Final rule—amendment to rules of organization - Legal Developments - Brief Article

Federal Reserve Bulletin, July, 2003

The Board of Governors of the Federal Reserve System (the Board) has revised its definition of a quorum of the Board and incorporated the new quorum provision into the Board's Rules of Organization. The amendment is designed to enhance the Board's ability to perform its functions in the event of a national emergency, and would not alter the number of Board members required to constitute a quorum in normal operating environments.

Effective April 29, 2003, section 2 of the Board's Rules of Organization is amended as follows:

Section 2--Composition, Location, and Public Information

(b) Quorum. A majority of the members in office constitutes a quorum of the Board for purposes of transacting business except that, if there are five members in office, then four members constitute a quorum.