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GAO-13-869R 1 (2013-09-23)

handle is hein.gao/gaobadpud0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-325147 September 23, 2013 The Honorable Tim Johnson Chairman The Honorable Michael D. 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: Federal Reserve System: Supervision and Regulation Assessments for Bank Holding Companies and Savings and Loan Holding Companies With Total Consolidated Assets of $50 Billion or More and Nonbank Financial Companies Supervised by the Federal Reserve 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 (Board) entitled Supervision and Regulation Assessments for Bank Holding Companies and Savings and Loan Holding Companies With Total Consolidated Assets of $50 Billion or More and Nonbank Financial Companies Supervised by the Federal Reserve (RIN: 7100-AD-95). We received the rule on September 9, 2013. It was published in the Federal Register as a final rule on August 23, 2013. 78 Fed. Reg. 52,391. The final rule implements section 318 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.1 Section 318 directs the Board to collect assessments, fees, or other charges equal to the total expenses the Board estimates are necessary to carry out the supervisory and regulatory responsibilities of the Board for bank holding companies and savings and loan companies with total consolidated assets of $50 billion or more and nonbank financial companies designated for Board supervision by the Financial Stability Oversight Council. The Congressional Review Act 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). This final rule was published on August 23, 2013, and received on September 9, 2013. It has a stated effective date of October 25, 2013. Therefore, this final rule does not have the required 60-day delay. 1 Pub. L. No. 111-203, § 318(c), 124 Stat. 1376, 1527 (2010). GAO-13-869R

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