que/ions specific to a data release4    
7,c7 ,communications ) respect to !     
prud5tial or sup]visory functions ( !   
,bo>d ( ,gov]nors4  7#b7 ,black\t p]iod 
def9$ ,= purposes ( ?is subsection1 & ) 

respect to a meet+ ( ! ,committee       
describ$ "u subsection 7a71 ! t]m       
black\t p]iod means ! "t p]iod t--  7,a7
 beg9s imm$iately aft] midnight on ! day
 t is "o week prior to ! date on :i* su*
 meet+ takes place2 &  7,b7 ends at     
midnight on ! day aft] ! date on :i* su*
 meet+ takes place4  4  #d4 ,requirem5ts
 = /ress te/s & sup]visory lett]s = !   
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em  7a7 ,/ress te/ rulemak+1 ,,gao  
review1 & publication ( results ,section
 #afe7;i77#a77;,b7 ( ! ,dodd-,frank     
,wall ,/reet ,re=m & ,consum]           
,protection ,act 7#ab ,u4,s4,c4         
#ecfe7;i77#a77;,b77 is am5d$--  7#a7 by 
am5d+ clause 7i7 to read z foll[s3  7i7 
%all--  7,i7 issue regulations1 aft]    
provid+ = public notice & comm5t1 t     
provide = at lea/ #c diff]5t sets (     
conditions "u :i* ! evaluation requir$  
by ?is subsection %all be conduct$1     
includ+ basel9e1 adv]se1 & sev]ely      
adv]se1 & me?odologies1 includ+ models  
us$ to e/imate losses on c]ta9 assets2 &

  7,,ii7 provide copies ( su*           
regulations to ! ,comptroll] ,g5]al ( ! 
,unit$ ,/ates & ! ,panel ( ,economic    
,advisors ( ! ,congressional ,budget    
,(fice be=e publi%+ su* regulations2  2 
&  7#b7 9 clause 7v71 by ins]t+ be=e !  
p]iod ! foll[+3 1 includ+ any results ( 
a resubmitt$ te/4  7b7 ,publication ( ! 
numb] ( sup]visory lett]s s5t to ! l>ge/
 bank hold+ companies ,section #afe ( ! 
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecfe7 is fur!r am5d$ by add+ at ! end 
! foll[+ new subsection3  7l7           
,publication ( sup]visory lett]         
in=mation ,! ,bo>d ( ,gov]nors %all     
publicly disclose--  7#a7 ! aggregate   
numb] ( sup]visory lett]s s5t to bank   
hold+ companies describ$ 9 subsection   
7a7 s9ce ! date ( ! enactm5t ( ?is      
section1 & keep su* numb] updat$2 &     
7#b7 ! aggregate numb] ( su* lett]s t   
are designat$ z ,matt]s ,requir+        
,att5tion & ! aggregate numb] ( su*     
lett]s t are designat$ z ,matt]s        

,requir+ ,imm$iate ,att5tion4  4  #e4   
,frequ5cy ( te/imony ( ! ,*airman ( !   
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em to ,congress  7a7 ,9 g5]al       
,section #b;,b ( ! ,f$]al ,res]ve ,act  
7#ab ,u4,s4,c4 #bbe;b7 is am5d$--  7#a7 
by /rik+ semi-annual ea* place x appe>s 
& ins]t+ qu>t]ly2 &  7#b7 9 subsection  
7a77#b7--  7,a7 by ins]t+ & ,octob] #bj 
aft] ,july #bj ea* place x appe>s2 &    
7,b7 by ins]t+ & ,may #bj aft] ,febru>y 
#bj ea* place x appe>s4  7b7 ,con=m+    
am5dm5t ,p>agraph 7#ab7 ( section #aj ( 
! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4    
#bdg;b7#ab77 is am5d$ by /rik+          
semi-annual & ins]t+ qu>t]ly4  #f4 ,vice
 ,*airman = ,sup]vision report          
requirem5t ,section #aj ( ! ,f$]al      
,res]ve ,act is am5d$--  7#a7 by        
r$esignat+ p>agraph 7#ab7 z p>agraph    
7#aa72 &  7#b7 9 p>agraph 7#aa71 z s    
r$esignat$1 by add+ at ! end ! foll[+3  
,9 ea* su* appe>ance1 ! ,vice ,*airman =
 ,sup]vision %all provide writt5        
te/imony t includes ! /atus ( all p5d+ &

 anticipat$ rulemak+s t are be+ made by 
! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve  
,sy/em4 ,if1 at ! "t ( any appe>ance    
describ$ 9 ?is p>agraph1 ! position (   
,vice ,*airman = ,sup]vision is vacant1 
! ,vice ,*airman = ! ,bo>d ( ,gov]nors (
 ! ,f$]al ,res]ve ,sy/em 7:o has !      
responsibility to s]ve 9 ! abs5ce ( !   
,*airman7 %all appe> in/ead & provide ! 
requir$ writt5 te/imony4 ,if1 at ! "t ( 
any appe>ance describ$ 9 ?is p>agraph1  
bo? ,vice ,*airman positions are vacant1
 ! ,*airman ( ! ,bo>d ( ,gov]nors ( !   
,f$]al ,res]ve ,sy/em %all appe> in/ead 
& provide ! requir$ writt5 te/imony44   
#g4 ,economic analysis ( regulations ( !
 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve   
,sy/em  ,section #aa ( ! ,f$]al ,res]ve 
,act 7#ab ,u4,s4,c4 #bdh7 is am5d$ by   
ins]t+ aft] subsection 7l7 ! foll[+ new 
subsection3  7m7 ,consid]ation (        
economic impacts  7#a7 ,9 g5]al ,be=e   
issu+ any regulation1 ! ,bo>d (         
,gov]nors ( ! ,f$]al ,res]ve ,sy/em     
%all--  7,a7 cle>ly id5tify ! nature &  

s\rce ( ! problem t ! propos$ regulation
 is design$ to address1 assess !        
significance ( t problem1 & assess :e!r 
any new regulation is w>rant$2  7,b7    
assess ! qualitative & quantitative co/s
 & b5efits ( ! propos$ regulation &     
propose or adopt a regulation only on a 
reason$ det]m9ation t ! b5efits ( !     
propos$ regulation outweigh ! co/s ( !  
regulation2  7,c7 id5tify & assess      
available alt]natives to ! propos$      
regulation t 7 consid]$1 includ+ any    
alt]native (f]$ by a memb] ( ! ,bo>d (  
,gov]nors ( ! ,f$]al ,res]ve ,sy/em or !
 ,f$]al ,op5 ,m>ket ,committee & includ+
 any modification ( an exi/+ regulation1
 toge!r ) an explanation ( :y !         
regulation meets ! regulatory objectives
 m effectively ?an ! alt]natives2 &     
7,d7 ensure t any propos$ regulation is 
accessible1 consi/5t1 writt5 9 pla9     
language1 & easy to und]/& & %all       
measure1 & seek to improve1 ! actual    
results ( regulatory requirem5ts4  7#b7 
,consid]ations & actions  7,a7 ,requir$ 

actions ,9 decid+ :e!r & h[ to regulate1
 ! ,bo>d %all assess ! co/s & b5efits ( 
available regulatory alt]natives1       
includ+ ! alt]native ( n regulat+1 &    
*oose ! approa* t maximizes net b5efits4
 ,specifically1 ! ,bo>d %all--  7i7     
evaluate :e!r1 consi/5t ) a*iev+        
regulatory objectives1 ! regulation is  
tailor$ to impose ! lea/ impact on !    
availability ( cr$it & economic gr[? &  
to impose ! lea/ burd5 on society1      
includ+ m>ket p>ticipants1 individuals1 
bus9esses ( diff]5t sizes1 & o!r        
entities 7includ+ ,/ate & local         
gov]nm5tal entities71 tak+ into acc\nt1 
to ! ext5t practicable1 ! cumulative    
co/s ( regulations2 &  7ii7 evaluate    
:e!r ! regulation is inconsi/5t1        
incompatible1 or duplicative ( o!r      
,f$]al regulations4  7,b7 ,additional   
consid]ations ,9 addition1 9 mak+ a     
reason$ det]m9ation ( ! co/s & b5efits (
 a propos$ regulation1 ! ,bo>d %all1 to 
! ext5t t ea* is relevant to ! p>ticul> 
propos$ regulation1 take into           

consid]ation ! impact ( ! regulation1   
includ+ second>y co/s su* z an increase 
9 ! co/ or a r$uction 9 ! availability (
 cr$it or inve/m5t s]vices or products1 
on--  7i7 ! safety & s\ndness ( ! ,unit$
 ,/ates bank+ sy/em2  7ii7 m>ket        
liquidity 9 securities m>kets2  7iii7   
small bus9esses2  7iv7 community banks2 
7v7 economic gr[?2  7vi7 co/ & access to
 capital2  7vii7 m>ket /ability2  7viii7
 global competitiv5ess2  7ix7 job       
creation2  7x7 ! effectiv5ess ( !       
monet>y policy transmission me*anism2 & 
7xi7 employm5t levels4  7#c7            
,explanation & comm5ts ,! ,bo>d %all    
expla9 9 its f9al rule ! nature (       
comm5ts t x receiv$ & %all provide a    
response to ^? comm5ts 9 its f9al rule1 
includ+ an explanation ( any *anges t 7 
made 9 response to ^? comm5ts & !       
reasons t ! ,bo>d did n incorporate     
conc]ns relat$ to ! pot5tial co/s or    
b5efits 9 ! f9al rule4  7#d7            
,po/adoption impact assessm5t  7,a7 ,9  
g5]al ,:5ev] ! ,bo>d adopts or am5ds a  

regulation designat$ z a major rule )9 !
 mean+ ( section #hjd7b7 ( title #e1    
,unit$ ,/ates ,code1 x %all /ate1 9 its 
adopt+ release1 ! foll[+3  7i7 ,!       
purposes & int5d$ consequ5ces ( !       
regulation4  7ii7 ,! assessm5t plan t w 
be us$1 consi/5t ) ! requirem5ts (      
subp>agraph 7,b71 to assess :e!r !      
regulation has a*iev$ ! /at$ purposes4  
7iii7 ,appropriate po/implem5tation     
quantitative & qualitative metrics to   
measure ! economic impact ( ! regulation
 & ! ext5t to :i* ! regulation has      
accompli%$ ! /at$ purpose ( !           
regulation4  7iv7 ,any reasonably       
=eseeable indirect effects t may result 
f ! regulation4  7,b7 ,requirem5ts (    
assessm5t plan & report  7i7            
,requirem5ts ( plan ,! assessm5t plan   
requir$ "u ?is p>agraph %all consid] !  
co/s1 b5efits1 & int5d$ & un9t5d$       
consequ5ces ( ! regulation4 ,! plan %all
 specify ! data to be collect$1 ! me?ods
 = collection & analysis ( ! data1 & a  
date = completion ( ! assessm5t4 ,!     

assessm5t plan %all include an analysis 
( any jobs add$ or lo/ z a result ( !   
regulation1 diff]5tiat+ betwe5 public & 
private sector jobs4  7ii7 ,submission &
 publication ( report ,! ,bo>d %all1 n  
lat] ?an #b ye>s aft] ! publication ( ! 
adopt+ release1 publi% ! assessm5t plan 
9 ! ,f$]al ,regi/] = notice & comm5t4   
,if ! ,bo>d det]m9es1 at lea/ #ij days  
be=e ! deadl9e = publication ( !        
assessm5t plan1 t an ext5sion is        
necess>y1 ! ,bo>d %all publi% a notice (
 su* ext5sion & ! specific reasons :y ! 
ext5sion is necess>y 9 ! ,f$]al ,regi/]4
 ,any mat]ial modification ( ! assessm5t
 plan1 z necess>y to assess un=ese5     
aspects or consequ5ces ( ! regulation1  
%all be promptly publi%$ 9 ! ,f$]al     
,regi/] = notice & comm5t4  7iii7 ,data 
collection n subject to notice & comm5t 
requirem5ts ,if ! ,bo>d has publi%$ !   
assessm5t plan = notice & comm5t at lea/
 #cj days be=e ! adoption ( a regulation
 designat$ z a major rule1 ! collection 
( data "u ! assessm5t plan %all n be    

subject to ! notice & comm5t requirem5ts
 9 section #cejf7;c7 ( title #dd1 ,unit$
 ,/ates ,code 7commonly ref]r$ to z !   
,pap]work ,r$uction ,act74 ,any mat]ial 
modification ( ! plan t requires        
collection ( data n previ\sly publi%$ = 
notice & comm5t %all also be exempt f   
su* requirem5ts if ! ,bo>d has publi%$  
notice 9 ! ,f$]al ,regi/] = comm5t on ! 
additional data to be collect$1 at lea/ 
#cj days be=e ! initiation ( data       
collection4  7iv7 ,f9al action ,n lat]  
?an #ahj days aft] publication ( !      
assessm5t plan 9 ! ,f$]al ,regi/]1 !    
,bo>d %all issue = notice & comm5t a    
proposal to am5d or resc9d ! regulation1
 or %all publi% a notice t ! ,bo>d has  
det]m9$ t no action w be tak5 on !      
regulation4 ,su* a notice w be deem$ a  
f9al ag5cy action4  7#e7 ,cov]$         
regulations & o!r actions ,solely z us$ 
9 ?is subsection1 ! t]m regulation--    
7,a7 means a /atem5t ( g5]al            
applicability & future effect t is      
design$ to implem5t1 int]pret1 or       

prescribe law or policy1 or to describe 
! proc$ure or practice requirem5ts ( !  
,bo>d ( ,gov]nors1 includ+ rules1 ord]s 
( g5]al applicability1 int]pretive      
releases1 & o!r /atem5ts ( g5]al        
applicability t ! ,bo>d ( ,gov]nors     
int5ds to h ! =ce & effect ( law2 &     
7,b7 does n include--  7i7 a regulation 
issu$ 9 accordance ) ! =mal rulemak+    
provisions ( section #eef or #eeg (     
title #e1 ,unit$ ,/ates ,code2  7ii7 a  
regulation t is limit$ to !             
organization1 managem5t1 or p]sonnel    
matt]s ( ! ,bo>d ( ,gov]nors2  7iii7 a  
regulation promulgat$ pursuant to       
/atutory au?ority t expressly prohibits 
compliance ) ?is provision2 or  7iv7 a  
regulation t is c]tifi$ by ! ,bo>d (    
,gov]nors to be an em]g5cy action1 if   
su* c]tification is publi%$ 9 ! ,f$]al  
,regi/]4  4  #h4 ,sal>ies1 f9ancial     
disclosures1 & (fice /aff ( ! ,bo>d (   
,gov]nors ( ! ,f$]al ,res]ve ,sy/em  7a7
 ,9 g5]al ,section #aa ( ! ,f$]al       
,res]ve ,act 7#ab ,u4,s4,c4 #bdh7 is    

fur!r am5d$--  7#a7 by r$esignat+ !     
second subsection 7s7 7relat+ to        
assessm5ts1 fees1 & o!r *>ges = c]ta9   
companies7 z subsection 7t72 &  7#b7 by 
add+ at ! end ! foll[+ new subsections3 
7u7 ,e?ics /&>ds = memb]s & employees   
7#a7 ,prohibit$ & re/rict$ f9ancial     
int]e/s & transactions ,! memb]s &      
employees ( ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em %all be subject to
 ! provisions "u section #ddja4ajb (    
title #e1 ,code ( ,f$]al ,regulations1  
to ! same ext5t z su* provisions apply  
to an employee ( ! ,securities &        
,ex*ange ,commission4  7#b7 ,treatm5t ( 
brok]age acc\nts & availability ( acc\nt
 /atem5ts ,! memb]s & employees ( !     
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all--  7,a7 disclose all        
brok]age acc\nts t !y ma9ta91 z well z  
^? 9 :i* !y control trad+ or h a        
f9ancial int]e/ 7includ+ manag$ acc\nts1
 tru/ acc\nts1 inve/m5t club acc\nts1 & 
! acc\nts ( sp\ses or m9or *ildr5 :o    
live ) ! memb] or employee72 &  7,b7 )  

respect to any securities acc\nt t !    
memb] or employee is requir$ to disclose
 to ! ,bo>d ( ,gov]nors1 au?orize _!    
brok]s & deal]s to s5d duplicate acc\nt 
/atem5ts directly to ,bo>d ( ,gov]nors4 
7#c7 ,prohibitions relat$ to outside    
employm5t & activities ,! memb]s &      
employees ( ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em %all be subject to
 ! prohibitions relat$ to outside       
employm5t & activities describ$ "u      
section #ddja4ajc7;c7 ( title #e1 ,code 
( ,f$]al ,regulations1 to ! same ext5t z
 su* prohibitions apply to an employee (
 ! ,securities & ,ex*ange ,commission4  
7#d7 ,additional e?ics /&>ds ,! memb]s &
 employees ( ! ,bo>d ( ,gov]nors ( !    
,f$]al ,res]ve ,sy/em %all be subject   
to--  7,a7 ! employee responsibilities &
 conduct regulations ( ! ,(fice (       
,p]sonnel ,managem5t "u "p #gce ( title 
#e1 ,code ( ,f$]al ,regulations2  7,b7 !
 canons ( e?ics conta9$ 9 subp>t ,c ( "p
 #bjj ( title #ag1 ,code ( ,f$]al       
,regulations1 to ! same ext5t z su*     

subp>t applies to ! employees ( !       
,securities & ,ex*ange ,commission2 &   
7,c7 ! regulations conc]n+ ! conduct (  
memb]s & employees & =m] memb]s &       
employees conta9$ 9 subp>t ,m ( "p #bjj 
( title #ag1 ,code ( ,f$]al             
,regulations1 to ! same ext5t z su*     
subp>t applies to ! employees ( !       
,securities & ,ex*ange ,commission4  7v7
 ,disclosure ( /aff sal>ies & f9ancial  
in=mation ,! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em %all make publicly
 available1 on ! website ( ! ,bo>d (    
,gov]nors1 a se>*able database t conta9s
 ! names ( all memb]s1 (fic]s1 &        
employees ( ! ,bo>d ( ,gov]nors & ea*   
,f$]al res]ve bank :o receive an annual 
sal>y 9 excess ( ! annual rate ( basic  
pay = ,,gs-#ae ( ! ,g5]al ,s*$ule1 &--  
7#a7 ! ye>ly sal>y in=mation = su*      
individuals1 along ) any nonsal>y       
comp5sation receiv$ by su* individuals2 
&  7#b7 any f9ancial disclosures requir$
 to be made by su* individuals4  4  7b7 
,(fice /aff = ea* memb] ( ! ,bo>d (     

,gov]nors ,subsection 7l7 ( section #aa 
( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4  
#bdh7 is am5d$ by add+ at ! end !       
foll[+3 ,ea* memb] ( ! ,bo>d ( ,gov]nors
 ( ! ,f$]al ,res]ve ,sy/em may employ1  
at a m9imum1 #b individuals1 ) su*      
individuals select$ by su* memb] & !    
sal>ies ( su* individuals set by su*    
memb]4 ,a memb] may employ additional   
individuals z det]m9$ necess>y by !     
,bo>d ( ,gov]nors44  #i4 ,requirem5ts = 
int]national negotiations  7a7 ,bo>d (  
,gov]nors requirem5ts ,section #aa ( !  
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4      
#bdh71 z am5d$ by section #h ( ?is ,act1
 is fur!r am5d$ by add+ at ! end !      
foll[+ new subsection3  7w7             
,int]national negotiations  7#a7 ,notice
 ( negotiations2 consultation ,at lea/  
#ij cal5d> days be=e any memb] or       
employee ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em ent]s into        
negotiations ) any =eign or mult9ational
 entity1 ! ,bo>d ( ,gov]nors %all--     
7,a7 issue a notice ( negotiations to ! 

,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate2  7,b7 make su* notice available 
to ! public1 includ+ on ! website ( !   
,bo>d ( ,gov]nors2 &  7,c7 solicit      
public comm5t1 & consult ) ! committees 
describ$ "u subp>agraph 7,a71 ) respect 
to ! topic matt]1 scope1 & goals ( !    
negotiations4  7#b7 ,public reports on  
negotiations ,aft] ! end ( any          
negotiation describ$ "u p>agraph 7#a71 !
 ,bo>d ( ,gov]nors %all issue a public  
report on ! topics t 7 discuss$ at !    
negotiation & any new or revis$         
rulemak+s or policy *anges t ! ,bo>d (  
,gov]nors believes %\ld be implem5t$ z a
 result ( ! negotiations4  7#c7 ,notice 
( agreem5ts2 consultation ,at lea/ #ij  
cal5d> days be=e any memb] or employee (
 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve 
,sy/em ent]s into any agreem5t ) any    
=eign or mult9ational entity1 ! ,bo>d ( 
,gov]nors %all--  7,a7 issue a notice ( 
agreem5t to ! ,committee on ,f9ancial   

,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate2  7,b7 make su*     
notice available to ! public1 includ+ on
 ! website ( ! ,bo>d ( ,gov]nors2 &     
7,c7 consult ) su* committees ) respect 
to ! nature ( ! agreem5t & any          
anticipat$ effects su* agreem5t w h on !
 economy4  4  7b7 ,,fdic requirem5ts ,! 
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahaa et seq47 is am5d$ by    
add+ at ! end ! foll[+ new section3     
#ej4 ,int]national negotiations  7a7    
,notice ( negotiations2 consultation ,at
 lea/ #ij cal5d> days be=e ! ,bo>d (    
,directors ent]s into negotiations ) any
 =eign or mult9ational entity1 ! ,bo>d (
 ,directors %all--  7#a7 issue a notice 
( negotiations to ! ,committee on       
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate2  7#b7 make su* notice available 
to ! public1 includ+ on ! website ( !   
,corporation2 &  7#c7 solicit public    

comm5t1 & consult ) ! committees        
describ$ "u p>agraph 7#a71 ) respect to 
! topic matt]1 scope1 & goals ( !       
negotiations4  7b7 ,public reports on   
negotiations ,aft] ! end ( any          
negotiation describ$ "u subsection 7a71 
! ,bo>d ( ,directors %all issue a public
 report on ! topics t 7 discuss$ at !   
negotiation & any new or revis$         
rulemak+s or policy *anges t ! ,bo>d (  
,directors believes %\ld be implem5t$ z 
a result ( ! negotiations4  7c7 ,notice 
( agreem5ts2 consultation ,at lea/ #ij  
cal5d> days be=e ! ,bo>d ( ,directors   
ent]s into any agreem5t ) any =eign or  
mult9ational entity1 ! ,bo>d (          
,directors %all--  7#a7 issue a notice (
 agreem5t to ! ,committee on ,f9ancial  
,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate2  7#b7 make su*     
notice available to ! public1 includ+ on
 ! website ( ! ,corporation2 &  7#c7    
consult ) su* committees ) respect to ! 
nature ( ! agreem5t & any anticipat$    

effects su* agreem5t w h on ! economy4  
4  7c7 ,treasury requirem5ts ,section   
#cbe ( title #ca1 ,unit$ ,/ates ,code1  
is am5d$ by add+ at ! end ! foll[+ new  
subsection3  7d7 ,int]national          
negotiations  7#a7 ,notice (            
negotiations2 consultation ,at lea/ #ij 
cal5d> days be=e ! ,secret>y ent]s into 
negotiations ) any =eign or mult9ational
 entity1 ! ,secret>y %all--  7,a7 issue 
a notice ( negotiations to ! ,committee 
on ,f9ancial ,s]vices ( ! ,h\se (       
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate2  7,b7 make su* notice available 
to ! public1 includ+ on ! website ( !   
,dep>tm5t ( ! ,treasury2 &  7,c7 solicit
 public comm5t1 & consult ) ! committees
 describ$ "u subp>agraph 7,a71 ) respect
 to ! topic matt]1 scope1 & goals ( !   
negotiations4  7#b7 ,public reports on  
negotiations ,aft] ! end ( any          
negotiation describ$ "u p>agraph 7#a71 !
 ,secret>y %all issue a public report on
 ! topics t 7 discuss$ at ! negotiation 

& any new or revis$ rulemak+s or policy 
*anges t ! ,secret>y believes %\ld be   
implem5t$ z a result ( ! negotiations4  
7#c7 ,notice ( agreem5ts2 consultation  
,at lea/ #ij cal5d> days be=e !         
,secret>y ent]s into any agreem5t ) any 
=eign or mult9ational entity1 !         
,secret>y %all--  7,a7 issue a notice ( 
agreem5t to ! ,committee on ,f9ancial   
,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate2  7,b7 make su*     
notice available to ! public1 includ+ on
 ! website ( ! ,dep>tm5t ( ! ,treasury2 
&  7,c7 consult ) su* committees )      
respect to ! nature ( ! agreem5t & any  
anticipat$ effects su* agreem5t w h on !
 economy4  4