WASHINGTON, Dec. 22 -- Federal Reserve System has issued a rule called: Policy Statement on Section 9(13) of the Federal Reserve Act.
The rule was published in the Federal Register on Dec. 22 by Benjamin W. McDonough, Deputy Secretary of the Board.
Summary: The Board of Governors of the Federal Reserve System (Board) is rescinding its 2023 policy statement interpreting section 9(13) of the Federal Reserve Act (FRA) (2023 Policy Statement), which set out a presumption for how the Board would exercise its authority under that provision and elaborated on supervisory expectations at that time related to "novel and unprecedented" activities. The Board is also withdrawing from the record the Supplementary Informationthat accompanied the 2023 Po...