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GAO-16-517R 1 (2016-03-21)

handle is hein.gao/gaobadsbf0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-327899 March 21, 2016 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown 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: Federal Reserve Bank Capital Stock 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 (the Board) entitled Federal Reserve Bank Capital Stock (RIN: 7100-AE 47). We received the rule on March 4, 2016. It was published in the Federal Register as an interim final rule with request for comment on February 24, 2016. 81 Fed. Reg. 9082. The interim final rule establishes procedures for payment of dividends by the Federal Reserve Banks (Reserve Banks) to implement the provisions of section 32203 of the Fixing America's Surface Transportation Act (FAST Act).1 The interim final rule sets out the dividend rates applicable to Reserve Bank depository institution stockholders and amends regulatory provisions regarding treatment of accrued dividends when a Reserve Bank issues or cancels Federal Reserve Bank capital stock. 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). This interim final rule has a stated effective date of February 24, 2016. The rule was published in the Federal Register on February 24, 2016, and was received by Congress on March 7, 2016. 162 Cong. Rec. H 1300 (March 10, 2016); 162 Cong. Rec. S1343 (March 8, 2016). Therefore, the final rule does not have the full required 60-day delay in its effective date. The 60-day delay in effective date can be waived, however, if the agency finds for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agency incorporates a statement of the findings and its reasons in the rule issued. 5 U.S.C. §§ 553(d)(3), 808(2). The Board found that there is good cause to issue 1 Pub. L. No. 114-94, § 32203, 129 Stat. 1312 (2015). GAO-16-517R

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