Record of Policy Actions of the Board of Governors
Policy actions of the Board of Governors are presented pursuant to section 10 of the Federal Reserve Act. That section provides that the Board shall keep a record of all questions of policy determined by the Board and shall include in its annual report to Congress a full account of such actions. This section provides a summary of policy actions in 2016, as implemented through (1) rules and regulations, (2) policy statements and other actions, and (3) discount rates for depository institutions. Policy actions were approved by all Board members in office. More information on the actions is available from the relevant Federal Register notices or other documents (see links in footnotes) or on request from the Board's Freedom of Information Office
For information on the Federal Open Market Committee's policy actions relating to open market operations, see section 9, "Minutes of Federal Open Market Committee Meetings."
Rules and Regulations
Regulations H (Membership of State Banking Institutions in the Federal Reserve System) and K (International Banking Operations)
On February 4, 2016, the Board approved a joint interim final rule with request for comment (Docket No. R-1531) to increase the number of insured depository institutions eligible for an 18-month (rather than a 12-month) on-site examination cycle.1 Under the interim final rule, insured depository institutions that have total assets of less than $1 billion and are well capitalized and well managed (generally, institutions that have a composite rating of 1 or 2 under the Uniform Financial Institutions Rating System) are eligible for an extended examination cycle. Previously, only firms with less than $500 million in total assets were eligible for the extended examination cycle. The interim final rule, issued jointly with the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency, also makes parallel changes to the Board's regulation governing the on-site examination cycle for U.S. branches and agencies of foreign banks. The interim final rule, which implements provisions of the Fixing America's Surface Transportation Act (FAST Act), is effective February 29, 2016.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
On November 29, 2016, the Board approved a final rule (Docket No. R-1531), published jointly with the other agencies, that adopts, without change, the interim final rule establishing an 18-month examination cycle for insured depository institutions that have total assets of less than $1 billion.2 The final rule is effective January 17, 2017.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Regulation I (Issue and Cancellation of Federal Reserve Bank Capital Stock)
On February 17, 2016, the Board approved an interim final rule with request for comment (Docket No. R-1533) to change the rates paid on dividends to Federal Reserve Bank stockholders with total consolidated assets greater than $10 billion (large member banks) to the lesser of 6 percent or the most recent 10-year Treasury auction rate prior to the dividend payment.3 The dividend rate for member banks with $10 billion or less in total consolidated assets remains at 6 percent. The interim final rule implements provisions of the FAST Act. In addition, the interim final rule requires the Board to annually adjust the $10 billion threshold to reflect inflation, and the rule adjusts the treatment of accrued dividends when a Reserve Bank issues or cancels capital stock owned by a large member bank. The interim final rule is effective February 24, 2016.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
On November 3, 2016, the Board approved a final rule (Docket No. R-1533) to implement the FAST Act provisions regarding payment of dividends to Reserve Bank stockholders that adopts, without change, the interim final rule that the Board approved on February 17, 2016.4 The final rule is effective January 1, 2017.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Regulation Q (Capital Adequacy of Bank Holding Companies, Savings and Loan Holding Companies, and State Member Banks)
On December 6, 2016, the Board approved a final rule (Docket No. R-1535) regarding risk-based capital surcharges for U.S.-based global systemically important bank holding companies (G-SIBs).5 The final rule requires G-SIBs to continue calculating their potential surcharges under two methods and use the higher of the two surcharges. The final rule specifies that G-SIBs must continue to calculate their method 1 and method 2 scores annually using year-end data, while reporting underlying data on a quarterly basis. In addition, the final rule clarifies that G-SIBs must calculate their method 2 scores using systemic indicator amounts expressed in billions of dollars. The final rule is effective January 17, 2017. (The surcharges are being phased in beginning on January 1, 2016, and become fully effective on January 1, 2019.)
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
On December 6, 2016, the Board approved an interim final rule with request for comment (Docket No. R-1535) to extend the filing deadline for certain firms to complete Schedule G of the Banking Organization Systemic Risk Report (FR Y-15), which is related to the G-SIB surcharge rule.6 The adjusted timeline applies to firms with $50 billion or more in total consolidated assets that are not currently identified as G-SIBs. The reporting requirements are being harmonized with similar reporting requirements from other rules. The interim final rule is effective immediately.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Regulation Z (Truth in Lending)
On November 7, 2016, the Board approved a final rule (Docket No. R-1443) amending official staff interpretations to Regulation Z to clarify the method for making annual inflation adjustments to the dollar threshold for exempting small loans from the special appraisal requirements for higher-priced mortgage loans.7 Regulation Z exempts higher-priced mortgage loans of $25,000 or less from the special appraisal requirements created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and requires the exemption threshold to be adjusted annually to reflect increases, but not decreases, in the consumer price index. The final rule, issued jointly with the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau, also describes how adjustments to the threshold are made in the years following a year in which the dollar values were not adjusted because there was no increase in the consumer price index. Based on the consumer price index in effect as of June 1, 2016, the exemption threshold will remain at $25,500 through 2017. The final rule is effective January 1, 2017.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing)
On November 7, 2016, the Board approved final amendments (Docket Nos. R-1546 and R-1545) to official staff interpretations to Regulations Z and M to clarify the method for making annual inflation adjustments to the dollar thresholds for exempt consumer credit and consumer lease transactions, respectively.8 The Dodd-Frank Act requires the exemption thresholds to be adjusted annually for inflation, based on changes in the consumer price index. The final rules, issued jointly with the Consumer Financial Protection Bureau, clarify that if there is no annual increase in the consumer price index, the agencies will not adjust the exemption thresholds from the prior year. The final rules also describe how adjustments to the thresholds are made in years following a year in which the dollar values were not adjusted because there was no increase in the consumer price index. Based on the consumer price index in effect as of June 1, 2016, the thresholds will remain at $54,600 through 2017. Although consumer credit and consumer lease transactions above the thresholds are generally exempt from the regulations' coverage, loans secured by real property or by personal property used or expected to be used as the principal dwelling of a consumer and private education loans are covered by the Truth in Lending Act regardless of the loan amount. The final rules are effective January 1, 2017.
Voting for these actions: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Regulation AA (Unfair or Deceptive Acts or Practices)
On January 13, 2016, the Board approved a final rule (Docket No. R-1490) repealing Regulation AA, in view of the Dodd-Frank Act's repeal of the Board's authority to issue rules under the Federal Trade Commission Act (FTC Act) regarding unfair or deceptive acts or practices by banks.9 Regulation AA included the Board's credit practices rule. While the Dodd-Frank Act did not specifically transfer authority for the Board's Regulation AA to the Consumer Financial Protection Bureau, the bureau can issue its own rules on this subject. In August 2014, the Board, jointly with the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit Union Administration, and the bureau, issued interagency guidance to clarify that the unfair or deceptive practices described in the Board's credit practices rule could violate the FTC Act's prohibitions. In addition, Regulation AA contained the Board's procedures for processing consumer complaints, which are currently provided on the Board's website.10 The final rule is effective March 21, 2016.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Regulation KK (Margin and Capital Requirements for Covered Swap Entities)
On July 18, 2016, the Board approved a final rule (Docket No. R-1415) to exempt certain commercial and financial end users from initial and variation margin requirements for certain swaps not cleared through a clearinghouse, as required by title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015.11 The final rule, issued jointly with the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Farm Credit Administration, and Federal Housing Finance Agency, exempts from margin requirements certain non-cleared swaps and non-cleared security-based swaps between covered swap entities and certain commercial end users, captive finance companies, and small banks, savings associations, Farm Credit System institutions, and credit unions with $10 billion or less in total assets. The exemption from margin requirements would also apply to non-cleared swaps and security-based swaps between covered swap entities and certain treasury affiliates and financial cooperatives. In all cases, these entities must qualify for a clearing exemption or exception and be using the transactions to hedge or mitigate commercial risk. The final rule, effective October 1, 2016, is unchanged from an interim final rule published by the agencies in November 2015.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Regulation WW (Liquidity Risk Measurement Standards)
On March 28, 2016, the Board approved a final rule (Docket No. R-1514) that amends the liquidity coverage ratio (LCR) rule to include certain U.S. general obligation state and municipal securities in the range of assets that large banking organizations may hold to meet liquidity needs that could arise during a period of financial stress.12 The LCR requires covered companies to hold a minimum amount of high-quality liquid assets (HQLA) sufficient to meet their net cash outflows during a short-term period of financial stress. Under the final rule, investment-grade U.S. general obligation state and municipal securities qualify as HQLA, provided the assets meet certain other criteria similar to those applied to corporate debt securities that are included as HQLA. The final rule, which also limits the amount of U.S. general obligation state and municipal securities that may be included in a covered company's HQLA amount to address the structure of the U.S. municipal securities market, is effective July 1, 2016.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
On December 18, 2016, the Board approved a final rule (Docket No. R-1525) to implement public disclosure requirements for the liquidity coverage ratio (LCR) rule.13 The final rule requires firms subject to these requirements to publicly disclose, on a quarterly basis, quantitative information about their LCR and also provide a qualitative discussion of the factors that have a significant effect on their LCR. The final rule, which applies to depository institution holding companies and covered nonbank financial companies subject to the LCR, is effective April 1, 2017.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Regulation YY (Enhanced Prudential Standards)
On December 15, 2016, the Board approved a final rule (Docket No. R-1523) to improve the prospects for the orderly resolution of U.S. firms identified as global systemically important banks (G-SIBs) and the U.S. operations of foreign G-SIBs (collectively, covered companies) as well as to strengthen the resiliency of all G-SIBs.14 The final rule requires covered companies to maintain outstanding a minimum amount of long-term unsecured debt, as well as a minimum amount of total loss-absorbing capacity and related buffers. In addition, the final rule applies "clean holding company" requirements that restrict financial arrangements that could impair the resolvability and the resiliency of a covered company or an operating subsidiary of a covered company. The final rule is effective March 27, 2017.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Rules of Practice for Hearings
On July 5, 2016, the Board approved an interim final rule with request for comment (Docket No. R-1543) amending its rules of practice and procedure to adjust the amounts of its civil monetary penalties to account for inflation, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.15 The act requires this adjustment to be made annually rather than every four years, prescribes the formula for inflation adjustment, and directs the federal agencies to make a "catch-up" adjustment (the first inflation adjustment after enactment of the law). The interim final rule, effective August 1, 2016, sets the new civil monetary penalty levels pursuant to the required catch-up adjustment.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Rules Regarding Availability of Information
On December 8, 2016, the Board approved an interim final rule with request for comment (Docket No. R-1556) to amend its regulations for processing requests under the Freedom of Information Act (FOIA), pursuant to the FOIA Improvement Act of 2016.16 The amendments clarify and update procedures for the disclosure of records to the public, extend the deadline for administrative appeals, and add information on dispute resolution services. The interim final rule is effective December 27, 2016.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Policy Statements and Other Actions
Community Reinvestment Act
On July 5, 2016, the Board approved final new and revised Interagency Questions and Answers Regarding Community Reinvestment (Docket No. OP-1497), issued jointly with the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency, to provide additional guidance to financial institutions and the public on the agencies' Community Reinvestment Act regulations.17 The interagency questions and answers address topics such as the types of activities that promote economic development and address community development needs; how examiners evaluate the availability and effectiveness of retail banking services; innovative or flexible lending practices; the evaluation of retail and community development services; and responsiveness and innovativeness considerations. The interagency questions and answers are effective July 25, 2016.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Investments in Bank Premises
On June 2, 2016, the Board approved a revision to its policy on investments in bank premises, which conforms its approach to that of the other federal banking agencies. The previous standard for permissible bank premises held by state member banks generally required that at least 50 percent of the property must be used for banking purposes within five years of acquisition of the property. Under the revised policy, the Board will determine whether a state member bank is holding real estate in good faith for the business of banking and not for impermissible real estate speculation. The Board will analyze the facts and circumstances in each case, including the financial significance of the branch housed by the property, the state member bank's expected long-term plans for the property, and whether the bank has occupied the premises for a long period of time. The standard for permissible bank premises held by bank holding companies has not changed--generally at least 50 percent of the property must be used for banking purposes within five years of acquisition of the property. The revised policy is effective immediately.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Supervisory Rating System for Financial Market Infrastructures
On August 22, 2016, the Board approved a notice (Docket No. OP-1521) adopting a new supervisory rating system for financial market infrastructures (FMIs) subject to Federal Reserve supervision.18 FMIs are multilateral systems that transfer, clear, settle, or record payments, securities, derivatives, or other financial transactions among market participants or between participants and the FMI operator. FMIs include payment systems, central securities depositories, securities settlement systems, central counterparties, and trade repositories. The Federal Reserve supervises certain FMIs that provide payment, clearing, and settlement services for critical U.S. financial markets. The ORSOM (Organization; Risk Management; Settlement; Operational Risk and Information Technology; and Market Support, Access, and Transparency) rating system is designed to link supervisory assessments and messages to supervised entities to the regulations and guidance that form the foundation of the supervisory program. The policy is effective October 27, 2016.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Countercyclical Capital Buffer
On September 6, 2016, the Board approved a policy statement (Docket No. R-1529) describing the framework the Board will follow in setting the amount of the U.S. countercyclical capital buffer (CCyB) for advanced approaches bank holding companies, savings and loan holding companies, and state member banks.19 The CCyB is a macroprudential policy tool that can be increased during periods of rising vulnerabilities in the financial system and reduced when vulnerabilities recede. The policy statement provides background on the range of financial-system vulnerabilities and other factors the Board may take into account as it evaluates the appropriate level of the CCyB. The policy statement states that (1) the Board expects to activate the CCyB when systemic vulnerabilities are meaningfully above normal and that the Board generally intends to increase the CCyB gradually, and (2) the Board expects to remove or reduce the CCyB when the conditions that led to its activation abate or lessen and when the release of CCyB capital would promote financial stability. The CCyB supplements the minimum capital requirements and other capital buffers included in Regulation Q, which are designed to provide resilience to unexpected losses created by normal fluctuations in economic and financial conditions. The policy statement (designated as Appendix A to Regulation Q) is effective October 14, 2016.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Post-Employment Restrictions for Officers and Senior Examiners
On October 21, 2016, the Board approved amendments to its policies regarding post-employment restrictions for officers and Reserve Bank senior examiners.20 The Reserve Banks' Code of Conduct was revised to add new provisions to prohibit former Reserve Bank officers from representing financial institutions and other third parties before current Federal Reserve System employees for one year following their departure from the System. Also, a revised policy in the Federal Reserve Administrative Manual expands the definition of "senior examiners" subject to a one-year, post-employment restriction to include central points of contact (CPCs), deputy CPCs, senior supervisory officers (SSOs), deputy SSOs, enterprise risk officers, and supervisory team leaders. The restriction on former officers is effective on December 5, 2016, and the revised senior examiner policy is effective on January 2, 2017.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Interagency Consumer Compliance
Rating System
On November 2, 2016, the Board approved final guidance (Docket No. FFIEC-2016-0003) to revise the Uniform Interagency Consumer Compliance Rating System (CC Rating System) to better reflect current consumer compliance supervisory approaches toward financial institutions and to more fully align the CC Rating System with the financial regulatory agencies' current risk-based, tailored examination processes.21 The revisions reflect the regulatory, examination, supervisory, technological, and market changes that have occurred in the years since the original rating system was established in 1980. The Federal Financial Institutions Examination Council, on behalf of its member agencies, issued the guidance on November 7, 2016. The guidance is effective March 31, 2017.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Volcker Rule Conformance Period
On July 5, 2016, the Board approved an order extending until July 21, 2017, the conformance period for banking entities to divest ownership in certain legacy covered fund activities and investments under section 619 of the Dodd-Frank Act, the so-called Volcker rule.22 Section 619 generally prohibits banking entities from engaging in proprietary trading and from acquiring or retaining an ownership interest in, sponsoring, or having certain relationships with a hedge fund or private equity fund (covered fund). Under the statute, banking entities were provided a grace period until July 2014 to conform their investments in and relationships with covered funds and foreign funds that were in place before December 31, 2013 (legacy covered funds). The act also authorized the Board to extend the conformance period for one year at a time, for a total of not more than three years. (The Board has approved two previous one-year extensions of the conformance period.)
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
On December 7, 2016, the Board approved a policy statement with additional details regarding how banking entities may seek an additional five years to conform their investments in a narrow class of funds that qualify as "illiquid funds" to the requirements of section 619 of the Dodd-Frank Act (Volcker rule).23 Banking entities seeking such an extension should submit information including details about the funds for which an extension is requested, a certification that each fund meets the definition of illiquid fund, a description of the specific efforts made to divest or conform the illiquid funds, the length of the requested extension, and the plan to divest or conform each illiquid fund within the requested extension period.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Interest on Reserves
On December 14, 2016, the Board approved raising the interest rate paid on required and excess reserve balances from 1/2 percent to 3/4 percent, effective December 15, 2016.24 This action was taken to support the Federal Open Market Committee's decision on December 14 to raise the target range for the federal funds rate by 25 basis points, to a range of 1/2 percent to 3/4 percent.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Discount Rates for Depository Institutions in 2016
Under the Federal Reserve Act, the boards of directors of the Federal Reserve Banks must establish rates on discount window loans to depository institutions at least every 14 days, subject to review and determination by the Board of Governors. Periodically, the Board considers proposals by the 12 Reserve Banks to establish the primary credit rate and approves proposals to maintain the formulas for computing the secondary and seasonal credit rates.
Primary, Secondary, and Seasonal Credit
Primary credit, the Federal Reserve's main lending program for depository institutions, is extended at the primary credit rate, which is set above the usual level of short-term market interest rates. It is made available, with minimal administration and for very short terms, as a backup source of liquidity to depository institutions that, in the judgment of the lending Federal Reserve Bank, are in generally sound financial condition. During 2016, the Board approved one change to the primary credit rate, an increase from 1 percent to 1-1/4 percent, effective December 15, 2016. The Board reached this determination on the primary credit rate recommendations of the Reserve Bank boards of directors. The Board's action was taken in conjunction with the FOMC's decision to raise the target range for the federal funds rate by 25 basis points, to 1/2 percent to 3/4 percent. Monetary policy developments are reviewed more fully in other parts of this report (see section 2, "Monetary Policy and Economic Developments").
Secondary credit is available in appropriate circumstances to depository institutions that do not qualify for primary credit. The secondary credit rate is set at a spread above the primary credit rate. Throughout 2016, the spread was set at 50 basis points. At year-end, the secondary credit rate was 1-3/4 percent.
Seasonal credit is available to smaller depository institutions to meet liquidity needs that arise from regular swings in their loans and deposits. The rate on seasonal credit is calculated every two weeks as an average of selected money market yields, typically resulting in a rate close to the target range for the federal funds rate. At year-end, the seasonal credit rate was 0.70 percent.25
Votes on Changes to Discount Rates for Depository Institutions
Details on the action by the Board to approve a change to the primary credit rate are provided below.
December 14, 2016. Effective December 15, 2016, the Board approved actions taken by the boards of directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City, Dallas, and San Francisco to increase the primary credit rate from 1 percent to 1-1/4 percent. On December 15, 2016, the Board approved an identical action subsequently taken by the board of directors of the Federal Reserve Bank of Minneapolis, effective immediately.
Voting for this action: Chair Yellen, Vice Chairman Fischer, and Governors Tarullo, Powell, and Brainard.
Footnotes
1. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-02-29/html/2016-03877.htm. Return to text
2. See Federal Registernotice at www.gpo.gov/fdsys/pkg/FR-2016-12-16/html/2016-30133.htm. Return to text
3. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-02-24/html/2016-03747.htm. Return to text
4. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-11-23/html/2016-28231.htm. Return to text
5. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-12-16/html/2016-29966.htm. Return to text
6. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-12-16/html/2016-29967.htm. Return to text
7. See Federal Registernotice at www.gpo.gov/fdsys/pkg/FR-2016-11-30/html/2016-28699.htm. Return to text
8. See Federal Registernotices at www.gpo.gov/fdsys/pkg/FR-2016-11-30/html/2016-28718.htm and www.gpo.gov/fdsys/pkg/FR-2016-11-30/html/2016-28710.htm. Return to text
9. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-02-18/html/2016-03228.htm. Return to text
10. See consumer complaint information at www.federalreserveconsumerhelp.gov/. Return to text
11. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-08-02/html/2016-18193.htm. Return to text
12. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-04-11/html/2016-07716.htm. Return to text
13. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-12-27/html/2016-30859.htm. Return to text
14. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2017-01-24/html/2017-00431.htm. Return to text
15. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-07-20/html/2016-16969.htm. Return to text
16. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-12-27/html/2016-30670.htm. Return to text
17. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-07-25/html/2016-16693.htm. Return to text
18. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-08-26/html/2016-20517.htm. Return to text
19. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-09-16/html/2016-21970.htm. Return to text
20. See press release at www.federalreserve.gov/newsevents/press/bcreg/20161118a.htm. Return to text
21. See Federal Register notice at www.gpo.gov/fdsys/pkg/FR-2016-11-14/html/2016-27226.htm. Return to text
22. See press release at www.federalreserve.gov/newsevents/press/bcreg/20160707a.htm. Return to text
23. See press release at www.federalreserve.gov/newsevents/press/bcreg/20161212b.htm. Return to text
24. See press release at www.federalreserve.gov/newsevents/pressreleases/20161214a1.htm. Return to text
25. For current and historical discount rates, see www.frbdiscountwindow.org/. Return to text