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Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation--Applicability of the Congressional Review Act to Interagency Guidance on Leveraged Lending

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Highlights

In response to a request from Senator Pat Toomey, GAO today issued a decision on whether the Interagency Guidance on Leveraged Lending, issued jointly by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (the Agencies), is considered a rule for purposes of the Congressional Review Act (CRA). We concluded that the Interagency Guidance is a general statement of policy and is a rule under CRA, which must be submitted to the Congress for review.

 

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Shirley A. Jones
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