[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.2]

[Page 720]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 261b--RULES REGARDING PUBLIC OBSERVATION OF MEETINGS--Table of Contents
 
Sec. 261b.2  Definitions.

    For purposes of this part, the following definitions shall apply:
    (a) The term agency means the Board and subdivisions thereof.
    (b) The term subdivision means any group composed of two or more 
Board members that is authorized to act on behalf of the Board.
    (c) The term meeting means the deliberations of at least the number 
of individual agency members required to take action on behalf of the 
agency where such deliberations determine or result in the joint conduct 
or disposition of official Board business, but does not include (1) 
deliberations required or permitted by subsections (d) or (e) of the 
Act, or (2) the conduct or disposition of official agency business by 
circulating written material to individual members.
    (d) The term number of individual agency members required to take 
action on behalf of the agency means in the case of the Board, a 
majority of its members except that (1) Board determination of the ratio 
of reserves against deposits under section 19(b) of the Federal Reserve 
Act requires the vote of four members, (2) Board action with respect to 
advances, discounts and rediscounts under sections 10(a), 11(b), and 
13(3) of the Federal Reserve Act requires the vote of five members and 
(3) Board action with respect to the percentage of individual member 
bank capital and surplus which may be represented by loans secured by 
stock and bond collateral under section 11(m) of the Federal Reserve Act 
requires the vote of six members. In the case of subdivisions of the 
Board, the term means the number of members constituting a quorum of the 
designated subdivision.
    (e) The term member means a member of the Board appointed under 
section 10 of the Federal Reserve Act. In the case of certain Board 
proceedings pursuant to 12 U.S.C. 1818(e), the Comptroller of the 
Currency is entitled to sit as a member of the Board and for these 
proceedings he shall be deemed a member for the purposes of this part. 
In the case of any subdivision of the Board, the term member means a 
member of the Board designated to serve on that subdivision.
    (f) The term public observation means that the public shall have the 
right to listen and observe but not to record any of the meetings by 
means of cameras or electronic or other recording devices unless 
approval in advance is obtained from the Public Affairs Office of the 
Board and shall not have the right to participate in the meeting, unless 
participation is provided for in the Board's Rules of Procedure.
    (g) The term Federal agency means an agency as defined in 5 U.S.C. 
551(1).
    (h) Committee means the Action Committee established pursuant to 12 
CFR 265.1a(c).

[42 FR 13297, Mar. 10, 1977, as amended at 43 FR 34481, Aug. 4, 1978]