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Can you summarize 12 CFR Part 264b?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > RULES REGARDING FOREIGN GIFTS AND DECORATIONS
Short Summary
These rules govern when Board employees, their spouses, and their dependents may accept and retain gifts and decorations from foreign governments. The document defines various terms such as ‘Board employees’, ‘foreign government’, ‘gift’, ‘decoration’, and ‘minimal value’. It establishes that gifts are tangible or intangible presents, while decorations refer to orders, devices, medals, badges, insignia, emblems, or awards. The document also defines ‘minimal value’ as a retail value of $285 or less as of January 1, 2002, and at 3-year intervals thereafter. Board employees are prohibited from requesting or encouraging the tender of a gift or decoration from a foreign government, except in accordance with this part. Board employees may accept and retain a gift of minimal value as a souvenir or mark of courtesy. If multiple tangible gifts are presented at or mark an event, the value of all such gifts must not exceed ‘minimal value’. Disagreements over whether a gift is of minimal value will be resolved by an independent appraisal. The document also outlines the circumstances under which Board employees may accept and retain gifts of more than minimal value, such as educational scholarships, medical treatment, or travel expenses taking place entirely outside the United States. The refusal of such gifts is generally consistent with the interests and policy of the United States, but acceptance may be permitted if refusal would likely cause offense or embarrassment or otherwise adversely affect the foreign relations of the United States. Tangible gifts accepted on behalf of the United States become the property of the United States and must be deposited and documented accordingly. The document also provides guidelines for the acceptance of decorations in recognition of active field service or outstanding performance, subject to approval. The Office of the Secretary is responsible for the disposition or retention of gifts and decorations deposited by Board employees. The Administrative Governor must report cases of potential violations to the Attorney General, who may bring civil actions against violators.
Whom does it apply to?
Board employees, their spouses, and their dependents
What does it govern?
Rules regarding foreign gifts and decorations for Board employees of the Federal Reserve System
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
The Attorney General may bring a civil action against a Board employee who violates the Act, with a maximum penalty of the retail value of the gift plus $5,000
Jurisdiction
U.S. Federal Government