No Changes Recommended to Freedom of Information Act Exemption Included in the Amended Federal Reserve Act

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
 

January 14, 2013

Mr. Mark Bialek
Inspector General
Board of Governors of the Federal Reserve System
Washington, D.C. 20515

Dear Inspector General Bialek:

We have reviewed the final draft of your report "No Changes Recommended to Freedom of Information Act Exemption Included in the Amended Federal Reserve Act". Thank you for giving us the opportunity to provide these comments.

As you detail in your report, in recent years the Federal Reserve has initiated a number of new reports and web-available data collections to provide the public with extensive information about our lending, emergency credit programs and open market operations. Your report also notes that the time delay of the release of information specified in section ll(s) of the amended Federal Reserve Act is vital to ensure that the Federal Reserve is able to appropriately address liquidity pressures and market dislocations that could arise in a future financial crisis. Thus, it is important that this exemption remain in place and we appreciate that your evaluation report does not recommend any changes to the current release schedules.

Thank you again for your thorough work and providing us the opportunity to make these comments.

Sincerely,

/signed/

Scott G. Alvarez
General Counsel

/signed/

William B. English
Director, Division of
Monetary Affairs