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OGC-97-28 1 (1997-03-12)

handle is hein.gao/gaobablqc0001 and id is 1 raw text is: 




GAO


United States
General Accounting Office
Washington, D.C. 20548

Office of the General Counsel




B-276296



March 12, 1997


The Honorable Alfonse M. D'Amato
Chairman
The Honorable Paul S. Sarbanes
Ranking Minority Member
Committee on Banking, Housing, and Urban Affairs
United States Senate


The Honorable Jim Leach
Chairman
The Honorable Henry B. Gonzalez
Ranking Minority Member
Committee on Banking and Financial Services
House of Representatives

Subject: Board of Governors of the Federal Reserve System: Bank Holding
          Companies and Change in Bank Control (Regulation Y)

Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on
a major rule promulgated by the Board of Governors of the Federal Reserve System,
entitled Bank Holding Companies and Change in Bank Control (Regulation Y)
(Docket Nos. R-0935; R-0936). We received the rule on February 24, 1997. It was
published in the Federal Register as a final rule on February 28, 1997. 62 Fed.
Reg. 9290.

The final rule amends Regulation Y to improve the competitiveness of bank holding
companies by eliminating unnecessary regulatory burden and operating restrictions
and streamlining the application and notice process.

Enclosed is our assessment of the Board of Governors' compliance with the
procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with
respect to the rule. Our review indicates that the Board of Governors complied
with the applicable requirements.


GAO/OGC-97-28

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