[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: 12CFR272.2]

[Page 858]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 272--RULES OF PROCEDURE--Table of Contents
 
Sec. 272.2  Functions of the Committee.

    The procedures followed by the Committee are designed to facilitate 
the effective performance of the Committee's statutory functions with 
respect to the regulation and direction of open market operations 
conducted by the Federal Reserve banks and with respect to certain 
direct transactions between the Reserve banks and the United States. In 
determining the policies to be followed in such operations, the 
Committee considers information regarding business and credit conditions 
and domestic and international economic and financial developments, and 
other pertinent information gathered and submitted by its staff and the 
staffs of the Board of Governors of the Federal Reserve System (the 
Board) and the Federal Reserve banks. Against the background of such 
information, the Committee takes actions from time-to-time to regulate 
and direct the open market operations of the Reserve banks. Such policy 
actions ordinarily are taken through the adoption and transmission to 
the Federal Reserve banks of regulations, authorizations, and 
directives.