The U.S. Government Accountability Office (GAO) has determined a guidance letter issued by the Federal Reserve outlining capital planning expectations for specified entities constitutes a “rule” for the purposes of the Congressional Review Act.
Responding to a written request from Republican senators, the GAO recently found the 2015 Supervision and Regulation Letter must be submitted to Congress for review.
Read on for details from GAO General Counsel Thomas Armstrong’s opinion.
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