Rulemaking Petition: Personal Use of Leadership PAC Funds, 46888-46889 [2018-20095]

Download as PDF daltland on DSKBBV9HB2PROD with PROPOSALS 46888 Federal Register / Vol. 83, No. 180 / Monday, September 17, 2018 / Proposed Rules compiled into one or more PDFs. This reduces comment processing and posting time. Confidential Business Information. According to 10 CFR 1004.11, any person submitting information that he or she believes to be confidential and exempt by law from public disclosure should submit via email, postal mail, or hand delivery two well-marked copies: one copy of the document marked confidential including all the information believed to be confidential, and one copy of the document marked ‘‘non-confidential’’ with the information believed to be confidential deleted. Submit these documents via email or on a CD, if feasible. DOE will make its own determination about the confidential status of the information and treat it according to its determination. Factors of interest to DOE when evaluating requests to treat submitted information as confidential include (1) a description of the items, (2) whether and why such items are customarily treated as confidential within the industry, (3) whether the information is generally known by or available from other sources, (4) whether the information has previously been made available to others without obligation concerning its confidentiality, (5) an explanation of the competitive injury to the submitting person which would result from public disclosure, (6) when such information might lose its confidential character due to the passage of time, and (7) why disclosure of the information would be contrary to the public interest. It is DOE’s policy that all comments may be included in the public docket, without change and as received, including any personal information provided in the comments (except information deemed to be exempt from public disclosure). DOE considers public participation to be a very important part of the process for developing a greater understanding of the emerging ‘‘smart’’ technology sector. DOE actively encourages the participation and interaction of the public during the comment period in each stage of this process. Interactions with and between members of the public provide a balanced discussion of the issues and assist DOE in the process. Anyone who wishes to be added to the DOE mailing list to receive future notices and information about this process should contact Energy Efficiency and Renewable Energy staff at (202) 586–6803 or via email at SmartProductsRFI@HQ.doe.gov. VerDate Sep<11>2014 16:40 Sep 14, 2018 Jkt 244001 Signed in Washington, DC, on September 7, 2018. Cathy Tripodi, Acting Assistant Secretary, Energy Efficiency and Renewable Energy. [FR Doc. 2018–20131 Filed 9–14–18; 8:45 am] BILLING CODE 6450–01–P FEDERAL ELECTION COMMISSION 11 CFR Part 113 [Notice 2018–14] Rulemaking Petition: Personal Use of Leadership PAC Funds Federal Election Commission. Rulemaking petition: Notification of availability. AGENCY: ACTION: On July 24, 2018, the Federal Election Commission received a Petition for Rulemaking, which asks the Commission to revise and amend the existing regulation concerning the personal use of campaign funds, to specify that that regulation applies to leadership PAC funds. The Commission seeks comments on the petition. DATES: Comments must be submitted on or before November 16, 2018. ADDRESSES: All comments must be in writing. Commenters are encouraged to submit comments electronically via the Commission’s website at https:// sers.fec.gov/fosers/rulemaking.htm?pid= 2933211, reference REG 2018–02. Alternatively, commenters may submit comments in paper form, addressed to the Federal Election Commission, Attn.: Mr. Robert M. Knop, Assistant General Counsel, 1050 First Street NE, Washington, DC 20463. Each commenter must provide, at a minimum, his or her first name, last name, city, and state. All properly submitted comments, including attachments, will become part of the public record, and the Commission will make comments available for public viewing on the Commission’s website and in the Commission’s Public Records Office. Accordingly, commenters should not provide in their comments any information that they do not wish to make public, such as a home street address, personal email address, date of birth, phone number, social security number, or driver’s license number, or any information that is restricted from disclosure, such as trade secrets or commercial or financial information that is privileged or confidential. FOR FURTHER INFORMATION CONTACT: Mr. Robert M. Knop, Assistant General Counsel, or Mr. Joseph P. Wenzinger, Attorney, Office of General Counsel, SUMMARY: PO 00000 Frm 00003 Fmt 4702 Sfmt 4702 1050 First Street NE, Washington, DC 20463, (202) 694–1650 or (800) 424– 9530. On July 24, 2018, the Commission received a Petition for Rulemaking from Campaign Legal Center, Issue One, and five former United States Representatives, asking the Commission to revise and amend 11 CFR 113.1(g)—which regulates the personal use of campaign funds—to specify that that regulation applies to leadership PAC funds. The Federal Election Campaign Act, 52 U.S.C. 30101–45 (the ‘‘Act’’), identifies six categories of permissible uses of contributions accepted by a federal candidate, and any other donations received by an individual as support for activities of the individual as a federal officeholder. 52 U.S.C. 30114(a). These permissible uses include ‘‘any . . . lawful purpose’’ that does not convert campaign funds to ‘‘personal use.’’ 52 U.S.C. 30114(a)(6), (b)(1). Commission regulations define ‘‘personal use’’ as ‘‘any use of funds in a campaign account of a present or former candidate to fulfill a commitment, obligation or expense of any person that would exist irrespective of the candidate’s campaign or duties as a Federal officeholder.’’ 11 CFR 113.1(g); see also 52 U.S.C. 30114(b)(2). As defined by the Act and Commission regulations, leadership PACs are political committees directly or indirectly established, financed, maintained, or controlled by federal candidates or officeholders that are neither authorized committees of a federal candidate or officeholder nor affiliated with an authorized committee of a federal candidate or officeholder. See 52 U.S.C. 30104(i)(8)(B); 11 CFR 100.5(e)(6). The term ‘‘leadership PAC’’ does not include a political committee of a political party. 52 U.S.C. 30104(i)(8)(B); 11 CFR 100.5(e)(6). The petition asks the Commission to open a rulemaking to ‘‘clarify that the statutory prohibition’’ on personal use of campaign funds applies to leadership PACs. The statutory prohibition applies, the petition argues, because a contribution to a leadership PAC qualifies under 52 U.S.C. 30114(a) as both a ‘‘contribution accepted by a candidate,’’ and a ‘‘donation received by an individual as support for activities of the individual as a holder of Federal office.’’ The petition suggests that the Commission revise 11 CFR 113.1(g) to include leadership PACs. The Commission seeks comments on the petition. The public may inspect the petition on the Commission’s website at https://sers.fec.gov/fosers/ SUPPLEMENTARY INFORMATION: E:\FR\FM\17SEP1.SGM 17SEP1 Federal Register / Vol. 83, No. 180 / Monday, September 17, 2018 / Proposed Rules showpdf.htm?docid=399206, or in the Commission’s Public Records Office, 1050 First Street NE, 12th Floor, Washington, DC 20463, Monday through Friday, from 9 a.m. to 5 p.m. The Commission will not consider the petition’s merits until after the comment period closes. If the Commission decides that the petition has merit, it may begin a rulemaking proceeding. The Commission will announce any action that it takes in the Federal Register. On behalf of the Commission, Dated: September 7, 2018. Caroline C. Hunter, Chair, Federal Election Commission. [FR Doc. 2018–20095 Filed 9–14–18; 8:45 am] BILLING CODE 6715–01–P FEDERAL HOUSING FINANCE AGENCY 12 CFR Part 1248 RIN 2590–AA94 Uniform Mortgage-Backed Security Federal Housing Finance Agency. ACTION: Proposed rule. AGENCY: FOR FURTHER INFORMATION CONTACT: The Federal Housing Finance Agency (FHFA or Agency) is providing notice and inviting comment on a proposed rule to improve the liquidity of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (the Enterprises) To-Be-Announced (TBA) eligible mortgage-backed securities (MBS) by requiring the Enterprises to maintain policies that promote aligned investor cash flows both on current TBA-eligible MBS, and, upon its implementation, on the Uniform Mortgage-Backed Security (UMBS)—a common, fungible MBS that will be eligible for trading in the TBA market for fixed-rate mortgage loans backed by 1–4 unit (single-family) properties. DATES: Written comments must be received on or before November 16, 2018. SUMMARY: You may submit your written comments on this proposed rule, identified by regulatory information number: RIN 2590–AA94 by any of the following methods: • Agency website: www.fhfa.gov/ open-for-comment-or-input. • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the instructions for submitting comments. If you submit your comment to the daltland on DSKBBV9HB2PROD with PROPOSALS ADDRESSES: VerDate Sep<11>2014 16:40 Sep 14, 2018 Jkt 244001 Federal eRulemaking Portal, please also send it by email to FHFA at RegComments@fhfa.gov to ensure timely receipt by FHFA. Please include ‘‘RIN 2590–AA94’’ in the subject line of the message. • Hand Delivery/Courier: The hand delivery address is: Alfred M. Pollard, General Counsel, Attention: Comments/ RIN 2590–AA94, Federal Housing Finance Agency, Constitution Center (OGC Eighth Floor), 400 7th St. SW, Washington, DC 20219. Deliver the package to the Seventh Street entrance Guard Desk, First Floor, on business days between 9:00 a.m. and 5:00 p.m. • U.S. Mail, United Parcel Service, Federal Express, or Other Mail Service: The mailing address for comments is: Alfred M. Pollard, General Counsel, Attention: Comments/RIN 2590–AA94, Federal Housing Finance Agency, Constitution Center (OGC Eighth Floor), 400 7th St. SW, Washington, DC 20219. Please note that all mail sent to FHFA via U.S. Mail is routed through a national irradiation facility, a process that may delay delivery by approximately two weeks. For any timesensitive correspondence, please plan accordingly. Robert Fishman, Senior Associate Director, Division of Conservatorship, (202) 649–3527, Robert.Fishman@ fhfa.gov, or James P. Jordan, Associate General Counsel, Office of General Counsel, (202) 649–3060, James.Jordan@fhfa.gov. These are not toll-free numbers. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877–8339. SUPPLEMENTARY INFORMATION: I. Comments FHFA invites comments on all aspects of the proposed rule and will consider all comments before issuing a final rule. FHFA will post for public inspection all comments received by the deadline without change, including any personal information you provide, such as your name, address, email address, and telephone number on the FHFA website at https://www.fhfa.gov. In addition, copies of all comments received will be available for examination by the public through the electronic rulemaking docket for this proposed rule also located on the FHFA website. II. Background On October 4, 2012, FHFA published and requested public input on a white paper entitled Building a New Infrastructure for the Secondary PO 00000 Frm 00004 Fmt 4702 Sfmt 4702 46889 Mortgage Market.1 The white paper proposed a new securitization platform (the ‘‘Common Securitization Platform’’ or ‘‘CSP’’). The goal of the proposal was to improve housing finance while not limiting market choices or innovation. The proposal identified principles critical to the success of an efficient secondary mortgage market—including promoting liquidity, attracting private capital, benefiting borrowers, and operating flexibly and efficiently. FHFA’s proposal involved the standardization of functions that are common across the industry, such as the issuance and settlement of mortgagebacked securities (MBS) and their monthly bond administration. In response to the white paper, FHFA received input from a broad crosssection of stakeholders in the securitization process. Generally, the respondents supported the technological aspects and the proposed functions of the CSP. In October 2013, Fannie Mae and Freddie Mac formally established a joint venture to develop the CSP, using as a legal vehicle a limited liability company—Common Securitization Solutions, LLC (CSS). On May 13, 2014, FHFA published its 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac (2014 Strategic Plan). The 2014 Strategic Plan Scorecard 2 set a goal that the Enterprises, through CSS, develop a single, common Enterprise MBS as part of the broader CSP build. FHFA had determined that a single, common Enterprise MBS would promote liquidity and improve the distribution of investment capital. FHFA concluded that by making Freddie Mac MBS fungible with Fannie Mae MBS, both the Fannie Mae and Freddie Mac MBS markets would become more and equally liquid. Reports indicated that Freddie Mac was spending as much as $400 million dollars per annum in market adjusted pricing (MAP) 3 and that Freddie Mac’s MAP costs were attributable to its MBS being less liquid than Fannie Mae MBS.4 Those amounts have 1 https://www.fhfa.gov/PolicyProgramsResearch/ Research/PaperDocuments/FHFA_Securitization_ White_Paper_N508L.pdf (last accessed 08/17/2018). 2 Post-conservatorship, FHFA began publishing Scorecards, which provide the implementation roadmap for the Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac. The Scorecards include specific objectives and timetables for the Enterprises in support of the Strategic Plan. 3 MAP is a cash payment or discount in the contractual ongoing guarantee fee based on spreads between Fannie Mae and Freddie Mac MBS. 4 See e.g., Laurie Goodman, Lewis Ranieri, Charting a Course to a Single Security (September E:\FR\FM\17SEP1.SGM Continued 17SEP1

Agencies

[Federal Register Volume 83, Number 180 (Monday, September 17, 2018)]
[Proposed Rules]
[Pages 46888-46889]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-20095]


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FEDERAL ELECTION COMMISSION

11 CFR Part 113

[Notice 2018-14]


Rulemaking Petition: Personal Use of Leadership PAC Funds

AGENCY: Federal Election Commission.

ACTION: Rulemaking petition: Notification of availability.

-----------------------------------------------------------------------

SUMMARY: On July 24, 2018, the Federal Election Commission received a 
Petition for Rulemaking, which asks the Commission to revise and amend 
the existing regulation concerning the personal use of campaign funds, 
to specify that that regulation applies to leadership PAC funds. The 
Commission seeks comments on the petition.

DATES: Comments must be submitted on or before November 16, 2018.

ADDRESSES: All comments must be in writing. Commenters are encouraged 
to submit comments electronically via the Commission's website at 
https://sers.fec.gov/fosers/rulemaking.htm?pid=2933211, reference REG 
2018-02. Alternatively, commenters may submit comments in paper form, 
addressed to the Federal Election Commission, Attn.: Mr. Robert M. 
Knop, Assistant General Counsel, 1050 First Street NE, Washington, DC 
20463.
    Each commenter must provide, at a minimum, his or her first name, 
last name, city, and state. All properly submitted comments, including 
attachments, will become part of the public record, and the Commission 
will make comments available for public viewing on the Commission's 
website and in the Commission's Public Records Office. Accordingly, 
commenters should not provide in their comments any information that 
they do not wish to make public, such as a home street address, 
personal email address, date of birth, phone number, social security 
number, or driver's license number, or any information that is 
restricted from disclosure, such as trade secrets or commercial or 
financial information that is privileged or confidential.

FOR FURTHER INFORMATION CONTACT: Mr. Robert M. Knop, Assistant General 
Counsel, or Mr. Joseph P. Wenzinger, Attorney, Office of General 
Counsel, 1050 First Street NE, Washington, DC 20463, (202) 694-1650 or 
(800) 424-9530.

SUPPLEMENTARY INFORMATION: On July 24, 2018, the Commission received a 
Petition for Rulemaking from Campaign Legal Center, Issue One, and five 
former United States Representatives, asking the Commission to revise 
and amend 11 CFR 113.1(g)--which regulates the personal use of campaign 
funds--to specify that that regulation applies to leadership PAC funds.
    The Federal Election Campaign Act, 52 U.S.C. 30101-45 (the 
``Act''), identifies six categories of permissible uses of 
contributions accepted by a federal candidate, and any other donations 
received by an individual as support for activities of the individual 
as a federal officeholder. 52 U.S.C. 30114(a). These permissible uses 
include ``any . . . lawful purpose'' that does not convert campaign 
funds to ``personal use.'' 52 U.S.C. 30114(a)(6), (b)(1). Commission 
regulations define ``personal use'' as ``any use of funds in a campaign 
account of a present or former candidate to fulfill a commitment, 
obligation or expense of any person that would exist irrespective of 
the candidate's campaign or duties as a Federal officeholder.'' 11 CFR 
113.1(g); see also 52 U.S.C. 30114(b)(2).
    As defined by the Act and Commission regulations, leadership PACs 
are political committees directly or indirectly established, financed, 
maintained, or controlled by federal candidates or officeholders that 
are neither authorized committees of a federal candidate or 
officeholder nor affiliated with an authorized committee of a federal 
candidate or officeholder. See 52 U.S.C. 30104(i)(8)(B); 11 CFR 
100.5(e)(6). The term ``leadership PAC'' does not include a political 
committee of a political party. 52 U.S.C. 30104(i)(8)(B); 11 CFR 
100.5(e)(6).
    The petition asks the Commission to open a rulemaking to ``clarify 
that the statutory prohibition'' on personal use of campaign funds 
applies to leadership PACs. The statutory prohibition applies, the 
petition argues, because a contribution to a leadership PAC qualifies 
under 52 U.S.C. 30114(a) as both a ``contribution accepted by a 
candidate,'' and a ``donation received by an individual as support for 
activities of the individual as a holder of Federal office.'' The 
petition suggests that the Commission revise 11 CFR 113.1(g) to include 
leadership PACs.
    The Commission seeks comments on the petition. The public may 
inspect the petition on the Commission's website at https://
sers.fec.gov/fosers/

[[Page 46889]]

showpdf.htm?docid=399206, or in the Commission's Public Records Office, 
1050 First Street NE, 12th Floor, Washington, DC 20463, Monday through 
Friday, from 9 a.m. to 5 p.m.
    The Commission will not consider the petition's merits until after 
the comment period closes. If the Commission decides that the petition 
has merit, it may begin a rulemaking proceeding. The Commission will 
announce any action that it takes in the Federal Register.

    On behalf of the Commission,

    Dated: September 7, 2018.
Caroline C. Hunter,
Chair, Federal Election Commission.

[FR Doc. 2018-20095 Filed 9-14-18; 8:45 am]
BILLING CODE 6715-01-P
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