Volume 80 · 1314
Public Law 89–765
To authorize the Board of Governors of the Federal Reserve System to delegate certain of its functions, and for other purposes.
Approved November 5, 1966
Statutory text
AN ACT
To authorize the Board of Governors of the Federal Reserve System to delegate certain of its functions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by adding after subsection (j) the following subsection:
“(k) To delegate, by published order or rule and subject to the Administrative Procedure Act, any of its functions, other than those relating to rulemaking or pertaining principally to monetary and credit policies, to one or more hearing examiners, members or employees of the Board, or Federal Reserve banks. The assignment of responsibility for the performance of any function that the Board determines to delegate shall be a function of the Chairman. The Board shall, upon the vote of one member, review action taken at a delegated level within such time and in such manner as the Board shall by rule prescribe.”
Approved November 5, 1966.