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Can you summarize 12 CFR Part 271?
FEDERAL OPEN MARKET COMMITTEE > RULES REGARDING AVAILABILITY OF INFORMATION
Short Summary
This document governs the availability of information held by the Federal Open Market Committee (FOMC) and establishes mechanisms for disclosure, production, or withholding of information. It aims to facilitate the Committee’s interactions with the public and ensures transparency and accessibility of information. The document defines various terms, including exempt information, which refers to information exempt from disclosure. It also provides a definition for ‘working day’ as any day except Saturday, Sunday, or a legal Federal holiday. The document allows the secretary of the Committee to certify the authenticity of any Committee record and provides the address for serving subpoenas or other legal processes. It prohibits the disclosure of exempt information of the Committee to any person other than authorized Board or Reserve Bank officers, employees, or agents. The document governs the availability of published information and records to the public, as well as the procedures for requesting such information. It outlines the types of records available in the electronic reading room and allows the FOMC to determine certain publicly available filings accessible only in electronic format at the Reserve Banks. Privacy protection measures are mentioned, allowing the Committee to delete identifying details from public records to prevent unwarranted invasion of personal privacy. The document outlines the procedures for requesting records from the FOMC, including the submission of requests electronically, in writing, or by facsimile, and specifies the required information to be included in the request. It also outlines the procedures for processing requests, including the assignment of requests to appropriate processing schedules and the possibility of expedited processing for certain requests. Time limits for processing requests are specified, with provisions for extensions in unusual circumstances. The document also outlines the procedures for filing an appeal in the event of an adverse determination. Additionally, the document governs the procedures and obligations for individuals who are served with subpoenas, orders, or other legal processes that require the production of exempt information or testimony regarding such information related to the Committee. It requires the person served to promptly inform the Committee’s General Counsel, inform the issuing entity of the substance of this document, and respectfully decline to disclose or give any testimony based on the provisions of this document. If the court or other body orders the disclosure or testimony, the person must continue to decline and report the facts to the Committee for further action. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
The Federal Open Market Committee (FOMC), authorized Board or Reserve Bank officers, employees, or agents, individuals or entities making requests for information from the Committee, and any person who receives subpoenas, orders, or other legal processes related to exempt information
What does it govern?
Disclosure, production, or withholding of information by the Federal Open Market Committee (FOMC)
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
U.S. Federal Government