[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: 12CFR272.4]

[Page 859-860]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 272--RULES OF PROCEDURE--Table of Contents
 
Sec. 272.4  Committee actions.

    (a) Actions at meetings. Actions are taken at meetings of the 
Committee except as described below.
    (b) Actions between meetings. Special circumstances may make it 
desirable in the public interest for Committee members to consider an 
action to modify an outstanding Committee authorization or directive at 
a time when it is not feasible to call a meeting. Whenever, in the 
judgment of the Chairman, such circumstances have arisen, the relevant 
information and recommendations for action are transmitted to the 
members by the Secretary, and the members communicate their votes to the 
Secretary. If the action is approved by a majority of the members, 
advice to that effect is promptly given by the Secretary to the members 
of the Committee and to the Reserve bank selected to execute 
transactions for the System Open Market Account. All communications of 
recommended actions and votes under this paragraph shall be in writing, 
by telephone, or electronic means; if the communication is made orally, 
the Secretary shall cause a written record to be made without delay. An 
action taken between meetings has the force and effect of an action at a 
meeting: Provided, however, That if a meeting is held before the 
execution of any operations pursuant to the action, the action is null 
and void unless it is ratified and confirmed by the Committee at such 
meeting.
    (c) Delegations of authority. In special circumstances, the 
Committee may delegate authority to take an action,

[[Page 860]]

subject to such instructions or guidelines as the Committee deems 
proper. Such delegations of authority may be made to the Chairman; to a 
subcommittee consisting of the Chairman and the Vice Chairman of the 
Committee and the Vice Chairman of the Board (or in the absence of the 
Chairman or of the Vice Chairman of the Board the members of the Board 
designated by the Chairman as alternates, and in the absence of the Vice 
Chairman of the Committee his alternate); or to any other member or 
members of the Committee. An action taken pursuant to such a delegation 
of authority has the force and effect of an action taken by the 
Committee.
    (d) Effective date. Committee action ordinarily is made effective as 
of the time it is taken because the nature of the subject matter and the 
action taken is such that the public interest and the proper discharge 
of the Committee's responsibilities so require. Occasionally, however, 
the Committee may specify that an action is to be effective at some 
different time.

[38 FR 2754, Jan. 30, 1973, as amended at 65 FR 6320, Feb. 9, 2000]