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GAO-03-480R 1 (2003-02-24)

handle is hein.gao/gaobadwii0001 and id is 1 raw text is: I Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 B-291951 February 24, 2003 The Honorable Richard C. Shelby Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Michael G. Oxley Chairman The Honorable Barney Frank Ranking Minority Member Committee on Financial Services House of Representatives Subject: Federal Reserve System: Transactions Between Member Banks and Their Affiliates Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Reserve System (Board), entitled Transactions Between Member Banks and Their Affiliates (Regulation W; Docket No. R-1103). The rule was received by the Senate on December 2, 2002, and by the House of Representatives on December 4, 2002. However, due to a delay in the mail, our Office did not receive the rule until February 7, 2003. It was published in the Federal Register as a final rule on December 12, 2002. 67 Fed. Reg. 76560. The final rule (Regulation W) combines statutory restrictions on transactions between a member bank and its affiliates with numerous Board interpretations and exemptions in an effort to simplify compliance with sections 23A and 23B of the Federal Reserve Act. Enclosed is our assessment of the Board'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 indicates that the Board complied with the applicable requirements. If you have any questions about this report, please contact James W. Vickers, Assistant General Counsel, at (202) 512-8210. The official responsible for GAO evaluation work relating to the subject matter of the rule is Thomas McCool, GAO-03-480R

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