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Can you summarize 12 CFR Part 281?
FEDERAL OPEN MARKET COMMITTEE > STATEMENTS OF POLICY
Short Summary
The legal document discusses the Government in the Sunshine Act, which aims to provide transparency in the decision-making processes of Federal agencies. The Act applies to Federal agencies headed by a collegial body appointed by the President and authorized subdivisions of such agencies. However, the Federal Open Market Committee (FOMC) is not subject to the Act as it does not fall within the Act’s definition of an ‘agency’ or ‘subdivision.’ Despite this, the FOMC voluntarily follows the spirit of the Sunshine Act by conducting its procedures and public disclosures in a manner consistent with the Act. The Act includes exemptions for closed meetings involving sensitive financial information, and the FOMC has determined that its meetings could have been closed under these exemptions. No specific penalties are mentioned in the document.
Whom does it apply to?
The Act applies to Federal agencies headed by a collegial body appointed by the President and authorized subdivisions of such agencies.
What does it govern?
The legal document discusses the Government in the Sunshine Act, which was enacted to provide the public with information about the decision-making processes of Federal agencies.
What are exemptions?
The Federal Open Market Committee (FOMC) is not subject to the Act as it does not fall within the Act's definition of an 'agency' or 'subdivision.' However, the FOMC voluntarily follows the spirit of the Sunshine Act by conducting its procedures and public disclosures in a manner consistent with the Act. The Act includes exemptions for closed meetings involving sensitive financial information, and the FOMC has determined that its meetings could have been closed under these exemptions.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
U.S. Federal Government