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Opinion on Whether the Farm Credit Administration's National Charter Initiative Is a Rule Under the Congressional Review Act

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Highlights

GAO reviewed the Farm Credit Administration's (FCA) National Charter Initiative to determine whether the charter is a rule under the Congressional Review Act (CRA) and the Administrative Procedure Act (APA). FCA contends that its initiative is not a rule because it does not set out any rules or requirements for FCA institutions, but merely states how FCA will proceed with future chartering actions. FCA further contends that its accompanying booklet is exempt from CRA and APA regulations because the guidelines it outlines for national charter applications does not bind the agency nor is it enforceable against FCA institutions. A review of the actions of FCA and the contents of its booklet finds that FCA's booklet meets the requirements of a legislative rule and should be published for comment and submitted to Congress and GAO for review.

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Shirley A. Jones
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