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GAO-09-1034R 1 (2009-09-21)

handle is hein.gao/gaobadwyl0001 and id is 1 raw text is: im T I M Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-318675 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; Treatment of Perpetual Preferred Stock 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; Treatment of Perpetual Preferred Stock Issued to the United States Treasury Under the Emergency Economic Stabilization Act of 2008 (Docket No. R-1336). We received the rule on September 4, 2009. It was published in the Federal Register as a final rule on June 1, 2009. 74 Fed. Reg. 26,081. The final rule permits bank holding companies that issue new senior perpetual preferred stock to the Treasury under the capital purchase program announced by the Secretary of the Treasury on October 14, 2008, to include such capital instruments in tier 1 capital for purposes of the Federal Reserve's risk-based and leverage capital rules and guidelines for bank holding companies. The final rule adopts as final the interim final rule that became effective on October 17, 2008. 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 of the procedural steps taken indicates that the Board complied with the applicable requirements. GAO-09-1034R

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