Federal Reserve Board Notice of Proposed Rulemaking on Financial Market Utilities (Regulation HH) (Fed. Reg. Version)

The Federal Reserve Board published in the Federal Register its requested comment on a proposed rule to amend Regulation HH to set out the conditions and requirements for an FRB to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council. The proposed rule, which implements provisions of Dodd-Frank Section 806, would also authorize a Reserve Bank to pay interest on the balances maintained by a designated financial market utility just as a Reserve Bank is able to pay interest to a bank.

See: 78 FR 14024.