[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: 12CFR265.1]

[Page 777-778]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 265--RULES REGARDING DELEGATION OF AUTHORITY--Table of Contents
 
Sec. 265.1  Authority, purpose, and scope.

    (a) Pursuant to section 11(k) of the Federal Reserve Act (12 U.S.C. 
248(k)), the Board of Governors of the Federal Reserve System (the 
``Board'') may delegate, by published order or rule, any of its 
functions other than those relating to rulemaking or pertaining 
principally to monetary and credit policies to Board members and 
employees, Reserve Banks, or administrative law judges. Pursuant to 
section 11(i) of the Federal Reserve Act (12 U.S.C. 248(i)), the Board 
may make all rules and regulations necessary to enable it to effectively 
perform the duties, functions, or services specified in that Act. 
Pursuant to section 5(b) of the Bank Holding Company Act (12 U.S.C. 
1844(b)), the Board is authorized to issue such regulations and orders 
as may be necessary to enable it to administer and carry out the 
purposes of this Act and prevent evasions thereof. Other provisions of 
Federal law also may authorize specific delegations by the Board.
    (b) The Board's Rules Regarding Delegation of Authority (12 CFR part 
265) detail the responsibilities that the

[[Page 778]]

Board has delegated. The table of contents, titles, and headings that 
appear in these rules are used solely for their descriptive convenience. 
Section 265.4 addresses the specific functions delegated to Board 
members. The functions that have been delegated to Board employees are 
set forth in Secs. 265.5, 265.6, 265.7, 265.8, and 265.9. The functions 
that have been delegated to the Secretary of the Federal Open Market 
Committee are set forth in Sec. 265.10. The functions that have been 
delegated to the Reserve Banks are set forth in Sec. 265.11. Provisions 
for review of any action taken pursuant to delegated authority are found 
in Sec. 265.3. Except as otherwise indicated in these rules, the Board 
will review a delegated action only if a Board member, at his or her own 
initiative, requests a review.