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B-332299 1 (2020-06-30)

handle is hein.gao/gaobaebnw0001 and id is 1 raw text is: cAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332299 June 30, 2020 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Office of the Comptroller of the Currency; Federal Reserve System, Federal Deposit Insurance Corporation: Liquidity Coverage Ratio Rule: Treatment of Certain Emergency Facilities 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; Federal Reserve System; Federal Deposit Insurance Corporation (the agencies) entitled Liquidity Coverage Ratio Rule: Treatment of Certain Emergency Facilities (RINs: 1557-AE92; 7100-AF90; 3064-AF51). We received the rule on June 12, 2020. It was published in the Federal Register as an interim final rule and became effective on May 6, 2020. 85 Fed. Reg. 26835. The agencies requested public comments by June 5, 2020. Id. According to the agencies, to facilitate use of the Money Market Mutual Fund Liquidity Facility (MMLF) and the Paycheck Protection Program Liquidity Facility (PPPLF), and to ensure that the effects of their use are consistent and predictable under the Liquidity Coverage Ratio (LCR) rule, the agencies are adopting this interim final rule to require banking organizations to neutralize the effect under the LCR rule of participating in the MMLF and the PPPLF. The agencies stated that the Board of Governors of the Federal Reserve System (Board) authorized the establishment of the MMLF and the PPPLF, pursuant to section 13(3) of the Federal Reserve Act, Pub. L. No. 63-43, 38 Stat. 251 (Dec. 23, 1913), to provide liquidity to the money market sector, small business lenders, and the broader credit markets in order to stabilize the financial system. 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). 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

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