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B-329048 1 (2017-05-10)

handle is hein.gao/gaobadtjr0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-329048 May 10, 2017 The Honorable Michael Crapo 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: Federal Reserve Bank Capital Stock 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 Federal Reserve Bank Capital Stock (RIN: 7100-AE 47). We received the rule on April 26, 2017. It was published in the Federal Register as a final rule on November 23, 2016. 81 Fed. Reg. 84,415. The effective date was January 1, 2017. The final rule establishes procedures for payment of dividends by the Federal Reserve Banks (Reserve Banks) to implement the provisions of section 32203 of the Fixing America's Surface Transportation Act. The final rule also sets out the dividend rates applicable to Reserve Bank depository institution stockholders and amends provisions of Regulation I regarding treatment of accrued dividends when a Reserve Bank issues or cancels Federal Reserve Bank capital stock. 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 was published in the Federal Register on November 23, 2016. 81 Fed. Reg. 84,415. It was received by the House of Representatives on April 12, 2017 (Congressional Record, H2799) and by GAO on April 26, 2017. It has a stated effective date of January 1, 2017. Therefore, the final rule does not have the required 60-day delay in its effective date. 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. With the exception of the 60-day delay in effective date requirement, our review of the procedural steps taken indicates that the Board complied with the applicable requirements.

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