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GAO-13-397R 1 (2013-02-27)

handle is hein.gao/gaobadpkj0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-324451 February 27, 2013 The Honorable Tim Johnson Chairman The Honorable Mike Crapo Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Community Development Financial Institutions Fund: Guarantees for Bonds Issued for Community or Economic Development Purposes Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Community Development Financial Institutions Fund (CDFI), entitled Guarantees for Bonds Issued for Community or Economic Development Purposes (RIN: 1559-AA01). We received the rule on February 12, 2013. It was published in the Federal Register as an interim rule with request for public comment on February 5, 2013. 78 Fed. Reg. 8296. The interim rule implements the CDFI Bond Guarantee Program, established through section 1134 of the Small Business Jobs Act of 2010 and administered by CDFI, under authority delegated by the Secretary of the Treasury. The interim rule has an effective date of April 8, 2013. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801 (a)(3)(A). The interim rule was published in the Federal Register on February 5, 2013, but we did not receive the interim rule until February 12, 2013. Therefore, the interim rule does not have the required 60-day delay in its effective date. GAO-13-397R

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