[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR261b.11]

[Page 724]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 261b--RULES REGARDING PUBLIC OBSERVATION OF MEETINGS--Table of Contents
 
Sec. 261b.11  Transcripts, recordings, and minutes.

    (a) The agency will maintain a complete transcript or electronic 
recording or transcription thereof adequate to record fully the 
proceedings of each meeting or portion of a meeting closed to public 
observation pursuant to exemption (a)(1), (a)(2), (a)(3), (a)(4), 
(a)(5), (a)(6), (a)(7) or (a)(9)(ii) of Sec. 261b.5 of this part. 
Transcriptions of recordings will disclose the identity of each speaker.
    (b) The agency will maintain either such a transcript, recording or 
transcription thereof, or a set of minutes that will fully and clearly 
describe all matters discussed and provide a full and accurate summary 
of any actions taken and the reasons therefor, including a description 
of each of the views expressed on any item and the record of any roll 
call vote (reflecting the vote of each member on the question), for 
meetings or portions of meetings closed to public observation pursuant 
to exemptions (a)(8), (a)(9)(A) or (a)(10) of Sec. 261b.5 of this part. 
The minutes will identify all documents considered in connection with 
any action taken.
    (c) Transcripts, recordings or transcriptions thereof, or minutes 
will promptly be made available to the public in the Freedom of 
Information Office except for such item or items of such discussion or 
testimony as may be determined to contain information that may be 
withheld under subsection (c) of the Act and Sec. 261b.5 of this part.
    (d) A complete verbatim copy of the transcript, a complete copy of 
the minutes, or a complete electronic recording or verbatim copy of a 
transcription thereof of each meeting or portion of a meeting closed to 
public observation will be maintained for a period of at least two years 
or one year after the conclusion of any agency proceeding with respect 
to which the meeting or portion thereof was held, whichever occurs 
later.