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Can you summarize 12 CFR Part 266?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > LIMITATIONS ON ACTIVITIES OF FORMER MEMBERS AND EMPLOYEES OF THE BOARD
Short Summary
This document, titled ‘LIMITATIONS ON ACTIVITIES OF FORMER MEMBERS AND EMPLOYEES OF THE BOARD’, governs the restrictions on the activities of former members and employees of the Board of Governors of the Federal Reserve System. It applies to regular officers or employees of the Board. The document defines ’employee’ as a regular officer or employee of the Board, excluding consultants. However, former consultants may be subject to criminal penalties under section 207 of the United States Criminal Code. The document also defines ‘official responsibility’ as administrative, supervisory, or decisional authority to approve, disapprove, decide, or recommend Board action or express staff opinions. The term ‘appear personally’ includes personal appearance, attendance, or communication with the Board or a Federal Reserve Bank, as well as personal participation in the formulation or preparation of any material presented to the Board. Requests for general information or explanations of Board policy or interpretation are not considered personal appearances. Non-compliance with the limitations outlined in this document may result in criminal penalties under section 207 of the United States Criminal Code. This document, part of the Code of Federal Regulations, imposes limitations on the activities of former members or employees of the Board of Governors of the Federal Reserve System. It prohibits them from appearing personally before the Board or a Federal Reserve Bank on behalf of anyone other than the United States, an agency thereof, or a Federal Reserve Bank, in connection with any judicial or other proceedings, applications, requests for ruling or determination, or other particular matters involving specific parties in which the United States, an agency thereof, or a Federal Reserve Bank is also a party or has a direct and substantial interest. The limitations apply to matters on which the former member or employee worked or that were within their official responsibility during their tenure of office or period of employment. However, former members or employees can seek consultation from the General Counsel or the Secretary of the Board regarding the propriety of their appearance before the Board or a Federal Reserve Bank on behalf of any other party within two years from termination of employment. The document also clarifies that former members or employees are not precluded from representing another person in any Board or Federal Reserve Bank proceeding governed by a rule, regulation, standard, or policy of the Board solely because they participated in or had official responsibility in the formation or adoption of such rule, regulation, standard, or policy. If any person knowingly and willfully fails to comply with the provisions of this part, the Board may decline to permit such person to appear personally before it or a Federal Reserve Bank for such periods of time as it may determine and may impose such other sanctions as the Board may deem just and proper. Any former member or employee of the Board who engages in actions in contravention of paragraph (a) or (b) of 266.3 may be subject to criminal penalties for violation of section 207 of the United States Criminal Code (18 U.S.C. 207).
Whom does it apply to?
Former members and employees of the Board of Governors of the Federal Reserve System
What does it govern?
Restrictions on the activities of former members and employees of the Board of Governors of the Federal Reserve System
What are exemptions?
Former members or employees can seek consultation from the General Counsel or the Secretary of the Board regarding the propriety of their appearance before the Board or a Federal Reserve Bank on behalf of any other party within two years from termination of employment. Former members or employees are not precluded from representing another person in any Board or Federal Reserve Bank proceeding governed by a rule, regulation, standard, or policy of the Board solely because they participated in or had official responsibility in the formation or adoption of such rule, regulation, standard, or policy.
What are the Penalties?
Non-compliance with the limitations outlined in this document may result in criminal penalties under section 207 of the United States Criminal Code.
Jurisdiction
U.S. Federal Government