,,ii #aad? ,,congress #a/ ,session ,h4 ,r4 #cahi ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,novemb] #cj1 #bjae,receiv$ ,,an ,,act ,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$]al ,res]ve ,sy/em1 & to am5d title #ca1 ,unit$ ,/ates ,code1 to re=m ! mann] 9 :i* ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em is audit$1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,f$ ,ov]sight ,re=m & ,mod]nization ,act ( #bjae or ! ,,=m ,act ( #bjae4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,requirem5ts = policy rules ( ! ,f$]al ,op5 ,m>ket ,committee4 ,sec4 #c4 ,f$]al ,op5 ,m>ket ,committee black\t p]iod4 ,sec4 #d4 ,memb]%ip ( ,f$]al ,op5 ,m>ket ,committee4 ,sec4 #e4 ,requirem5ts = /ress te/s & sup]visory lett]s = ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #f4 ,frequ5cy ( te/imony ( ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em to ,congress4 ,sec4 #g4 ,vice ,*airman = ,sup]vision report requirem5t4 ,sec4 #h4 ,economic analysis ( regulations ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #i4 ,sal>ies1 f9ancial disclosures1 & (fice /aff ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #aj4 ,requirem5ts = int]national processes4 ,sec4 #aa4 ,am5dm5ts to p[]s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #ab4 ,int]e/ rates on balances ma9ta9$ at a ,f$]al ,res]ve bank by depository in/itutions e/abli%$ by ,f$]al ,op5 ,m>ket ,committee4 ,sec4 #ac4 ,audit re=m & transp>5cy = ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #ad4 ,report+ requirem5t = ,export-,import ,bank4 ,sec4 #ae4 ,memb]%ip ( ,bo>d ( ,directors ( ! ,f$]al res]ve banks4 ,sec4 #af4 ,e/abli%m5t ( a ,c5t5nial ,monet>y ,commission4 ,sec4 #ag4 ,elim9ation ( surplus funds ( ,f$]al res]ve banks4 ,sec4 #ah4 ,public transcripts ( ,,fomc meet+s4 #b4 ,requirem5ts = policy rules ( ! ,f$]al ,op5 ,m>ket ,committee ,! ,f$]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$]al funds rate z equal to ! sum ( ! foll[+3 7,a7 ,! rate ( inflation ov] ! previ\s f\r qu>t]s4 7,b7 ,"o-half ( ! p]c5tage deviation ( ! real ,,gdp f an e/imate ( pot5tial ,,gdp4 7,c7 ,"o-half ( ! diff]5ce betwe5 ! rate ( inflation ov] ! previ\s f\r qu>t]s & two p]c5t4 7,d7 ,two p]c5t4 7b7 ,submitt+ a ,directive ,policy ,rule ,n lat] ?an #dh h\rs aft] ! end ( a meet+ ( ! ,f$]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]iod2 & 7#i7 include a plan to use ! mo/ accurate data1 subject to all hi/orical revisions1 = inputs into ! ,directive ,policy ,rule & ! ,ref]5ce ,policy ,rule4 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 prep>e & submit a compliance report to ! appropriate congressional committees specify+ :e!r ! ,directive ,policy ,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 prep>e & submit to ! appropriate congressional committees a compliance 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$]al ,res]ve ,sy/em %all1 if reque/$ by ! *airman ( ei!r ( ! appropriate congressional committees1 n lat] ?an #g legislative days aft] su* reque/1 te/ify be=e su* committee 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 ! *airman ( 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 #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$iately aft] midnight on ! day t is "o week prior to ! date on :i* su* meet+ takes place2 & 7,b7 ends at midnight on ! day aft] ! date on :i* su* meet+ takes place4 7#c7 ,exemption = ,*airman ( ! ,bo>d ( ,gov]nors ,no?+ 9 ?is section %all prohibit ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em f p>ticipat+ 9 or issu+ public communications4 4 #d4 ,memb]%ip ( ,f$]al ,op5 ,m>ket ,committee ,section #ab;,a7a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc7;a77 is am5d$-- 7#a7 9 ! fir/ s5t5ce1 by /rik+ five & ins]t+ six2 7#b7 9 ! second s5t5ce1 by /rik+ ,"o by ! bo>d ( directors & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ ! foll[+3 ,"o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,new ,york & ,bo/on2 "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,philadelphia & ,clevel&2 "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,ri*mond & ,atlanta2 "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,*icago & ,/4 ,l\is2 "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,m9neapolis & ,kansas ,city2 & "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,dallas & ,san ,francisco42 & 7#c7 by ins]t+ aft] ! second s5t5ce ! foll[+3 ,9 odd numb]$ cal5d> ye>s1 "o repres5tative %all be elect$ f ea* ( ! ,f$]al ,res]ve ,banks ( ,bo/on1 ,philadelphia1 ,ri*mond1 ,*icago1 ,m9neapolis1 & ,dallas4 ,9 ev5-numb]$ cal5d> ye>s1 "o repres5tative %all be elect$ f ea* ( ! ,f$]al ,res]ve ,banks ( ,new ,york1 ,clevel&1 ,atlanta1 ,/4 ,l\is1 ,kansas ,city1 & ,san ,francisco44 #e4 ,requirem5ts = /ress te/s & sup]visory lett]s = ! ,bo>d ( ,gov]nors ( ! ,f$]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 ,application ( ,,cc> ,section #afe7;i77#a7 ( su* ,act is fur!r am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,application to ,,cc> ,! requirem5ts ( subp>agraph 7,b7 %all apply to all /ress te/s p]=m$ "u ! ,compreh5sive ,capital ,analysis & ,review ex]cise e/abli%$ by ! ,bo>d ( ,gov]nors4 4 7c7 ,publication ( ! numb] ( sup]visory lett]s s5t to ! l>ge/ bank hold+ companies ,section #afe ( su* ,act 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$iate ,att5tion4 4 #f4 ,frequ5cy ( te/imony ( ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]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 #g4 ,vice ,*airman = ,sup]vision report requirem5t ,p>agraph 7#ab7 ( section #aj ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdg7;b77 is am5d$-- 7#a7 by r$esignat+ su* p>agraph z p>agraph 7#aa72 & 7#b7 9 su* p>agraph1 by add+ at ! end ! foll[+3 ,9 ea* su* appe>ance1 ! ,vice ,*airman = ,sup]vision %all provide writt5 te/imony t includes ! /atus ( all p5d+ & anticipat$ 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 #h4 ,economic analysis ( regulations ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7a7 ,am5dm5t to ,f$]al ,res]ve ,act ,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 address & assess ! significance ( t problem2 7,b7 assess :e!r any new regulation is w>rant$ or1 ) respect to a propos$ regulation t ! ,bo>d ( ,gov]nors is requir$ to issue by /atute & ) respect to :i* ! ,bo>d has ! au?ority to exempt c]ta9 p]sons f ! application ( su* regulation1 comp>e-- 7i7 ! co/s & b5efits ( ! propos$ regulation2 & 7ii7 ! co/s & b5efits ( a regulation "u :i* ! ,bo>d exempts all p]sons f ! application ( ! propos$ regulation1 to ! ext5t ! ,bo>d is able2 7,c7 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,d7 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,e7 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 regulations2 & 7iii7 ) respect to a propos$ regulation t ! ,bo>d is requir$ to issue by /atute & ) respect to :i* ! ,bo>d has ! au?ority to exempt c]ta9 p]sons f ! application ( su* regulation1 comp>e-- 7,i7 ! co/s & b5efits ( ! propos$ regulation2 & 7,,ii7 ! co/s & b5efits ( a regulation "u :i* ! ,bo>d exempts all p]sons f ! application ( ! propos$ regulation1 to ! ext5t ! ,bo>d is able4 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$]al ,regi/]4 4 7b7 ,rule ( con/ruction ,no?+ 9 ?is section %all apply to ! requirem5ts reg>d+ ! conduct ( monet>y policy describ$ 9 section #b4 #i4 ,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 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 :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 #aj4 ,requirem5ts = int]national processes 7a7 ,bo>d ( ,gov]nors requirem5ts ,section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh71 z am5d$ by section #i ( ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+ new subsection3 7w7 ,int]national processes 7#a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e any memb] or employee ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,bo>d ( ,gov]nors %all-- 7,a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,bo>d ( ,gov]nors2 & 7,c7 solicit public comm5t1 & consult ) ! committees describ$ "u subp>agraph 7,a71 ) respect to ! subject matt]1 scope1 & goals ( ! process4 7#b7 ,public reports on process ,aft] ! end ( any process describ$ "u p>agraph 7#a71 ! ,bo>d ( ,gov]nors %all issue a public report on ! topics t 7 discuss$ dur+ ! process & any new or revis$ rulemak+s or policy *anges t ! ,bo>d ( ,gov]nors believes %\ld be implem5t$ z a result ( ! process4 7#c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e any memb] or employee ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,bo>d ( ,gov]nors %all-- 7,a7 issue a notice ( agreem5t to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,bo>d ( ,gov]nors2 & 7,c7 consult ) ! committees describ$ "u subp>agraph 7,a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7#d7 ,def9ition ,= purposes ( ?is subsection1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 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 #ea4 ,int]national processes 7a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e ! ,bo>d ( ,directors p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,bo>d ( ,directors %all-- 7#a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 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 ! subject matt]1 scope1 & goals ( ! process4 7b7 ,public reports on process ,aft] ! end ( any process describ$ "u subsection 7a71 ! ,bo>d ( ,directors %all issue a public report on ! topics t 7 discuss$ at ! process & any new or revis$ rulemak+s or policy *anges t ! ,bo>d ( ,directors believes %\ld be implem5t$ z a result ( ! process4 7c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e ! ,bo>d ( ,directors p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( 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 ) ! committees describ$ "u p>agraph 7#a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7d7 ,def9ition ,= purposes ( ?is section1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 4 7c7 ,treasury requirem5ts ,section #cbe ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+ new subsection3 7d7 ,int]national processes 7#a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e ! ,secret>y p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,secret>y %all-- 7,a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 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 ! subject matt]1 scope1 & goals ( ! process4 7#b7 ,public reports on process ,aft] ! end ( any process describ$ "u p>agraph 7#a71 ! ,secret>y %all issue a public report on ! topics t 7 discuss$ at ! process & any new or revis$ rulemak+s or policy *anges t ! ,secret>y believes %\ld be implem5t$ z a result ( ! process4 7#c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e ! ,secret>y p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( 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 ) ! committees describ$ "u subp>agraph 7,a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7#d7 ,def9ition ,= purposes ( ?is subsection1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 4 7d7 ,,occ requirem5ts ,*apt] "o ( title ,,lxii ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #ba et seq47 is am5d$-- 7#a7 by add+ at ! end ! foll[+ new section3 #eaef;,b4 ,int]national processes 7a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e ! ,comptroll] ( ! ,curr5cy p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,comptroll] ( ! ,curr5cy %all-- 7#a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7#b7 make su* notice available to ! public1 includ+ on ! website ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy2 & 7#c7 solicit public comm5t1 & consult ) ! committees describ$ "u p>agraph 7#a71 ) respect to ! subject matt]1 scope1 & goals ( ! process4 7b7 ,public reports on process ,aft] ! end ( any process describ$ "u subsection 7a71 ! ,comptroll] ( ! ,curr5cy %all issue a public report on ! topics t 7 discuss$ at ! process & any new or revis$ rulemak+s or policy *anges t ! ,comptroll] ( ! ,curr5cy believes %\ld be implem5t$ z a result ( ! process4 7c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e ! ,comptroll] ( ! ,curr5cy p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( 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 ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy2 & 7#c7 consult ) ! committees describ$ "u p>agraph 7#a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7d7 ,def9ition ,= purposes ( ?is section1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 2 & 7#b7 9 ! table ( cont5ts = su* *apt]1 by add+ at ! end ! foll[+ new item3 #eaef;,b4 ,int]national processes4 4 7e7 ,securities & ,ex*ange ,commission requirem5ts ,section #d ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7j7 ,int]national processes 7#a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e ! ,commission p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,commission %all-- 7,a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 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 ( ! ,commission2 & 7,c7 solicit public comm5t1 & consult ) ! committees describ$ "u subp>agraph 7,a71 ) respect to ! subject matt]1 scope1 & goals ( ! process4 7#b7 ,public reports on process ,aft] ! end ( any process describ$ "u p>agraph 7#a71 ! ,commission %all issue a public report on ! topics t 7 discuss$ at ! process & any new or revis$ rulemak+s or policy *anges t ! ,commission believes %\ld be implem5t$ z a result ( ! process4 7#c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e ! ,commission p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,commission %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 ( ! ,commission2 & 7,c7 consult ) ! committees describ$ "u subp>agraph 7,a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7#d7 ,def9ition ,= purposes ( ?is subsection1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 4 #aa4 ,am5dm5ts to p[]s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7a7 ,9 g5]al ,section #ac7c7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cdc7c77 is am5d$-- 7#a7 9 subp>agraph 7,a7-- 7,a7 by ins]t+ t pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates aft] unusual & exig5t circum/ances2 & 7,b7 by ins]t+ & by ! affirmative vote ( n less ?an n9e presid5ts ( ! ,f$]al res]ve banks aft] five memb]s2 7#b7 9 subp>agraph 7,b7-- 7,a7 9 clause 7i71 by ins]t+ at ! end ! foll[+3 ,f$]al res]ve banks may n accept equity securities issu$ by ! recipi5t ( any loan or o!r f9ancial assi/ance "u ?is p>agraph z collat]al4 ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is s5t5ce1 ! ,bo>d %all1 by rule1 e/abli%-- 7,i7 a me?od = det]m9+ ! suffici5cy ( ! collat]al requir$ "u ?is p>agraph2 7,,ii7 acceptable classes ( collat]al2 7,,iii7 ! am\nt ( any disc\nt ( su* value t ! ,f$]al res]ve banks w apply = purposes ( calculat+ ! suffici5cy ( collat]al "u ?is p>agraph2 & 7,,iv7 a me?od = obta9+ indep5d5t appraisals ( ! value ( collat]al ! ,f$]al res]ve banks receive4 2 & 7,b7 9 clause 7ii7-- 7i7 by /rik+ ! second s5t5ce2 & 7ii7 by ins]t+ aft] ! fir/ s5t5ce ! foll[+3 ,a borr[] %all n be eligible to borr[ f any em]g5cy l5d+ program or facility unless ! ,bo>d & all f$]al bank+ regulators ) jurisdiction ov] ! borr[] c]tify t1 at ! "t ! borr[] initially borr[s "u ! program or facility1 ! borr[] is n insolv5t42 7#c7 by ins]t+ f9ancial in/itution be=e p>ticipant ea* place su* t]m appe>s2 7#d7 9 subp>agraph 7,d77i71 by ins]t+ f9ancial in/itution be=e p>ticipants2 & 7#e7 by add+ at ! end ! foll[+ new subp>agraphs3 7,f7 ,p5alty rate 7i7 ,9 g5]al ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is subp>agraph1 ! ,bo>d %all1 ) respect to a recipi5t ( any loan or o!r f9ancial assi/ance "u ?is p>agraph1 e/abli% by rule a m9imum int]e/ rate on ! pr9cipal am\nt ( any loan or o!r f9ancial assi/ance4 7ii7 ,m9imum int]e/ rate def9$ ,9 ?is subp>agraph1 ! t]m m9imum int]e/ rate %all mean ! sum (-- 7,i7 ! av]age ( ! second>y disc\nt rate ( all ,f$]al ,res]ve banks ov] ! mo/ rec5t #ij-;day p]iod2 & 7,,ii7 ! av]age ( ! diff]5ce betwe5 a di/ress$ corporate bond yield index 7z def9$ by rule ( ! ,bo>d7 & a bond yield index ( debt issu$ by ! ,unit$ ,/ates 7z def9$ by rule ( ! ,bo>d7 ov] ! mo/ rec5t #ij-;day p]iod4 7,g7 ,f9ancial in/itution p>ticipant def9$ ,= purposes ( ?is p>agraph1 ! t]m f9ancial in/itution p>ticipant-- 7i7 means a company t is pr$om9antly engag$ 9 f9ancial activities 7z def9$ 9 section #ajb7;a7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecaa7;a7772 & 7ii7 does n include an ag5cy describ$ 9 subp>agraph 7,w7 ( section #ecab7;a77#b7 ( title #ca1 ,unit$ ,/ates ,code1 or an entity controll$ or sponsor$ by su* an ag5cy4 4 7b7 ,con=m+ am5dm5t ,section #aa7r77#b77;,a7 ( su* ,act is am5d$-- 7#a7 9 clause 7ii77,,iv71 by /rik+ 2 & & ins]t+ a semicolon2 7#b7 9 clause 7iii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+ new clause3 7iv7 ! available memb]s secure ! affirmative vote ( n less ?an n9e presid5ts ( ! ,f$]al res]ve banks4 4 #ab4 ,int]e/ rates on balances ma9ta9$ at a ,f$]al ,res]ve bank by depository in/itutions e/abli%$ by ,f$]al ,op5 ,m>ket ,committee ,subp>agraph 7,a7 ( section #ai7;b77#ab7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #dfa7;b77#ab77;,a77 is am5d$ by ins]t+ e/abli%$ by ! ,f$]al ,op5 ,m>ket ,committee aft] rate or rates4 #ac4 ,audit re=m & transp>5cy = ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7a7 ,9 g5]al ,not)/&+ section #gad ( title #ca1 ,unit$ ,/ates ,code1 or any o!r provision ( law1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all annually complete an audit ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al res]ve banks "u subsection 7b7 ( su* section #gad )9 #ab mon?s aft] ! date ( ! enactm5t ( ?is ,act4 7b7 ,report 7#a7 ,9 g5]al ,n lat] ?an #ij days aft] ea* audit requir$ pursuant to subsection 7a7 is complet$1 ! ,comptroll] ,g5]al-- 7,a7 %all submit to ,congress a report on su* audit2 & 7,b7 %all make su* report available to ! ,speak] ( ! ,h\se1 ! majority & m9ority lead]s ( ! ,h\se ( ,repres5tatives1 ! majority & m9ority lead]s ( ! ,s5ate1 ! ,*airman & ,rank+ ,memb] ( ! committee & ea* subcommittee ( jurisdiction 9 ! ,h\se ( ,repres5tatives & ! ,s5ate1 & any o!r ,memb] ( ,congress :o reque/s ! report4 7#b7 ,cont5ts ,! report "u p>agraph 7#a7 %all include a detail$ description ( ! f9d+s & conclusion ( ! ,comptroll] ,g5]al ) respect to ! audit t is ! subject ( ! report1 toge!r ) su* recomm5dations = legislative or adm9i/rative action z ! ,comptroll] ,g5]al may det]m9e to be appropriate4 7c7 ,repeal ( c]ta9 limitations ,subsection 7b7 ( section #gad ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ! second s5t5ce4 7d7 ,te*nical & con=m+ am5dm5ts 7#a7 ,9 g5]al ,section #gad ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 9 subsection 7d77#c71 by /rik+ or 7f7 ea* place su* t]m appe>s2 7,b7 9 subsection 7e71 by /rik+ ! ?ird undesignat$ p>agraph ( section #ac & ins]t+ section #ac7c72 & 7,c7 by /rik+ subsection 7f74 7#b7 ,f$]al ,res]ve ,act ,subsection 7s7 7relat+ to ,f$]al ,res]ve ,transp>5cy & ,release ( ,in=mation7 ( section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7 is am5d$-- 7,a7 9 p>agraph 7#d77;,a71 by /rik+ has ! same mean+ z 9 section #gad7;f77#a77;,a7 ( title #ca1 ,unit$ ,/ates ,code & ins]t+ means a program or facility1 includ+ any special purpose vehicle or o!r entity e/abli%$ by or on behalf ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em or a ,f$]al res]ve bank1 au?oriz$ by ! ,bo>d ( ,gov]nors "u section #ac7c71 t is n subject to audit "u section #gad7;e7 ( title #ca1 ,unit$ ,/ates ,code2 7,b7 9 p>agraph 7#f71 by /rik+ or 9 section #gad7;f77#c77;,c7 ( title #ca1 ,unit$ ,/ates ,code1 ! in=mation describ$ 9 p>agraph 7#a7 & in=mation conc]n+ ! transactions describ$ 9 section #gad7;f7 ( su* title1 & ins]t+ ! in=mation describ$ 9 p>agraph 7#a72 & 7,c7 9 p>agraph 7#g71 by /rik+ & section #ac7c77;,c71 section #gad7;f77#c77;,c7 ( title #ca1 ,unit$ ,/ates ,code1 & & ins]t+ 1 section #ac7c77;,c71 &4 #ad4 ,report+ requirem5t = ,export-,import ,bank ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all include1 z "p ( ! mon?ly ,f$]al ,res]ve /ati/ical release titl$ ,indu/rial ,production or ,capacity ,utilization 7or any successor release71 an analysis (-- 7#a7 ! impact on ! index describ$ 9 ! /ati/ical release due to ! op]ation ( ! ,export-,import ,bank2 & 7#b7 ! am\nt ( =eign indu/rial production support$ by =eign export cr$it ag5cies1 us+ ! same me?od us$ to measure indu/rial production 9 ! /ati/ical release & scal$ to be comp>able to ! indu/rial production measurem5t = ! ,unit$ ,/ates4 #ae4 ,memb]%ip ( ,bo>d ( ,directors ( ! ,f$]al res]ve banks ,section #d ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cjb7 is am5d$-- 7#a7 9 ! elev5? undesignat$ p>agraph 7relat+ to ,class ,b71 by /rik+ & consum]s & ins]t+ consum]s1 & traditionally und]s]v$ communities & populations2 & 7#b7 9 ! twelf? undesignat$ p>agraph 7relat+ to ,class ,c71 by /rik+ & consum]s & ins]t+ consum]s1 & traditionally und]s]v$ communities & populations4 #af4 ,e/abli%m5t ( a ,c5t5nial ,monet>y ,commission 7a7 ,%ort title ,?is section may be cit$ z ! ,c5t5nial ,monet>y ,commission ,act ( #bjae4 7b7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,! ,con/itution end[s ,congress ) ! p[] to co9 money1 regulate ! value !re(4 7#b7 ,foll[+ ! f9ancial crisis kn[n z ! ,panic ( #aijg1 ,congress e/abli%$ ! ,national ,monet>y ,commission to provide recomm5dations = ! re=m ( ! f9ancial & monet>y sy/ems ( ! ,unit$ ,/ates4 7#c7 ,incorporat+ sev]al ( ! recomm5dations ( ! ,national ,monet>y ,commission1 ,congress creat$ ! ,f$]al ,res]ve ,sy/em 9 #aiac4 ,z curr5tly organiz$1 ! ,f$]al ,res]ve ,sy/em consi/s ( ! ,bo>d ( ,gov]nors 9 ,wa%+ton1 ,di/rict ( ,columbia1 & ! ,f$]al ,res]ve ,banks organiz$ into #ab di/ricts ar\nd ! ,unit$ ,/ates4 ,! /ockhold]s ( ! #ab ,f$]al ,res]ve ,banks include national & c]ta9 ,/ate-*>t]$ comm]cial banks1 :i* op]ate on a fractional res]ve basis4 7#d7 ,orig9ally1 ,congress gave ! ,f$]al ,res]ve ,sy/em a monet>y m&ate to provide an ela/ic curr5cy1 )9 ! context ( a gold /&>d1 9 response to seasonal fluctuations 9 ! dem& = curr5cy4 7#e7 ,congress also gave ! ,f$]al ,res]ve ,sy/em a f9ancial /ability m&ate to s]ve z ! l5d] ( la/ resort to solv5t b illiquid banks dur+ a f9ancial crisis4 7#f7 ,9 #aigg1 ,congress *ang$ ! monet>y m&ate ( ! ,f$]al ,res]ve ,sy/em to a dual m&ate = maximum employm5t & /able prices4 7#g7 ,empirical /udies & hi/orical evid5ce1 bo? )9 ! ,unit$ ,/ates & 9 o!r c\ntries1 demon/rate t price /ability is desirable because bo? inflation & deflation damage ! economy4 7#h7 ,! economic *all5ge ( rec5t ye>s--mo/ notably ! bur/+ ( ! h\s+ bubble1 ! f9ancial crisis ( #bjjh1 & ! ensu+ anemic recov]y--h occurr$ at great co/ 9 t]ms ( lo/ jobs & output4 7#i7 ,policymak]s are reexam9+ ! /ructure & function+ ( f9ancial in/itutions & m>kets to det]m9e :at1 if any1 *anges ne$ to be made to place ! f9ancial sy/em on a /rong]1 m su/a9able pa? go+ =w>d4 7#aj7 ,! ,f$]al ,res]ve ,sy/em has tak5 extraord9>y actions 9 response to ! rec5t economic *all5ges4 7#aa7 ,! ,f$]al ,op5 ,m>ket ,committee has engag$ 9 multiple r\nds ( quantitative eas+1 provid+ unprec$5t$ liquidity to f9ancial m>kets1 :ile committ+ to hold+ %ort-t]m int]e/ rates l[ = a seem+ly indef9ite p]iod1 & pursu+ a policy ( cr$it allocation by pur*as+ ,f$]al ag5cy debt & mortgage-back$ securities4 7#ab7 ,9 ! wake ( ! rec5t extraord9>y actions ( ! ,f$]al ,res]ve ,sy/em1 ,congress--consi/5t ) its con/itutional responsibilities & z x has done p]iodically ?r\gh\t ! hi/ory ( ! ,unit$ ,/ates--has once aga9 r5ew$ its exam9ation ( monet>y policy4 7#ac7 ,c5tral 9 su* exam9ation has be5 a r5ew$ look at :at is ! mo/ prop] m&ate = ! ,f$]al ,res]ve ,sy/em to conduct monet>y policy 9 ! #ba/ c5tury4 7c7 ,e/abli%m5t ( a ,c5t5nial ,monet>y ,commission ,!re is e/abli%$ a commission to be kn[n z ! ,c5t5nial ,monet>y ,commission 79 ?is section ref]r$ to z ! ,commission74 7d7 ,/udy & report on monet>y policy 7#a7 ,/udy ,! ,commission %all-- 7,a7 exam9e h[ ,unit$ ,/ates monet>y policy s9ce ! creation ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 9 #aiac has affect$ ! p]=mance ( ! ,unit$ ,/ates economy 9 t]ms ( output1 employm5t1 prices1 & f9ancial /ability ov] "t2 7,b7 evaluate v>i\s op]ational regimes "u :i* ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al ,op5 ,m>ket ,committee may conduct monet>y policy 9 t]ms a*iev+ ! maximum su/a9able level ( output & employm5t & price /ability ov] ! long t]m1 includ+-- 7i7 discretion 9 det]m9+ monet>y policy )\t an op]ational regime2 7ii7 price level t>get+2 7iii7 inflation rate t>get+2 7iv7 nom9al gross dome/ic product t>get+ 7bo? level & gr[? rate72 7v7 ! use ( monet>y policy rules2 & 7vi7 ! gold /&>d2 7,c7 evaluate ! use ( macro-prud5tial sup]vision & regulation z a tool ( monet>y policy 9 t]ms ( a*iev+ ! maximum su/a9able level ( output & employm5t & price /ability ov] ! long t]m2 7,d7 evaluate ! use ( ! l5d]-(-la/-resort function ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em z a tool ( monet>y policy 9 t]ms ( a*iev+ ! maximum su/a9able level ( output & employm5t & price /ability ov] ! long t]m2 7,e7 recomm5d a c\rse = ,unit$ ,/ates monet>y policy go+ =w>d1 includ+-- 7i7 ! legislative m&ate2 7ii7 ! op]ational regime2 7iii7 ! securities us$ 9 op5 m>ket op]ations2 & 7iv7 transp>5cy issues2 & 7,f7 consid] ! effects ( ! ,,gdp output & employm5t t>gets ( ! dual m&ate 7bo? f ! creation ( ! dual m&ate 9 #aigg until ! pres5t "t & e/imates ( ! future effect ( ! dual m&ate 7 on-- 7i7 ,unit$ ,/ates economic activity2 7ii7 ,f$]al ,res]ve actions2 & 7iii7 ,f$]al debt4 7#b7 ,report ,n lat] ?an ,decemb] #a1 #bjaf1 ! ,commission %all submit to ,congress & make publicly available a report conta9+ a /atem5t ( ! f9d+s & conclusions ( ! ,commission 9 c>ry+ out ! /udy "u p>agraph 7#a71 toge!r ) ! recomm5dations ! ,commission consid]s appropriate4 ,9 mak+ su* report1 ! ,commission %all specifically report on ! consid]ations requir$ "u p>agraph 7#a77;,f74 7e7 ,memb]%ip 7#a7 ,numb] & appo9tm5t 7,a7 ,appo9t$ vot+ memb]s ,! ,commission %all conta9 #ab vot+ memb]s z foll[s3 7i7 ,six memb]s appo9t$ by ! ,speak] ( ! ,h\se ( ,repres5tatives1 ) f\r memb]s f ! majority p>ty & two memb]s f ! m9ority p>ty4 7ii7 ,six memb]s appo9t$ by ! ,presid5t ,pro ,tempore ( ! ,s5ate1 ) f\r memb]s f ! majority p>ty & two memb]s f ! m9ority p>ty4 7,b7 ,*airman ,! ,speak] ( ! ,h\se ( ,repres5tatives & ! majority lead] ( ! ,s5ate %all jo9tly designate "o ( ! memb]s ( ! ,commission z ,*airman4 7,c7 ,non-vot+ memb]s ,! ,commission %all conta9 #b non-vot+ memb]s z foll[s3 7i7 ,"o memb] appo9t$ by ! ,secret>y ( ! ,treasury4 7ii7 ,"o memb] :o is ! presid5t ( a di/rict ,f$]al res]ve bank appo9t$ by ! ,*air ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#b7 ,p]iod ( ,appo9tm5t ,ea* memb] %all be appo9t$ = ! life ( ! ,commission4 7#c7 ,tim+ ( appo9tm5t ,all memb]s ( ! ,commission %all be appo9t$ n lat] ?an #cj days aft] ! date ( ! enactm5t ( ?is section4 7#d7 ,vacancies ,a vacancy 9 ! ,commission %all n affect its p[]s1 & %all be fill$ 9 ! mann] 9 :i* ! orig9al appo9tm5t 0 made4 7#e7 ,meet+s 7,a7 ,initial meet+ ,! ,commission %all hold its initial meet+ & beg9 ! op]ations ( ! ,commission z soon z is practicable4 7,b7 ,fur!r ,meet+s ,! ,commission %all meet ^u ! call ( ! ,*air or a majority ( its memb]s4 7#f7 ,quorum ,sev5 vot+ memb]s ( ! ,commission %all con/itute a quorum b a less] numb] may hold he>+s4 7#g7 ,memb] ( ,congress ,def9$ ,9 ?is subsection1 ! t]m ,memb] ( ,congress means a ,s5ator or a ,repres5tative 91 or ,delegate or ,resid5t ,commission] to1 ! ,congress4 7f7 ,p[]s 7#a7 ,he>+s & sessions ,! ,commission or1 on ! au?ority ( ! ,commission1 any subcommittee or memb] !re(1 may1 = ! purpose ( c>ry+ out ?is section1 hold he>+s1 sit & act at times & places1 take te/imony1 receive evid5ce1 or adm9i/] oa?s z ! ,commission or su* subcommittee or memb] !re( consid]s appropriate4 7#b7 ,contract au?ority ,to ! ext5t or 9 ! am\nts provid$ 9 advance 9 appropriation ,acts1 ! ,commission may contract ) & comp5sate gov]nm5t & private ag5cies or p]sons to enable ! ,commission to dis*>ge its duties "u ?is section1 )\t reg>d to section #cgji ( ! ,revis$ ,/atutes 7#da ,u4,s4,c4 #e74 7#c7 ,obta9+ (ficial data 7,a7 ,9 g5]al ,! ,commission is au?oriz$ to secure directly f any executive dep>tm5t1 bureau1 ag5cy1 bo>d1 commission1 (fice1 indep5d5t e/abli%m5t1 or in/rum5tality ( ! ,gov]nm5t1 any in=mation1 includ+ sugge/ions1 e/imates1 or /ati/ics1 = ! purposes ( ?is section4 7,b7 ,reque/+ (ficial data ,! head ( su* dep>tm5t1 bureau1 ag5cy1 bo>d1 commission1 (fice1 indep5d5t e/abli%m5t1 or in/rum5tality ( ! gov]nm5t %all1 to ! ext5t au?oriz$ by law1 furni% su* in=mation ^u reque/ made by-- 7i7 ! ,*air2 7ii7 ! ,*air ( any subcommittee creat$ by a majority ( ! ,commission2 or 7iii7 any memb] ( ! ,commission designat$ by a majority ( ! commission to reque/ su* in=mation4 7#d7 ,assi/ance ,f ,f$]al ,ag5cies 7,a7 ,g5]al s]vices adm9i/ration ,! ,adm9i/rator ( ,g5]al ,s]vices %all provide to ! ,commission on a reimbursable basis adm9i/rative support & o!r s]vices = ! p]=mance ( ! functions ( ! ,commission4 7,b7 ,o!r dep>tm5ts & ag5cies ,9 addition to ! assi/ance prescrib$ 9 subp>agraph 7,a71 at ! reque/ ( ! ,commission1 dep>tm5ts & ag5cies ( ! ,unit$ ,/ates %all provide su* s]vices1 funds1 facilities1 /aff1 & o!r support s]vices z may be au?oriz$ by law4 7#e7 ,po/al s]vice ,! ,commission may use ! ,unit$ ,/ates mails 9 ! same mann] & "u ! same conditions z o!r dep>tm5ts & ag5cies ( ! ,unit$ ,/ates4 7g7 ,commission p]sonnel 7#a7 ,appo9tm5t & comp5sation ( /aff 7,a7 ,9 ,g5]al ,subject to rules prescrib$ by ! ,commission1 ! ,*air may appo9t & fix ! pay ( ! executive director & o!r p]sonnel z ! ,*air consid]s appropriate4 7,b7 ,applicability ( civil s]vice laws ,! /aff ( ! ,commission may be appo9t$ )\t reg>d to ! provisions ( title #e1 ,unit$ ,/ates ,code1 gov]n+ appo9tm5ts 9 ! competitive s]vice1 & may be paid )\t reg>d to ! provisions ( *apt] #ea & sub*apt] ,,iii ( *apt] #ec ( t title relat+ to classification & ,g5]al ,s*$ule pay rates1 except t an individual s appo9t$ may n receive pay 9 excess ( level ,v ( ! ,executive ,s*$ule4 7#b7 ,consultants ,! ,commission may procure tempor>y & int]mitt5t s]vices "u section #caji7;b7 ( title #e1 ,unit$ ,/ates ,code1 b at rates = individuals n to exce$ ! daily equival5t ( ! rate ( pay = a p]son occupy+ a position at level ,,iv ( ! ,executive ,s*$ule4 7#c7 ,/aff ( f$]al ag5cies ,^u reque/ ( ! ,commission1 ! head ( any ,f$]al dep>tm5t or ag5cy may detail1 on a reimbursable basis1 any ( ! p]sonnel ( su* dep>tm5t or ag5cy to ! ,commission to assi/ x 9 c>ry+ out its duties "u ?is section4 7h7 ,t]m9ation ( commission 7#a7 ,9 g5]al ,! ,commission %all t]m9ate on ,june #a1 #bjag4 7#b7 ,adm9i/rative ,activities be=e t]m9ation ,! ,commission may use ! p]iod betwe5 ! submission ( its report & its t]m9ation = ! purpose ( conclud+ its activities1 includ+ provid+ te/imony to ! committee ( ,congress conc]n+ its report4 7i7 ,au?orization ( ,appropriations ,!re is au?oriz$ to be appropriat$ to c>ry out ?is section #a1jjj1jjj1 :i* %all rema9 available until ! date on :i* ! ,commission t]m9ates4 #ag4 ,elim9ation ( surplus funds ( ,f$]al res]ve banks 7a7 ,9 g5]al ,section #g ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bhi et seq47 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 ! head+ ( su* subsection1 by /rik+ & surplus funds2 7,b7 9 p>agraph 7#b71 by /rik+ deposit$ 9 ! surplus fund ( ! bank & ins]t+ transf]r$ to ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em = transf] to ! ,secret>y ( ! ,treasury = deposit 9 ! g5]al fund ( ! ,treasury2 & 7,c7 by /rik+ ! fir/ subsection 7b7 7relat+ to a transf] = fiscal ye> #bjjj74 7b7 ,transf] to ! ,treasury ,! ,f$]al res]ve banks %all transf] all ( ! funds ( ! surplus funds ( su* banks to ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em = transf] to ! ,secret>y ( ! ,treasury = deposit 9 ! g5]al fund ( ! ,treasury4 #ah4 ,public transcripts ( ,,fomc meet+s ,section #ab;,a ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc71 z am5d$ by ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+3 7e7 ,public transcripts ( meet+s ,! ,committee %all-- 7#a7 record all meet+s ( ! ,committee2 & 7#b7 make ! full transcript ( su* meet+s available to ! public4 4 ,pass$ ! ,h\se ( ,repres5tatives ,novemb] #ai1 #bjae4,k>5 ,l4 ,haas1,cl]k