[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.8]

[Page 723]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 261b--RULES REGARDING PUBLIC OBSERVATION OF MEETINGS--Table of Contents
 
Sec. 261b.8  Meetings closed to public observation under regular procedures.

    (a) A meeting or a portion of a meeting will be closed to public 
observation under regular procedures, or information as to such meeting 
or portion of a meeting will be withheld only by recorded vote of a 
majority of the members of the agency when it is determined that the 
meeting or the portion of the meeting or the withholding of information 
qualifies for exemption under Sec. 261b.5. Votes by proxy are not 
allowed.
    (b) Except as provided in subsection (c) of this section, a separate 
vote of the members of the agency will be taken with respect to the 
closing or the withholding of information as to each meeting or portion 
thereof which is proposed to be closed to public observation or with 
respect to which information is proposed to be withheld pursuant to this 
section.
    (c) A single vote may be taken with respect to a series of meetings, 
a portion or portions of which are proposed to be closed to public 
observation or with respect to any information concerning such series of 
meetings proposed to be withheld, so long as each meeting or portion 
thereof in such series involves the same particular matters and is 
scheduled to be held no more than thirty days after the initial meeting 
in such series.
    (d) Whenever any person's interests may be directly affected by a 
portion of a meeting for any of the reasons referred to in exemption 
(a)(5), (a)(6) or (a)(7) of Sec. 261b.5 of this part, such person may 
request in writing to the Secretary of the Board that such portion of 
the meeting be closed to public observation. The Secretary, or in his or 
her absence, the Acting Secretary of the Board, will transmit the 
request to the members and upon the request of any one of them a 
recorded vote will be taken whether to close such meeting to public 
observation.
    (e) Within one day of any vote taken pursuant to paragraphs (a) 
through (d) of this section, the agency will make publicly available at 
the Board's Public Affairs Office and Freedom of Information Office a 
written copy of such vote reflecting the vote of each member on the 
question. If a meeting or a portion of a meeting is to be closed to 
public observation, the agency, within one day of the vote taken 
pursuant to paragraphs (a) through (d) of this section, will make 
publicly available at the Board's Public Affairs Office and Freedom of 
Information Office a full, written explanation of its action closing the 
meeting or portion of the meeting together with a list of all persons 
expected to attend the meeting and their affiliation, except to the 
extent such information is determined by the agency to be exempt from 
disclosure under subsection (c) of the Act and Sec. 261b.5 of this part.
    (f) Any person may request in writing to the Secretary of the Board 
that an announced closed meeting, or portion of the meeting, be held 
open to public observation. The Secretary, or in his or her absence, the 
Acting Secretary of the Board, will transmit the request to the members 
of the Board and upon the request of any member a recorded vote will be 
taken whether to open such meeting to public observation.

[42 FR 13297, Mar. 10, 1977, as amended at 44 FR 11750, Mar. 2, 1979]