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GAO-17-355R 1 (2017-01-18)

handle is hein.gao/gaobadtao0001 and id is 1 raw text is: G U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-328734 January 18, 2017 The Honorable Michael Crapo 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: Department of the Treasury, Office of the Comptroller of the Currency: Industrial and Commercial Metals 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, Office of the Comptroller of the Currency (OCC) entitled Industrial and Commercial Metals (RIN: 1557-AD93). We received the rule on January 5, 2017. It was published in the Federal Register as a final rule on December 30, 2016. 81 Fed. Reg. 96,353. The final rule prohibits national banks and federal savings associations from dealing or investing in industrial or commercial metals. For the purpose of this prohibition, the final rule defines the term industrial or commercial metal to mean metal (including an alloy) in a physical form primarily suited to industrial or commercial use, for example, copper cathodes. The final rule supersedes a prior OCC interpretation which permitted national banks to trade copper and is consistent with recommendations from the U.S. Senate Permanent Subcommittee on Investigations. Enclosed is our assessment of OCC's 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 of the procedural steps taken indicates that OCC complied with the applicable requirements. GAO-17-355R

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