About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GAO-16-441R 1 (2016-02-17)

handle is hein.gao/gaobadryd0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-327797 February 17, 2016 The Honorable Richard Shelby 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: Federal Reserve System: Extensions of Credit by Federal Reserve Banks 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 (the Board) entitled Extensions of Credit by Federal Reserve Banks (RIN: 7100-AE08). We received the rule on January 28, 2016. It was published in the Federal Register as a final rule on December 18, 2015. 80 Fed. Reg. 78,959. The final rule amends the regulations governing extensions of credit by Federal Reserve Banks. It implements the emergency lending authorities provided under the third undesignated paragraph of section 13 of the Federal Reserve Act (the FRA), as amended by sections 1101 and 1103 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.1 These provisions require the Board, in consultation with the Secretary of the Treasury, to establish by regulation policies and procedures with respect to emergency lending under section 13(3) of the FRA. 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). This final rule has a stated effective date of January 1, 2016. The rule was published in the Federal Register on December 18, 2015, but was received by Congress on January 15, 2016. 162 Cong. Rec. H368 (Jan. 25, 2016); 162 Cong. Rec. S158 (Jan. 27, 2016). Therefore, the final rule does not have the full required 60-day delay in its effective date. GAO-i 6-441 R 1 12 U.S.C. § 343.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most