What are the requirements for notice and comment on an issuance of a statement by the Federal Reserve?
MultiRegion, United States of America
The following excerpt is from New York City Employees' Retirement System v. S.E.C., 45 F.3d 7 (2nd Cir. 1995):
Not all agency issuances are subject to notice and comment requirements. Notice and comment are required only if the statement is (1) a rule, and (2) legislative, as opposed to interpretive. See 5 U.S.C. Sec. 553(b)(1)-(3), (c); White v. Shalala, 7 F.3d 296, 303 (2d Cir.1993).
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