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12 U.S.C. § 248(l) provides the Board of Governors with the authority to employ attorneys, experts, assistants, and clerks as may be deemed necessary to conduct the business of the board. This is clearly instructing the agency on a specific task, even though it utilizes open-ended terms like “necessary.” The phrase specifies who they can employ, which helps them to complete this regulatory task.
While 12 U.S.C. 248 grants a broad range of powers, the fact that other sections in 12 U.S.C are listed in the “authority” section of the regulation shows a greater degree of specificity in the type of regulation that the act allows for. The statute clearly instructs the agency on regulatory tasks such as setting reporting requirements, margin requirements, and trading standards, using terms like “necessary” and “appropriate” to define the extent of the agency’s power, and it gives the Fed the power to issue regulations enforcing any part of Title 12.
Although section 248 enumerates a broad array of powers for the Board of Governors, it also specifically directs that they shall collect a total amount of assessments, fees, or other charges from the companies. While not extensively detailed, this direct instruction is for a specific regulatory task.
While 12 U.S.C. § 248(a) includes specific instructions to the agency on its responsibilities to require reports from financial institutions, and other sections provide authority to supervise and regulate, the statute does not instruct the agency on the specifics of liquidity standards or liquidity risk measurement; the statute only provides the authority to act in such matters. Therefore, it constitutes a General Authority delegation.
While the statute grants broad authority to the Board of Governors of the Federal Reserve System, it often does so by listing specific tasks or areas where the Board has authority. This aligns with the “Specific Authority” delegation category because the statute enumerates specific powers, even when using open-ended terms like “necessary or desirable” or “at its discretion,” as noted in subsecion (a)(2). The statute provides precise descriptions of actions or objects the authority relates to.
While 12 U.S.C. 248 grants broad powers, subsections (i) and (k) specifically instruct the Board to “make regulations for the safeguarding of all collateral…and make all rules and regulations necessary to enable said board effectively to perform the same” and to delegate certain functions by “published order or rule”. This provides a specific regulatory task.
The statute provides detailed instructions to the Board of Governors of the Federal Reserve System on various specific regulatory tasks, such as examining banks, publishing statements, setting interest rates, suspending reserve requirements, delegating certain functions, and employing necessary personnel. The citation of several subsections of 12 U.S.C. 248 within the authority section for 12 CFR Part 209 explicitly ties the regulation to specific powers enumerated in the statute.
While subsections (i) and (j) grant general authority to the Board, subsection (i) specifically allows the Board to “make all rules and regulations necessary to enable said board effectively to perform the same”. The regulation concerns the collection of checks and funds transfers, activities that fall under the duties, functions, and services specified within the chapter, as per (i). The regulatory activity is directly related to and supports the agency’s effective execution of its duties. The term ‘necessary’ indicates specific authority.
The statute grants broad powers to the Board of Governors. Although it has specific sub-sections addressing different areas (such as examining banks or supervising reserve banks), it doesn’t limit the agency only to specific regulatory tasks, thus it provides general rulemaking authority.
12 U.S.C. 248(a), 375a(10), 375b(9) and (10), 1468, 1817(k), 5412 provide specific instructions on lending practices, reporting, and supervision, thus falling into the Specific Authority Delegation category.
Although 12 U.S.C. § 248(a) is cited as an authority for 12 CFR Part 217, it grants broad authority to the Board of Governors to monitor and control monetary and credit aggregates. There is no clear and specific instruction on capital adequacy of BHCs, SLHCs, and State Member Banks. The statute delegates broad rulemaking authority without prescribing specific regulatory tasks for implementing risk-based capital requirements for board-regulated institutions.
While the statute does permit the board to create rules and regulations concerning employees, it does not specifically instruct the agency on how to regulate equal opportunity. The statute grants broad authority to manage the board’s operations, including employment practices, but the specifics of equal opportunity are determined by the board’s discretion.
While 12 U.S.C. § 244 provides a broad delegation to determine its expenses, employment terms and compensation, it also provides the explicit regulatory area of prescribing rules and regulations governing the employment, compensation, leave, and expenses of its members and employees. Since 5 CFR 6801 regulates the ethics of Board Employees, which is directly connected to employee employment and compensation, it is “Clearly instructing an agency on a specific regulatory task”
The statute outlines very specific regulatory tasks that the board is authorized and empowered to perform. Even though it uses terms like “necessary” or “appropriate,” it provides a clear regulatory task and gap to be filled. For instance, 12 U.S.C. 248(b) empowers the Board to permit or require federal reserve banks to rediscount discounted paper at rates of interest to be fixed by the board.
While the statute provides a broad range of powers, each subsection clearly instructs the agency (Board of Governors) on a specific regulatory task or gap. For example, subsection (a) specifically instructs the Board to examine bank accounts and require statements; subsection (b) instructs the Board regarding rediscounting paper; subsection (c) instructs the Board regarding suspending reserve requirements, and so on. The statute utilizes terms like “shall be authorized and empowered,” and then uses action verbs in each subsection to clearly delineate specific areas of regulatory responsibility, which are specific authority delegations.
The statute enumerates specific powers (e.g., examining banks, supervising note issuance, suspending reserve requirements) that the Board is authorized and empowered to execute. Even though broad discretion may exist in some of the enumerated powers, there are specifically assigned tasks, fitting the specific authority delegation category.
While the authority is broad, the delegation falls within the “Specific Authority” category because it specifically instructs the Comptroller of the Currency to establish “limitations and restrictions” on the purchase of “investment securities.” The statute uses the term “may,” indicating discretion, but it clearly instructs the agency to fill a specific regulatory gap with appropriate, reasonable, or necessary regulations related to purchasing investment securities.
Paragraph Seventh of 12 U.S.C. § 24 provides the Comptroller of the Currency the authority to regulate investment securities. Even though the language is somewhat open-ended, it instructs the Comptroller on the specific regulatory task of setting limitations and restrictions on investment securities. It permits but does not mandate regulation, and provides specific guidance (limitations and restrictions).
This particular statute mainly concerns the structure and composition of the Board of Governors. While the overall statutes governing the Federal Reserve System delegate broad authority related to monetary policy and banking regulation, this specific section does not grant specific, directed regulatory tasks to the Board. It is a building block for the agency, which would imply a broader, or general delegation.
The statute specifically allows the Board to determine and prescribe the manner in which its obligations shall be incurred and its disbursements and expenses allowed and paid, and the salaries of its members and employees. While broad, it does identify a specific regulatory task.
While 12 U.S.C. § 244 specifically addresses the Board’s ability to manage its finances and create rules, it does so in broad terms. It provides the authority for rulemaking, but lacks specific instructions related to debt collection. This is because the rule is not solely based on 12 U.S.C. § 244 and also relies on other statutes like 31 U.S.C. 3711.
Paragraph Seventh of 12 U.S.C. § 24 allows the Comptroller of the Currency to prescribe regulations related to ‘investment securities.’ Although the term “investment securities” requires ‘further definition’ by the Comptroller, the task is not a broad grant of rulemaking power but is focused on defining a specific term related to a specific area of banking, investment securities, thereby providing specific instruction on a regulatory task.
12 U.S.C. § 24(Seventh) specifically directs the Comptroller to prescribe regulations regarding the limitations, restrictions, and definitions related to investment securities that national banks can purchase. While open-ended (“limitations and restrictions as the Comptroller…may by regulation prescribe”), this constitutes specific instructions regarding a gap or regulatory task and thus fits within the “Specific Authority” category.
The statute specifically points out a regulatory gap, which is the ability of the national banking association to purchase investment securities, and grants the Comptroller of the Currency the authority to create regulations that fill that gap. Although terms like “limitations and restrictions” are broad, the delegation is not, as it calls for the Comptroller of the Currency to focus on investment securities only.
While 12 U.S.C. § 24(Seventh) delegates broad powers related to banking operations, including “all such incidental powers as shall be necessary to carry on the business of banking,” the regulation 12 CFR Part 41 relates to “Fair Credit Reporting,” which has specific authority delegated via the inclusion of 15 U.S.C. 1681m, 1681s, 1681t, and 1681w. As 12 CFR Part 41’s authority includes direct instruction from 15 U.S.C. 1681 et seq., it should be categorized as Specific Authority.