,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #aac  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #f1 #bjae ,mr4
 ,g>rett introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to improve !      
acc\ntability & transp>5cy ( ! ,bo>d (  
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,f$]al ,res]ve     
,acc\ntability & ,transp>5cy ,act (     
#bjae4  #b4 ,economic analysis ,section 
#aa ( ! ,f$]al ,res]ve ,act 7#ab        
,u4,s4,c4 #bdh7 is am5d$ by ins]t+ aft] 
subsection 7l7 ! foll[+3  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 z well
 z assess ! significance ( t problem1 to
 enable assessm5t ( :e!r any new        
regulation is w>rant$2  7,b7 assess !   
co/s & b5efits1 bo? qualitative &       

quantitative1 ( ! int5d$ regulation &   
propose or adopt a regulation only on a 
reason$ det]m9ation t ! b5efits ( !     
int5d$ regulation outweigh ! co/s ( !   
regulation2  7,c7 id5tify & assess      
available alt]natives to ! regulation t 
7 consid]$1 includ+ modification ( an   
exi/+ regulation1 toge!r ) an           
explanation ( :y ! regulation meets !   
regulatory objectives m effectively ?an 
! alt]natives2 &  7,d7 ensure t any     
regulation is accessible1 consi/5t1     
writt5 9 pla9 language1 & easy to und]/&
 & %all measure1 & seek to improve1 !   
actual results ( regulatory requirem5ts4
  7#b7 ,consid]ations & actions  7,a7   
,requir$ 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 )   
obta9+ regulatory objectives1 !         
regulation is tailor$ to impose ! lea/  

burd5 on society1 includ+ m>ket         
p>ticipants1 individuals1 bus9esses (   
diff]+ 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 pot5tial regulation1 ! ,bo>d
 %all1 to ! ext5t t ea* is relevant to !
 p>ticul> propos$ regulation1 take into 
consid]ation ! impact ( ! regulation    
on--  7i7 inve/or *oice2  7ii7 m>ket    
liquidity 9 ! securities m>kets2  7iii7 
small bus9esses2  7iv7 economic gr[?2   
7v7 co/ & access to capital2  7vi7 m>ket
 /ability2  7vii7 global competitiv5ess2
  7viii7 job creation2  7ix7 rate (     
inflation2 &  7x7 employm5t levels4     
7#c7 ,explanation & comm5ts ,! ,bo>d    
%all expla9 9 its f9al rule ! nature (  
comm5ts t x receiv$1 includ+ ^? f !     

indu/ry or consum] gr\ps conc]n+ !      
pot5tial co/s or b5efits ( ! propos$    
rule or propos$ rule *ange1 & %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
 ^? indu/ry gr\p 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 ,appropriate         
po/-implem5tation quantitative &        
qualitative metrics to measure !        
economic impact ( ! regulation & to     
measure ! ext5t to :i* ! regulation has 
accompli%$ ! /at$ purposes4  7iii7 ,!   
assessm5t plan t w be us$1 consi/5t ) ! 
requirem5ts ( subp>agraph 7,b71 to      
assess :e!r ! regulation has a*iev$ !   

/at$ purposes4  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$1 ! me?ods
 = collection & analysis ( ! data & a   
date = completion ( ! assessm5t4 ,!     
assessm5t plan %all include an analysis 
( any jobs add$ 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 cause ! assessm5t report
 to be publi%$ 9 ! ,f$]al ,regi/] =     
notice & comm5t4 ,if ! ,bo>d det]m9es1  
at lea/ #ij days be=e su* date1 t an    
ext5sion is necess>y1 ! ,bo>d %all      
publi% a notice ( su* ext5sion 9 !      
,f$]al ,regi/]1 along ) ! specific      
reasons :y ! ext5sion is necess>y4 ,any 

mat]ial modification ( ! plan1 z        
necess>y to assess un=ese5 aspects or   
consequ5ces ( ! regulation1 %all be     
promptly publi%$ 9 ! ,f$]al ,regi/] =   
notice & comm5t4  7iii7 ,data collection
 n subject to notice & comm5t           
requirem5ts ,if ! ,bo>d has publi%$ its 
assessm5t plan = notice & comm5t1       
specify+ ! data to be collect$ & me?od (
 collection1 at lea/ #cj days prior to  
adoption ( a f9al regulation or am5dm5t1
 su* collection ( data %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$uction ,act74 ,any mat]ial 
modifications ( ! plan t require        
collection ( data n previ\sly publi%$ = 
notice & comm5t %all also be exempt f   
su* requirem5ts if ! ,bo>d has publi%$  
notice = comm5t 9 ! ,f$]al ,regi/] ( !  
additional data to be collect$1 at lea/ 
#cj days prior to initiation ( data     
collection4  7iv7 ,f9al action ,n lat]  
?an #ahj days aft] publication ( !      

assessm5t report 9 ! ,f$]al ,regi/]1 !  
,bo>d %all issue = notice & comm5t a    
proposal to am5d or resc9d ! regulation1
 or publi% a notice t ! ,bo>d has       
det]m9$ 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 policy 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 &  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$]al  
,regi/]4  4  #c4 ,f$]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[+3  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]+ 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$iately aft] midnight on ! day t is  
#a-week prior to ! date on :i* su* meet+
 takes place2 &  7,b7 ends at midnight  
on ! day aft] ! date on :i* su* meet+   
takes place4  4  #d4 ,/aff t]m limits1  
pay1 e?ics /&>ds1 & f9ancial disclosures
  7a7 ,9 g5]al ,section #aa ( ! ,f$]al  
,res]ve ,act 7#ab ,u4,s4,c4 #bdh7 is    
am5d$--  7#a7 by r$esignat+ ! second    
subsection 7s7 7relat+ to assessm5ts1   
fees1 & o!r *>ges7 z subsection 7t72 &  
7#b7 by add+ at ! end ! foll[+3  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$]al             
,regulations1 to ! same ext5t z su*     
subp>t applies to ! employees ( !       
,securities & ,ex*ange ,commission4  7v7
 ,additional employees requir$ ,to make 
a public f9ancial disclosure ,= purposes
 ( ! f9ancial disclosure requirem5ts "u 
"p #bfcd ( title #e1 ,code ( ,f$]al     

,regulations1 an employee ( ! ,bo>d (   
,gov]nors %all be deem$ a public fil] if
 ! employee is an attorney1 acc\ntant1  
exam9]1 auditor1 inve/igator1 or deals )
 in=mation te*nology security4  7w7     
,disclosure ( /aff sal>ies & f9ancial   
in=mation ,! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em %all make publicly
 available1 on ! website ( ! ,bo>d (    
,gov]nors1 a se>*able database t conta9s
 ! names ( all ,memb]s1 (fic]s1 &       
employees ( ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em & ea* ,f$]al      
res]ve bank1 &--  7#a7 ! ye>ly sal>y    
in=mation = su* individuals1 along ) any
 non-sal>y comp5sation receiv$ by su*   
individuals2 &  7#b7 any f9ancial       
disclosures requir$ to be made by su*   
individuals4  4  7b7 ,limitation on     
,f$]al ,res]ve ,sy/em /aff pay & t]ms ( 
(fice ,! ,f$]al ,res]ve ,act is am5d$-- 
7#a7 9 ! provision enum]at$ ,fif? ( !   
f\r? undesignat$ p>agraph ( section #d1 
by ins]t+ aft] ! fir/ s5t5ce ! foll[+3  
,su* presid5t1 vice presid5ts1 & o!r    

(fic]s & employees may n be paid a sal>y
 9 excess ( #ii p]c5t ( ! sal>y ( !     
,*airman ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em4 ,no p]son may    
s]ve = m ?an #f ye>s 9 any "o ( ! foll[+
 positions3 g5]al c\nsel1 deputy g5]al  
c\nsel1 s5ior advis]1 director1 deputy  
director1 s5ior associate director1 &   
assi/ant director42 &  7#b7 9 section   
#aa7l71 by add+ at ! end ! foll[+3 ,no  
attorney1 exp]t1 assi/ant1 cl]k1 or o!r 
employee ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em may be paid a     
sal>y 9 excess ( #ii p]c5t ( ! sal>y ( !
 ,*airman ( ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em4 ,no p]son may    
s]ve = m ?an #f ye>s 9 any "o ( ! foll[+
 positions3 g5]al c\nsel1 deputy g5]al  
c\nsel1 s5ior advis]1 director1 deputy  
director1 s5ior associate director1 &   
assi/ant director44  7c7 ,(fice /aff =  
ea* memb] ( ! ,bo>d ( ,gov]nors ,section
 #aa7l7 ( ! ,f$]al ,res]ve ,act1 z am5d$
 by subsection 7b71 is fur!r am5d$ by   
add+ at ! end ! foll[+3 ,ea* memb] ( !  

,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em may employ #d individuals = !    
purpose ( /aff+ ! memb]'s (fice1 ) su*  
individuals select$ by su* memb] & !    
sal>ies ( su* individuals set by su*    
memb]44  7d7 ,,gao /udy  7#a7 ,9 g5]al  
,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates 
%all c>ry out a /udy on--  7,a7 employee
 pay & ! employee pay scale us$ by !    
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em1 includ+--  7i7 h[ individual    
employee comp5sation relates to job     
function1 educational atta9m5t1 & "w    
exp]i5ce2 &  7ii7 h[ ! pay scale comp>es
 to ! pay scales us$ by o!r ,f$]al      
dep>tm5ts & ag5cies1 especially o!r     
f9ancial regulators2 &  7,b7 requir+ !  
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em to be fund$ ?r\gh ! regul>       
appropriations process4  7#b7 ,report ,n
 lat] ?an ! end ( ! #ahj-;day p]iod     
beg9n+ on ! date ( ! enactm5t ( ?is     
,act1 ! ,comptroll] ,g5]al %all issue a 
report to ! ,congress conta9+--  7,a7   
all f9d+s & det]m9ations made by !      

,comptroll] ,g5]al 9 c>ry+ out ! /udy   
requir$ "u p>agraph 7#a72  7,b7         
recomm5dations on h[ to make ! pay scale
 us$ by ! ,bo>d ( ,gov]nors m consi/5t )
 pay scales us$ by o!r ,f$]al dep>tm5ts 
& ag5cies2 &  7,c7 a report on ! pay    
am\nts = employees at ! ,bo>d (         
,gov]nors1 brok5 d[n by division & job  
function4  #e4 ,vice ,*airman =         
,sup]vision report requirem5t ,section  
#aj ( ! ,f$]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  #f4 ,f$]al ,res]ve         
communications ) ,congress ,section     
#b;,b ( ! ,f$]al ,res]ve ,act 7#ab      
,u4,s4,c4 #bbe;b7 is am5d$--  7#a7 9    
subsection 7a71 by add+ at ! end !      
foll[+3  7#c7 ,"q p]iod ,dur+ any       
appe>ance be=e a committee ( !          
,congress1 ! ,*airman or any o!r (ficial
 or employee ( ! ,bo>d ( ,gov]nors mak+ 
su* appe>ance %all rema9 z long z memb]s
 ( ! committee h que/ions1 b no lat] ?an
 #e p4m4  2 &  7#b7 9 subsection 7b7--  
7,a7 9 ! head+ = su* subsection1 by     
/rik+ ,report & ins]t+ reports1         
que/ions1 & meet+s2  7,b7 by /rik+ ,!   
,bo>d & ins]t+ ! foll[+3  7#a7 ,9 g5]al 
,! ,bo>d  2 &  7,c7 by add+ at ! end !  
foll[+3  7#b7 ,responses to             

,congressional committee que/ions  7,a7 
,9 g5]al ,n lat] ?an ! end ( ! #f-week  
p]iod foll[+ ! date on :i* any memb] or 
employee ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em appe>s be=e a     
committee ( ! ,congress1 ! ,bo>d %all   
respond1 9 writ+1 to any que/ions       
submitt$ by su* committee4  7,b7        
,inability to meet deadl9e ,if ! writt5 
response describ$ "u subp>agraph 7,a7 _c
 be provid$ )9 ! #f-week p]iod describ$ 
"u su* subp>agraph1 ! ,*airman ( ! ,bo>d
 %all in=m ! *airman ( ! appropriate    
committee1 9 writ+1 )9 su* #f-week      
p]iod--  7i7 z to :y ! ,bo>d is unable  
to provide ! writt5 response )9 !       
#f-week p]iod2 &  7ii7 ! expect$ date on
 :i* ! ,bo>d w respond to su* que/ions4 
7#c7 ,congressional meet+ reque/        
acc\ntability  7,a7 ,9 g5]al ,^u receiv+
 a meet+ reque/ f a memb] or /aff memb] 
s]v+ on ! ,committee on ,f9ancial       
,s]vices or ! ,budget ( ! ,h\se (       
,repres5tatives or ! ,committee on      
,bank+1 ,h\s+1 & ,urban ,affairs or !   

,budget ( ! ,s5ate1 ! ,bo>d ( ,gov]nors 
( ! ,f$]al ,res]ve ,sy/em %all--  7i7   
respond1 )9 #c bus9ess days1 to notify  
su* memb] or /aff memb] t ! reque/ has  
be5 receiv$2 &  7ii7 include 9 su*      
response :e!r ! meet+ reque/ c be       
accommodat$ &1 if s1 ! dates & times :5 
(fic]s & employees ( ! ,bo>d are        
available = su* meet+4  7,b7 ,inability 
to accommodate meet+ ,if1 9 a response  
describ$ "u subp>agraph 7,a71 ! ,bo>d   
/ates t ! meet+ _c be accommodat$ )9 !  
#b-week p]iod foll[+ su* response1 !    
,*airman ( ! ,bo>d %all accompany su*   
response ) a detail$ writt5 explanation 
to ! *airman ( ! committee z to :y !    
meet+ _c be accommodat$ )9 su* p]iod &  
:5 ! reque/ w be accommodat$4  7#d7     
,sal>y freeze :ile 9 violation ,dur+ any
 p]iod ( "t ) respect to :i* ! ,bo>d (  
,gov]nors or ! ,*airman ( ! ,bo>d (     
,gov]nors is 9 violation ( any provision
 ( ?is subsection1 no employee ( ! ,bo>d
 ( ,gov]nors may receive an increase 9  
sal>y or o!r comp5sation4  4  #g4       

,transp>5cy ( regulatory activities  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$1 includ+ basel9e1      
adv]se1 & sev]ely adv]se1 & me?odologies
 includ+ models us$ 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 am5d$ by add+ at ! end !     
foll[+3  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$iate ,att5tion4  4  7c7   
,disclosure ( audits & reviews to       
appropriate committees  7#a7 ,9 g5]al ,n
 lat] ?an ! end ( ! #cj-;day p]iod      
beg9n+ on ! date ( ! enactm5t ( ?is     
,act1 ! ,bo>d ( ,gov]nors ( ! ,f$]al    
,res]ve ,sy/em %all submit to !         
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate unr$act$ copies (--  7,a7 ! ,bo>d

 ( ,gov]nors' ,review ( ,regulatory     
,sup]visory ,audit2  7,b7 ! ,bo>d (     
,gov]nors' #bjjc-bjjh ,p]=mance ,review2
 &  7,c7 ea* p]=mance review p]=m$ by ! 
,bo>d ( ,gov]nors aft] ! date ( !       
enactm5t ( ?is ,act4  7#b7 ,notice (    
s5sitive in=mation ,! ,bo>d ( ,gov]nors 
%all ensure t ! docum5ts describ$ "u    
p>agraph 7#a7 are accompani$ by a li/ ( 
any sections 9 su* docum5ts t ! ,bo>d ( 
,gov]nors deems to be s5sitive in=mation
 t %\ld n be made public4  #h4 ,treatm5t
 ( c]ta9 directors & presid5ts  7a7     
,elim9ation ( class ,c directors        
,section #d ( ! ,f$]al ,res]ve ,act is  
am5d$--  7#a7 9 ! provision enum]at$    
,fif? ( ! f\r? undesignat$ p>agraph1 by 
/rik+ & ,class ,c2  7#b7 9 ! n9?        
undesignat$ p>agraph1 by /rik+ classes  
,a1 ,b1 & ,c & ins]t+ classes ,a & ,b2  
7#c7 9 ! t5? undesignat$ p>agraph1 by   
/rik+ ?ree memb]s & ins]t+ f\r memb]s2  
7#d7 9 ! elev5? undesignat$ p>agraph1 by
 /rik+ ?ree memb]s & ins]t+ five memb]s2
  7#e7 by /rik+ ! twelf? & fifte5?      

undesignat$ p>agraphs2  7#f7 by am5d+ ! 
tw5tie? undesignat$ p>agraph to read z  
foll[s3  7#bj7 ,designation ( *airman & 
deputy *airman  7,a7 ,designation (     
*airman  7i7 ,9 g5]al ,"o ( ! class ,a  
or ,b directors :o has te/$ bank+       
exp]i5ce %all be designat$ by ! ,bo>d ( 
,gov]nors ( ! ,f$]al ,res]ve ,sy/em z   
*airman ( ! bo>d ( directors ( ! ,f$]al 
res]ve bank & z ,f$]al res]ve ag5t4     
7ii7 ,duties ,! *airman %all--  7,i7    
ma9ta91 "u regulations to be e/abli%$ by
 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve 
,sy/em1 a local (fice ( said bo>d on !  
premises ( ! ,f$]al res]ve bank2  7,,ii7
 make regul> reports to ! ,bo>d (       
,gov]nors ( ! ,f$]al ,res]ve ,sy/em2 &  
7,,iii7 act z ! (ficial repres5tative ( 
! ,bo>d ( ,gov]nors = ! p]=mance ( !    
functions conf]r$ ^u x by ?is ,act4     
7iii7 ,comp5sation ,! *airman %all      
receive an annual comp5sation to be fix$
 by ! ,bo>d ( ,gov]nors ( ! ,f$]al      
,res]ve ,sy/em & paid mon?ly by ! ,f$]al
 res]ve bank to :i* ! *airman is        

designat$4  7,b7 ,designation ( deputy  
*airman ,"o ( ! class ,a or ,b directors
 %all be appo9t$ by ! ,bo>d ( ,gov]nors 
( ! ,f$]al ,res]ve ,sy/em z deputy      
*airman to ex]cise ! p[]s ( ! *airman ( 
! bo>d :5 necess>y4  2 &  7#g7 by am5d+ 
! tw5ty-f\r? undesignat$ p>agraph to    
read z foll[s3  7#bd7 ,t]m ( directors2 
vacancies  7,a7 ,t]m ( directors ,e     
director ( a ,f$]al res]ve bank %all    
hold (fice = a t]m ( ?ree ye>s1 & su*   
t]ms %all be /agg]$1 f ! date ( !       
enactm5t ( ?is p>agraph1 su* t--  7i7 ) 
respect to ! f\r class ,a directors1 "o 
director's t]m %all expire 9 ea* ( !    
fir/ & second ye>s & two directors' t]ms
 %all expire 9 ! ?ird ye>2 &  7ii7 )    
respect to ! five class ,b directors1 "o
 director's t]m %all expire 9 ! fir/ ye>
 & two directors' t]ms %all expire 9 ea*
 ( ! second & ?ird ye>s4  7,b7          
,vacancies ,vacancies t may occur 9 !   
sev]al classes ( directors ( ,f$]al     
res]ve banks may be fill$ 9 ! mann]     
provid$ = ! orig9al selection ( su*     

directors1 su* appo9tees to hold (fice =
 ! unexpir$ t]ms ( _! pr$ecessors4  4   
7b7 ,appo9tm5t ( bank presid5t & vice   
presid5t ,! provision enum]at$ ,fif? ( !
 f\r? undesignat$ p>agraph ( section #d 
( ! ,f$]al ,res]ve ,act is am5d$ by     
/rik+ ) ! approval ( ! ,bo>d ( ,gov]nors
 ( ! ,f$]al ,res]ve ,sy/em14  #i4       
,int]national travel & negotiations  7a7
 ,int]national travel ,section #aa ( !  
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4      
#bdh71 z am5d$ by section #d1 is fur!r  
am5d$ by add+ at ! end ! foll[+3  7x7   
,tempor>y au?orization = int]national   
travel  7#a7 ,9 g5]al ,memb]s &         
employees ( ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em may n travel      
outside ( ! ,unit$ ,/ates = ! purposes (
 p]=m+ any function on behalf ( ! ,bo>d 
( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em   
aft] ! end ( ! #b-ye> p]iod beg9n+ on ! 
date ( enactm5t ( ?is subsection4  7#b7 
,exception ,p>agraph 7#a7 %all n apply  
to travel ?r\gh ano!r c\ntry = purposes 
( travel+ f "o "p ( ! ,unit$ ,/ates to  

ano!r "p ( ! ,unit$ ,/ates4  4  7b7     
,int]national negotiations ,section #aa 
( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4  
#bdh71 z am5d$ by subsection 7a71 is    
fur!r am5d$ by add+ at ! end ! foll[+3  
7y7 ,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 believe %\ld be enact$ 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  #aj4 ,improvem5ts to !    
,f9ancial ,in/itutions ,exam9ation      
,c\ncil  7a7 ,economic analysis ,section
 #ajjh ( ! ,f$]al ,f9ancial ,in/itutions

 ,exam9ation ,c\ncil ,act ( #aigh 7#ab  
,u4,s4,c4 #ccje7 is am5d$ by add+ at !  
end ! foll[+3  7d7 ,consid]ation (      
economic impacts  7#a7 ,9 g5]al ,be=e   
issu+ any regulation1 ! ,c\ncil %all--  
7,a7 cle>ly id5tify ! nature & s\rce ( !
 problem t ! propos$ regulation is      
design$ to address1 z well z assess !   
significance ( t problem1 to enable     
assessm5t ( :e!r any new regulation is  
w>rant$2  7,b7 assess ! co/s & b5efits1 
bo? qualitative & quantitative1 ( !     
int5d$ regulation & propose or adopt a  
regulation only on a reason$ det]m9ation
 t ! b5efits ( ! int5d$ regulation      
outweigh ! co/s ( ! regulation2  7,c7   
id5tify & assess available alt]natives  
to ! regulation t 7 consid]$1 includ+   
modification ( an exi/+ regulation1     
toge!r ) an explanation ( :y !          
regulation meets ! regulatory objectives
 m effectively ?an ! alt]natives2 &     
7,d7 ensure t any 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
 ! ,c\ncil %all assess ! co/s & b5efits 
( available regulatory alt]natives1     
includ+ ! alt]native ( n regulat+1 &    
*oose ! approa* t maximizes net b5efits4
 ,specifically1 ! ,c\ncil %all--  7i7   
evaluate :e!r1 consi/5t ) obta9+        
regulatory objectives1 ! regulation is  
tailor$ to impose ! lea/ burd5 on       
society1 includ+ m>ket p>ticipants1     
individuals1 bus9esses ( diff]+ 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 pot5tial regulation1 ! ,c\ncil %all1 
to ! ext5t t ea* is relevant to !       

p>ticul> propos$ regulation1 take into  
consid]ation ! impact ( ! regulation    
on--  7i7 inve/or *oice2  7ii7 m>ket    
liquidity 9 ! securities m>kets2  7iii7 
small bus9esses2  7iv7 economic gr[?2   
7v7 co/ & access to capital2  7vi7 m>ket
 /ability2  7vii7 global competitiv5ess2
  7viii7 job creation2  7ix7 rate (     
inflation2 &  7x7 employm5t levels4     
7#c7 ,explanation & comm5ts ,! ,c\ncil  
%all expla9 9 its f9al rule ! nature (  
comm5ts t x receiv$1 includ+ ^? f !     
indu/ry or consum] gr\ps conc]n+ !      
pot5tial co/s or b5efits ( ! propos$    
rule or propos$ rule *ange1 & %all      
provide a response to ^? comm5ts 9 its  
f9al rule1 includ+ an explanation ( any 
*anges t 7 made 9 response to ^? comm5ts
 & ! reasons t ! ,c\ncil did n          
incorporate ^? indu/ry gr\p conc]ns     
relat$ to ! pot5tial co/s or b5efits 9 !
 f9al rule4  7#d7 ,po/-adoption impact  
assessm5t  7,a7 ,9 g5]al ,:5ev] !       
,c\ncil 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
 ,appropriate po/-implem5tation         
quantitative & qualitative metrics to   
measure ! economic impact ( ! regulation
 & to measure ! ext5t to :i* !          
regulation has accompli%$ ! /at$        
purposes4  7iii7 ,! assessm5t plan t w  
be us$1 consi/5t ) ! requirem5ts (      
subp>agraph 7,b71 to assess :e!r !      
regulation has a*iev$ ! /at$ purposes4  
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$1
 ! me?ods = collection & analysis ( !   
data & a date = completion ( !          
assessm5t4 ,! assessm5t plan %all       
include an analysis ( any jobs add$ or  

lo/ z a result ( ! regulation1          
diff]5tiat+ betwe5 public & private     
sector jobs4  7ii7 ,submission &        
publication ( report ,! ,c\ncil %all1 n 
lat] ?an #b ye>s aft] ! publication ( ! 
adopt+ release1 cause ! assessm5t report
 to be publi%$ 9 ! ,f$]al ,regi/] =     
notice & comm5t4 ,if ! ,c\ncil det]m9es1
 at lea/ #ij days be=e su* date1 t an   
ext5sion is necess>y1 ! ,c\ncil %all    
public a notice ( su* ext5sion 9 !      
,f$]al ,regi/]1 along ) ! specific      
reasons :y ! ext5sion is necess>y4 ,any 
mat]ial modification ( ! plan1 z        
necess>y to assess un=ese5 aspects or   
consequ5ces ( ! regulation1 %all be     
promptly publi%$ 9 ! ,f$]al ,regi/] =   
notice & comm5t4  7iii7 ,data collection
 n subject to notice & comm5t           
requirem5ts ,if ! ,c\ncil has publi%$   
its assessm5t plan = notice & comm5t1   
specify+ ! data to be collect$ & me?od (
 collection1 at lea/ #cj days prior to  
adoption ( a f9al regulation or am5dm5t1
 su* collection ( data %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$uction ,act74 ,any mat]ial 
modifications ( ! plan t require        
collection ( data n previ\sly publi%$ = 
notice & comm5t %all also be exempt f   
su* requirem5ts if ! ,c\ncil has publi%$
 notice = comm5t 9 ! ,f$]al ,regi/] ( ! 
additional data to be collect$1 at lea/ 
#cj days prior to initiation ( data     
collection4  7iv7 ,f9al action ,n lat]  
?an #ahj days aft] publication ( !      
assessm5t report 9 ! ,f$]al ,regi/]1 !  
,c\ncil %all issue = notice & comm5t a  
proposal to am5d or resc9d ! regulation1
 or publi% a notice t ! ,c\ncil 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 policy or to describe !
 proc$ure or practice requirem5ts ( !   
,c\ncil1 includ+ rules1 ord]s ( g5]al   
applicability1 int]pretive releases1 &  
o!r /atem5ts ( g5]al applicability t !  
,c\ncil int5ds to h ! =ce & effect (    
law2 &  7,b7 does n include--  7i7 a    
regulation issu$ 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 ( ! ,c\ncil2  7iii7 a regulation 
promulgat$ pursuant to /atutory au?ority
 t expressly prohibits compliance ) ?is 
provision2 &  7iv7 a regulation t is    
c]tifi$ by ! ,c\ncil to be an em]g5cy   
action1 if su* c]tification is publi%$ 9
 ! ,f$]al ,regi/]4  4  7b7 ,e?ics /&>ds 
,section #ajjh ( ! ,f$]al ,f9ancial     
,in/itutions ,exam9ation ,c\ncil ,act ( 
#aigh 7#ab ,u4,s4,c4 #ccje71 z am5d$ by 
subsection 7a71 is fur!r am5d$ by add+  
at ! end ! foll[+3  7e7 ,e?ics /&>ds    
7#a7 ,prohibit$ & re/rict$ f9ancial     

int]e/s & transactions ,! memb]s &      
employees ( ! ,c\ncil %all be subject to
 ! provisions "u section #ddja4ajb (    
title #e1 ,code ( ,f$]al ,regulations1  
to ! same ext5t z su* provisions apply  
to an employee ( ! ,securities &        
,ex*ange ,commission4  7#b7 ,treatm5t ( 
brok]age acc\nts & availability ( acc\nt
 /atem5ts ,! memb]s & employees ( !     
,c\ncil %all--  7,a7 disclose all       
brok]age acc\nts t !y ma9ta91 z well z  
^? 9 :i* !y control trad+ or h a        
f9ancial int]e/ 7includ+ manag$ 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 ! ,c\ncil1 au?orize _! brok]s &     
deal]s to s5d duplicate acc\nt /atem5ts 
directly to ,c\ncil4  7#c7 ,prohibitions
 relat$ to outside employm5t &          
activities ,! memb]s & employees ( !    
,c\ncil %all be subject to !            
prohibitions relat$ to outside employm5t

 & activities describ$ "u section       
#ddja4ajc7;c7 ( title #e1 ,code ( ,f$]al
 ,regulations1 to ! same ext5t z su*    
prohibitions apply to an employee ( !   
,securities & ,ex*ange ,commission4     
7#d7 ,additional e?ics /&>ds ,! memb]s &
 employees ( ! ,c\ncil %all be subject  
to--  7,a7 ! employee responsibilities &
 conduct regulations ( ! ,(fice (       
,p]sonnel ,managem5t "u "p #gce ( title 
#e1 ,code ( ,f$]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$]al             
,regulations1 to ! same ext5t z su*     
subp>t applies to ! employees ( !       
,securities & ,ex*ange ,commission4  7f7
 ,additional employees requir$ ,to make 
a public f9ancial disclosure ,= purposes

 ( ! f9ancial disclosure requirem5ts "u 
"p #bfcd ( title #e1 ,code ( ,f$]al     
,regulations1 an employee ( ! ,c\ncil   
%all be deem$ a public fil] if !        
employee is an attorney1 acc\ntant1     
exam9]1 auditor1 inve/igator1 or deals )
 in=mation te*nology security4  7g7     
,disclosure ( /aff sal>ies & f9ancial   
in=mation ,! ,c\ncil %all make publicly 
available1 on ! website ( ! ,c\ncil1 a  
se>*able database t conta9s ! names (   
all ,memb]s & employees ( ! ,c\ncil1 &--
  7#a7 ! ye>ly sal>y in=mation = su*    
individuals1 along ) any non-sal>y      
comp5sation receiv$ by su* individuals2 
&  7#b7 any f9ancial disclosures requir$
 to be made by su* individuals4  4  #aa4
 ,improvem5ts to ! ,f9ancial ,/ability  
,ov]sight ,c\ncil  7a7 ,economic        
analysis ,section #aaa ( ! ,f9ancial    
,/ability ,act ( #bjaj 7#ab ,u4,s4,c4   
#ecba7 is am5d$ by add+ at ! end !      
foll[+3  7k7 ,consid]ation ( economic   
impacts  7#a7 ,9 g5]al ,be=e issu+ any  
regulation1 ! ,c\ncil %all--  7,a7      

cle>ly id5tify ! nature & s\rce ( !     
problem t ! propos$ regulation is       
design$ to address1 z well z assess !   
significance ( t problem1 to enable     
assessm5t ( :e!r any new regulation is  
w>rant$2  7,b7 assess ! co/s & b5efits1 
bo? qualitative & quantitative1 ( !     
int5d$ regulation & propose or adopt a  
regulation only on a reason$ det]m9ation
 t ! b5efits ( ! int5d$ regulation      
outweigh ! co/s ( ! regulation2  7,c7   
id5tify & assess available alt]natives  
to ! regulation t 7 consid]$1 includ+   
modification ( an exi/+ regulation1     
toge!r ) an explanation ( :y !          
regulation meets ! regulatory objectives
 m effectively ?an ! alt]natives2 &     
7,d7 ensure t any regulation is         
accessible1 consi/5t1 writt5 9 pla9     
language1 & easy to und]/& & %all       
measure1 & seek to improve1 ! actual    
results ( regulatory requirem5ts4  7#b7 
,consid]ations & actions  7,a7 ,requir$ 
actions ,9 decid+ :e!r & h[ to regulate1
 ! ,c\ncil %all assess ! co/s & b5efits 

( available regulatory alt]natives1     
includ+ ! alt]native ( n regulat+1 &    
*oose ! approa* t maximizes net b5efits4
 ,specifically1 ! ,c\ncil %all--  7i7   
evaluate :e!r1 consi/5t ) obta9+        
regulatory objectives1 ! regulation is  
tailor$ to impose ! lea/ burd5 on       
society1 includ+ m>ket p>ticipants1     
individuals1 bus9esses ( diff]+ 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 pot5tial regulation1 ! ,c\ncil %all1 
to ! ext5t t ea* is relevant to !       
p>ticul> propos$ regulation1 take into  
consid]ation ! impact ( ! regulation    
on--  7i7 inve/or *oice2  7ii7 m>ket    
liquidity 9 ! securities m>kets2  7iii7 
small bus9esses2  7iv7 economic gr[?2   

7v7 co/ & access to capital2  7vi7 m>ket
 /ability2  7vii7 global competitiv5ess2
  7viii7 job creation2  7ix7 rate (     
inflation2 &  7x7 employm5t levels4     
7#c7 ,explanation & comm5ts ,! ,c\ncil  
%all expla9 9 its f9al rule ! nature (  
comm5ts t x receiv$1 includ+ ^? f !     
indu/ry or consum] gr\ps conc]n+ !      
pot5tial co/s or b5efits ( ! propos$    
rule or propos$ rule *ange1 & %all      
provide a response to ^? comm5ts 9 its  
f9al rule1 includ+ an explanation ( any 
*anges t 7 made 9 response to ^? comm5ts
 & ! reasons t ! ,c\ncil did n          
incorporate ^? indu/ry gr\p conc]ns     
relat$ to ! pot5tial co/s or b5efits 9 !
 f9al rule4  7#d7 ,po/-adoption impact  
assessm5t  7,a7 ,9 g5]al ,:5ev] !       
,c\ncil 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
 ,appropriate po/-implem5tation         

quantitative & qualitative metrics to   
measure ! economic impact ( ! regulation
 & to measure ! ext5t to :i* !          
regulation has accompli%$ ! /at$        
purposes4  7iii7 ,! assessm5t plan t w  
be us$1 consi/5t ) ! requirem5ts (      
subp>agraph 7,b71 to assess :e!r !      
regulation has a*iev$ ! /at$ purposes4  
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$1
 ! me?ods = collection & analysis ( !   
data & a date = completion ( !          
assessm5t4 ,! assessm5t plan %all       
include an analysis ( any jobs add$ or  
lo/ z a result ( ! regulation1          
diff]5tiat+ betwe5 public & private     
sector jobs4  7ii7 ,submission &        
publication ( report ,! ,c\ncil %all1 n 
lat] ?an #b ye>s aft] ! publication ( ! 

adopt+ release1 cause ! assessm5t report
 to be publi%$ 9 ! ,f$]al ,regi/] =     
notice & comm5t4 ,if ! ,c\ncil det]m9es1
 at lea/ #ij days be=e su* date1 t an   
ext5sion is necess>y1 ! ,c\ncil %all    
public a notice ( su* ext5sion 9 !      
,f$]al ,regi/]1 along ) ! specific      
reasons :y ! ext5sion is necess>y4 ,any 
mat]ial modification ( ! plan1 z        
necess>y to assess un=ese5 aspects or   
consequ5ces ( ! regulation1 %all be     
promptly publi%$ 9 ! ,f$]al ,regi/] =   
notice & comm5t4  7iii7 ,data collection
 n subject to notice & comm5t           
requirem5ts ,if ! ,c\ncil has publi%$   
its assessm5t plan = notice & comm5t1   
specify+ ! data to be collect$ & me?od (
 collection1 at lea/ #cj days prior to  
adoption ( a f9al regulation or am5dm5t1
 su* collection ( data %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 
modifications ( ! plan t require        

collection ( data n previ\sly publi%$ = 
notice & comm5t %all also be exempt f   
su* requirem5ts if ! ,c\ncil has publi%$
 notice = comm5t 9 ! ,f$]al ,regi/] ( ! 
additional data to be collect$1 at lea/ 
#cj days prior to initiation ( data     
collection4  7iv7 ,f9al action ,n lat]  
?an #ahj days aft] publication ( !      
assessm5t report 9 ! ,f$]al ,regi/]1 !  
,c\ncil %all issue = notice & comm5t a  
proposal to am5d or resc9d ! regulation1
 or publi% a notice t ! ,c\ncil 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 policy or to describe !
 proc$ure or practice requirem5ts ( !   
,c\ncil1 includ+ rules1 ord]s ( g5]al   
applicability1 int]pretive releases1 &  
o!r /atem5ts ( g5]al applicability t !  

,c\ncil 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 ( ! ,c\ncil2  7iii7 a regulation 
promulgat$ pursuant to /atutory au?ority
 t expressly prohibits compliance ) ?is 
provision2 &  7iv7 a regulation t is    
c]tifi$ by ! ,c\ncil to be an em]g5cy   
action1 if su* c]tification is publi%$ 9
 ! ,f$]al ,regi/]4  4  7b7 ,e?ics /&>ds 
,section #aaa ( ! ,f9ancial ,/ability   
,act ( #bjaj 7#ab ,u4,s4,c4 #ecba71 z   
am5d$ by subsection 7a71 is fur!r am5d$ 
by add+ at ! end ! foll[+3  7l7 ,e?ics  
/&>ds  7#a7 ,prohibit$ & re/rict$       
f9ancial int]e/s & transactions ,!      
memb]s & employees ( ! ,c\ncil %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 ( ! ,c\ncil %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 ! ,c\ncil1    
au?orize _! brok]s & deal]s to s5d      
duplicate acc\nt /atem5ts directly to   
,c\ncil4  7#c7 ,prohibitions relat$ to  
outside employm5t & activities ,! memb]s
 & employees ( ! ,c\ncil %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 ( ! ,c\ncil %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$]al             
,regulations1 to ! same ext5t z su*     
subp>t applies to ! employees ( !       
,securities & ,ex*ange ,commission4  7m7
 ,additional employees requir$ ,to make 
a public f9ancial disclosure ,= purposes
 ( ! f9ancial disclosure requirem5ts "u 
"p #bfcd ( title #e1 ,code ( ,f$]al     
,regulations1 an employee ( ! ,c\ncil   
%all be deem$ a public fil] if !        
employee is an attorney1 acc\ntant1     
exam9]1 auditor1 inve/igator1 or deals )

 in=mation te*nology security4  7n7     
,disclosure ( /aff sal>ies & f9ancial   
in=mation ,! ,c\ncil %all make publicly 
available1 on ! website ( ! ,c\ncil1 a  
se>*able database t conta9s ! names (   
all ,memb]s & employees ( ! ,c\ncil1 &--
  7#a7 ! ye>ly sal>y in=mation = su*    
individuals1 along ) any non-sal>y      
comp5sation receiv$ by su* individuals2 
&  7#b7 any f9ancial disclosures requir$
 to be made by su* individuals4  4