December 9, 2002 News Archive

Brief Moratorium on Section 314(a) Information Requests
The Board issued SR 02-21 related to a brief moratorium issued by the U.S. Treasury on new section 314(a) information requests and compliance with existing requests about suspected money launderers and terrorists. The moratorium is in effect until logistical problems arising from such information requests are resolved.

Board Forms Working Group on Risk Mitigation in Clearing and Settlement of Government Securities
The Board announced the formation of a private sector working group to recommend steps to mitigate risks in the clearance and settlement of U.S. government securities. The group is expected to issue a final report before the end of 2003.

Fed Beige Book Released
The Board released its most recent Beige Book dated November 27, 2002 indicating soft or sluggish business conditions overall. Details are available in the full report, including individual Reserve Bank summaries.

Terrorism Risk Insurance Act of 2002 Enacted
The U.S. Treasury announced that President Bush signed into law the Terrorism Risk Insurance Act of 2002. The new law provides a system of shared public and private compensation for insured commercial property and casualty losses arising from acts of terrorism.