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GAO-09-1033R 1 (2009-09-21)

handle is hein.gao/gaobadwyk0001 and id is 1 raw text is: I im T 1 WAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-318674 September 21, 2009 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Minority Member Committee on Financial Services House of Representatives Subject: Federal Reserve System: CapitalAdequacy Guidelines; Small Bank Holding Company Policy Statement: Treatment of Subordinated Securities Issued to the United States Treasury Under the Emergency Economic Stabilization Act of 2008 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 Capital Adequacy Guidelines; Small Bank Holding Company Policy Statement: Treatment of Subordinated Securities Issued to the United States Treasury Under the Emergency Economic Stabilization Act of 2008 (Docket No. R-1356). We received the rule on September 4, 2009. It was published in the Federal Registeras an interim final rule with request for public comment on June 1, 2009. 74 Fed. Reg. 26,077. The interim final rule with request for public comment permits bank holding companies that have made a valid election to be taxed under Subchapter S of Chapter 1 of the U.S. Internal Revenue Code (S-Corp BHCs) and bank holding companies organized in mutual form (Mutual BHCs) to include the full amount of any new subordinated debt securities issued to the Treasury under the capital purchase program in tier 1 capital for purposes of the Board's risk-based and leverage capital guidelines for bank holding companies, provided that the Subordinated Securities will count toward the limit on the amount of other restricted core capital elements includable in tier 1 capital. The interim final rule with request for public comment also allows bank holding companies that are subject to the GAO-09-1033R

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