The U.S. Government Accountability Office (GAO) has clarified whether guidance letters issued by the Federal Reserve imposing the framework for consolidated supervision of large financial institutions constitutes a “rule” for the purposes of the Congressional Review Act (CRA).
The GAO recently found that three letters dating as far back as eight years are rules under the CRA and therefore must be submitted to Congress for review.
Read on for details on the GAO’s findings.
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