Federal Open Market Committee; Rules of Organization, 9337 [E7-3540]
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Federal Register / Vol. 72, No. 40 / Thursday, March 1, 2007 / Notices
Board of Governors of the Federal Reserve
System, February 23, 2007.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E7–3570 Filed 2–28–07; 8:45 am]
BILLING CODE 6210–01–S
FEDERAL RESERVE SYSTEM
Federal Open Market Committee; Rules
of Organization
Federal Open Market
Committee.
ACTION: Notice; Amendment to Rules of
Organization.
AGENCY:
SUMMARY: The Federal Open Market
Committee (the ‘‘Committee’’) has
amended its Rules of Organization to
allow for the appointment of a
temporary manager of the System Open
Market Account in certain
circumstances.
The amendments to the Rules of
Organization became effective on
January 30, 2007.
FOR FURTHER INFORMATION CONTACT:
Kieran J. Fallon, Assistant General
Counsel (202–452–5270), April Snyder,
Senior Attorney (202–452–3099), Legal
Division; Board of Governors of the
Federal Reserve System; Deborah J.
Danker, Deputy Secretary (202–452–
3253), or Matthew Luecke, Senior
Financial Analyst, (202–452–2576);
Federal Open Market Committee, 20th
Street and Constitution Avenue, NW.,
Washington, DC 20551. Users of
Telecommunication Device for Deaf
(TTD) only, call (202) 263–4869.
SUPPLEMENTARY INFORMATION: The
Committee is composed of the members
of the Board of Governors of the Federal
Reserve System and five representatives
of the Federal Reserve Banks, selected
in the manner set forth in section 12A
of the Federal Reserve Act (12 U.S.C.
263(a)). The Committee’s Rules of
Organization provide for the Committee
to select a manager of the System Open
Market Account, which is the account
through which open market transactions
are conducted on behalf and under the
direction of the Committee.1 The
manager keeps the Committee informed
on market conditions and on
transactions made for the System Open
Market Account and renders such
reports as the Committee may specify.
The Rules of Organization also provide
that the manager selected by the
Committee shall be satisfactory to the
Federal Reserve Bank selected by the
Committee to execute transactions for
rmajette on PROD1PC67 with NOTICES
DATES:
1 See
Committee Rules of Organization, § 5.
VerDate Aug<31>2005
15:01 Feb 28, 2007
Jkt 211001
the System Open Market Account
(‘‘executing Reserve Bank’’).
The manager serves at the pleasure of
the Committee. The Committee has
amended its Rules of Organization to
also provide that if the President of the
executing Reserve Bank determines that
the manager is not able to perform the
duties of the position, the Chairman of
the Committee may select, with the
concurrence of such President, another
person to serve temporarily as manager
until the Committee and the executing
Reserve Bank select a replacement
manager in accordance with the
Committee’s Rules of Organization. This
provision is designed to facilitate the
smooth and uninterrupted operation of
the System Open Market Account in the
event that a manager becomes unable to
serve in the position.
The Committee has incorporated the
amendments into the Committee’s Rules
of Organization. The Committee’s Rules
of Organization are uncodified
regulations for use by the Committee
and are issued pursuant to 5 U.S.C. 552.
Because the amendments relate solely to
the internal organization, procedure, or
practice of the Committee, the public
notice, public comment, and delayed
effective date provisions of the
Administrative Procedure Act do not
apply.2
For the reasons discussed above, the
Committee has amended its Rules of
Organization as follows:
1. The following sentence is added at
the end of § 5 of the Rules of
Organization:
Section 5—Manager
* * * In the event that the President
of the Federal Reserve Bank selected by
the Committee determines that the
manager is not able to perform the
duties of the position, the Chairman
may select a person satisfactory to such
President to serve as manager until the
Committee and the designated Reserve
Bank select a replacement manager in
accordance with this section.
By order of the Federal Open Market
Committee, February 23, 2007.
Vincent R. Reinhart,
Secretary, Federal Open Market Committee.
[FR Doc. E7–3540 Filed 2–28–07; 8:45 am]
BILLING CODE 6210–01–P
2 See
PO 00000
5 U.S.C. 553(b) and (d).
Frm 00036
Fmt 4703
Sfmt 4703
9337
FEDERAL RESERVE SYSTEM
Federal Open Market Committee;
Domestic Policy Directive of January
30–31, 2006
In accordance with § 271.25 of its
rules regarding availability of
information (12 CFR part 271), there is
set forth below the domestic policy
directive issued by the Federal Open
Market Committee at its meeting held
on January 30–31, 2007.1
The Federal Open Market Committee
seeks monetary and financial conditions
that will foster price stability and
promote sustainable growth in output.
To further its long–run objectives, the
Committee in the immediate future
seeks conditions in reserve markets
consistent with maintaining the federal
funds rate at an average of around 51⁄4
percent.
By order of the Federal Open Market
Committee, February 22, 2007.
Vincent R. Reinhart,
Secretary, Federal Open Market Committee.
[FR Doc. E7–3543 Field 2–28–07; 8:45 am]
BILLING CODE 6210–01–S
GENERAL SERVICES
ADMINISTRATION
Privacy Act of 1974; Cancellation of a
System of Records
General Services
Administration
ACTION: Cancellation of a system of
records
AGENCY:
SUMMARY: The General Services
Administration (GSA) is providing
notice of a cancelled record system,
Parties Excluded from Federal
Procurement and Nonprocurement
Program (GSA/OAP–1). The system was
replaced by the new system of records
GSA/Govt–8 (Excluded Parties List
System) which became effective on
January 4, 2007.
DATES: Effective: March 1, 2007.
FOR FURTHER INFORMATION: Call or e-mail
the GSA Privacy Act Officer: telephone
202–208–1317; e-mail
gsa.privacyact@gsa.gov.
ADDRESSES: Comments may be
submitted to the Program Manager,
Integrated Acquisition Environment
Program, Office of the Chief Acquisition
1 Copies of the Minutes of the Federal Open
Market Committee meeting on January 30–31, 2007,
which includes the domestic policy directive issued
at the meeting, are available upon request to the
Board of Governors of the Federal Reserve System,
Washington, D.C. 20551. The minutes are published
in the Federal Reserve Bulletin and in the Board’s
annual report.
E:\FR\FM\01MRN1.SGM
01MRN1
]]>Agencies
[Federal Register Volume 72, Number 40 (Thursday, March 1, 2007)]
[Notices]
[Page 9337]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-3540]
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FEDERAL RESERVE SYSTEM
Federal Open Market Committee; Rules of Organization
AGENCY: Federal Open Market Committee.
ACTION: Notice; Amendment to Rules of Organization.
-----------------------------------------------------------------------
SUMMARY: The Federal Open Market Committee (the ``Committee'') has
amended its Rules of Organization to allow for the appointment of a
temporary manager of the System Open Market Account in certain
circumstances.
DATES: The amendments to the Rules of Organization became effective on
January 30, 2007.
FOR FURTHER INFORMATION CONTACT: Kieran J. Fallon, Assistant General
Counsel (202-452-5270), April Snyder, Senior Attorney (202-452-3099),
Legal Division; Board of Governors of the Federal Reserve System;
Deborah J. Danker, Deputy Secretary (202-452-3253), or Matthew Luecke,
Senior Financial Analyst, (202-452-2576); Federal Open Market
Committee, 20th Street and Constitution Avenue, NW., Washington, DC
20551. Users of Telecommunication Device for Deaf (TTD) only, call
(202) 263-4869.
SUPPLEMENTARY INFORMATION: The Committee is composed of the members of
the Board of Governors of the Federal Reserve System and five
representatives of the Federal Reserve Banks, selected in the manner
set forth in section 12A of the Federal Reserve Act (12 U.S.C. 263(a)).
The Committee's Rules of Organization provide for the Committee to
select a manager of the System Open Market Account, which is the
account through which open market transactions are conducted on behalf
and under the direction of the Committee.\1\ The manager keeps the
Committee informed on market conditions and on transactions made for
the System Open Market Account and renders such reports as the
Committee may specify. The Rules of Organization also provide that the
manager selected by the Committee shall be satisfactory to the Federal
Reserve Bank selected by the Committee to execute transactions for the
System Open Market Account (``executing Reserve Bank'').
---------------------------------------------------------------------------
\1\ See Committee Rules of Organization, Sec. 5.
---------------------------------------------------------------------------
The manager serves at the pleasure of the Committee. The Committee
has amended its Rules of Organization to also provide that if the
President of the executing Reserve Bank determines that the manager is
not able to perform the duties of the position, the Chairman of the
Committee may select, with the concurrence of such President, another
person to serve temporarily as manager until the Committee and the
executing Reserve Bank select a replacement manager in accordance with
the Committee's Rules of Organization. This provision is designed to
facilitate the smooth and uninterrupted operation of the System Open
Market Account in the event that a manager becomes unable to serve in
the position.
The Committee has incorporated the amendments into the Committee's
Rules of Organization. The Committee's Rules of Organization are
uncodified regulations for use by the Committee and are issued pursuant
to 5 U.S.C. 552. Because the amendments relate solely to the internal
organization, procedure, or practice of the Committee, the public
notice, public comment, and delayed effective date provisions of the
Administrative Procedure Act do not apply.\2\
---------------------------------------------------------------------------
\2\ See 5 U.S.C. 553(b) and (d).
---------------------------------------------------------------------------
For the reasons discussed above, the Committee has amended its
Rules of Organization as follows:
1. The following sentence is added at the end of Sec. 5 of the
Rules of Organization:
Section 5--Manager
* * * In the event that the President of the Federal Reserve Bank
selected by the Committee determines that the manager is not able to
perform the duties of the position, the Chairman may select a person
satisfactory to such President to serve as manager until the Committee
and the designated Reserve Bank select a replacement manager in
accordance with this section.
By order of the Federal Open Market Committee, February 23,
2007.
Vincent R. Reinhart,
Secretary, Federal Open Market Committee.
[FR Doc. E7-3540 Filed 2-28-07; 8:45 am]
BILLING CODE 6210-01-P
