[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: 12CFR264b.3]

[Page 775-776]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 264b--RULES REGARDING FOREIGN GIFTS AND DECORATIONS--Table of Contents
 
Sec. 264b.3  Foreign gifts.

    Except as provided below, Board Members and employees shall not 
request, or otherwise encourage the tender of, or accept, or retain, a 
tangible or intangible gift from a foreign government.
    (a) Gifts of minimal value. If not otherwise prohibited by Board 
regulations, Board members and employees may accept and retain a 
tangible or intangible gift of minimal value, intended as a souvenir or 
mark of courtesy, from a foreign government. A gift of minimal value is 
one having a retail value in the United States at the time of acceptance 
not in excess of $225 (or such higher amount established in 41 CFR part 
101-49).
    (b) Educational scholarships or medical treatment. Board Members and 
employees may accept and retain a gift of more than minimal value from a 
foreign government when such gift is in the nature of an educational 
scholarship or medical treatment.
    (c) Tangible gifts of more than minimal value. A tangible gift of 
more than minimal value tendered by a foreign government may be accepted 
when it appears that to refuse the gift would likely cause offense or 
embarrassment or otherwise adversely affect the foreign relations of the 
United States. Such a gift accepted under these circumstances is deemed 
to have been accepted on behalf of the United States, and, upon 
acceptance, it shall become the property of the United States. Within 60 
days after accepting a gift under these circumstances the member

[[Page 776]]

or employee must deposit the gift with the Secretary of the Board.
    (d) Travel or expenses for travel. Board Members and employees may 
accept gifts of travel or expenses for travel taking place entirely 
outside the United States (such as transportation, food, and lodging) of 
more than minimal value if such acceptance is appropriate, consistent 
with the interests of the United States, and is permitted by the Board. 
Requests for Board approval of acceptance of such expenses shall be 
submitted to the Vice Chairman of the Board, or, if the Vice Chairman is 
unavailable, to the Board's Administrative Governor.

[44 FR 64399, Nov. 7, 1979, as amended at 55 FR 3576, Feb. 2, 1990; 55 
FR 11360, Mar. 28, 1990; 58 FR 57730, Oct. 27, 1993; 59 FR 12805, Mar. 
18, 1994]