[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: 12CFR272.3]

[Page 858-859]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 272--RULES OF PROCEDURE--Table of Contents
 
Sec. 272.3  Meetings.

    (a) Place and frequency. The Committee meets in Washington, DC, at 
least four times each year and oftener if deemed necessary. Meetings are 
held upon the call of the Chairman of the Board or at the request of any 
three

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members of the Committee. Notices of calls by the Chairman of the Board 
to other members are given by the Secretary of the Committee in writing, 
by telephone, or electronic means. Requests of any three members for the 
calling of a meeting shall state the time therefor and shall be filed in 
writing, by telephone, or electronic means with the Secretary who shall 
forthwith notify all members of the Committee in writing, by telephone, 
or electronic means. When the Secretary has sent notices to all members 
of the Committee that a meeting has been requested by three members and 
of the time therefor, a meeting is deemed to have been called. If, in 
the judgment of the Chairman, circumstances require that a meeting be 
called at such short notice that one or more members cannot be present 
in Washington, such members may participate in the meeting by telephone 
conference arrangements.
    (b) Alternates. Whenever any member of the Committee representing 
Federal Reserve banks shall find that he will be unable to attend a 
meeting of the Committee, he shall promptly notify his alternate and the 
Secretary of the Committee in writing, by telephone, or electronic 
means, and upon receipt of such notice the alternate shall advise the 
Secretary whether he will attend such meeting.
    (c) Quorum. Seven members (including alternates present and acting 
in the absence of members) constitute a quorum for the transaction of 
business; but less than a quorum may adjourn from time to time until a 
quorum is in attendance.
    (d) Attendance at meetings. Attendance at Committee meetings is 
restricted to members and alternate members of the Committee, the 
Presidents of Federal Reserve Banks who are not at the time members or 
alternates, staff officers of the Committee, the Managers, and such 
other advisers as the Committee may invite from time to time.
    (e) Meeting agendas. The Secretary, in consultation with the 
Chairman, prepares an agenda of matters to be discussed at each meeting 
and the Secretary transmits the agenda to the members of the Committee 
within a reasonable time in advance of such meeting. In general, the 
agendas include approval of minutes of actions; reports by the Managers 
on open market operations since the previous meeting, and ratification 
by the Committee of such operations; reports by Economists on, and 
Committee discussion of, the economic and financial situation and 
outlook; Committee discussion of monetary policy and action with respect 
thereto; and such other matters as may be considered necessary.

[38 FR 2754, Jan. 30, 1973, as amended at 44 FR 52823, Sept. 11, 1979; 
65 FR 6320, Feb. 9, 2000]