PART 272—RULES OF PROCEDURE Authority: 5 U.S.C. 552. Source: 38 FR 2754, Jan. 30, 1973, unless otherwise noted. Editorial Note: Nomenclature changes to part 272 appear at 86 FR 11623, Feb. 26, 2021. § 272.1 Authority. This part is issued by the Federal Open Market Committee (the Committee) pursuant to the requirement of section 552 of title 5 of the United States Code that every agency shall publish in the Federal Register § 272.2 Functions of the Committee. The procedures followed by the Committee are designed to facilitate the effective performance of the Committee's statutory functions with respect to the regulation and direction of open market operations conducted by the Federal Reserve banks and with respect to certain direct transactions between the Reserve banks and the United States. In determining the policies to be followed in such operations, the Committee considers information regarding business and credit conditions and domestic and international economic and financial developments, and other pertinent information gathered and submitted by its staff and the staffs of the Board of Governors of the Federal Reserve System (the Board) and the Federal Reserve banks. Against the background of such information, the Committee takes actions from time-to-time to regulate and direct the open market operations of the Reserve banks. Such policy actions ordinarily are taken through the adoption and transmission to the Federal Reserve banks of regulations, authorizations, and directives. § 272.3 Meetings. (a) Place and frequency. (b) Alternates. (c) Quorum. (d) Attendance at meetings. (e) Meeting agendas. [38 FR 2754, Jan. 30, 1973, as amended at 44 FR 52823, Sept. 11, 1979; 65 FR 6320, Feb. 9, 2000; 68 FR 6061, Feb. 6, 2003; 70 FR 7840, Feb. 16, 2005; 78 FR 19981, Apr. 3, 2013] § 272.4 Committee actions. (a) Actions at meetings. (b) Actions between meetings. Provided, however, (c) Delegations of authority. (d) Technical changes to Committee rules. (e) Effective date. [38 FR 2754, Jan. 30, 1973, as amended at 65 FR 6320, Feb. 9, 2000; 70 FR 7841, Feb. 16, 2005] § 272.5 Notice and public procedure. There ordinarily is no published notice of proposed action by the Committee or public procedure thereon, as described in section 553 of title 5 of the United States Code, because such notice and procedure are impracticable, unnecessary, or contrary to the public interest.