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Federal Register / Vol. 86, No. 2 / Tuesday, January 5, 2021 / Rules and Regulations
requirements. Comments in response to the proposed rule noted the difficulties that would be associated with creating numerous separately managed accounts solely to evade the comparatively low $50,000 MTA for separately managed accounts. The MTA
Final Rule also defines separately managed account so that the swaps of such account are not subject to a netting of initial or variation margin obligations. This potentially provides further disincentive to create separately managed accounts solely for the purpose of evading the $50,000 MTA level for such accounts.
IV. Conclusion Mitigating systemic risk to the U.S.
financial system was a primary objective of the Dodd-Frank Act in 2010, and of subsequent Commission rulemakings to implement Dodd-Frank, including the Margin Rule adopted in 2016. The Commission must remain committed to the Margin Rule and vigilant for any large pool of uncollateralized, uncleared swaps exposure. Todays targeted final rules, which codify existing practices, include embedded backstops, and provide tailored operational enhancements to the Margin Rule, are unlikely to present systemic risks.
I thank staff of the Market Participants Division for their work on these final rules.
FR Doc. 202027736 Filed 1421; 8:45 am BILLING CODE 635101P

AGENCY FOR INTERNATIONAL
DEVELOPMENT
22 CFR Part 212
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Procedures for the Review and Clearance of USAIDs Guidance Documents U.S. Agency for International Development USAID.
ACTION: Final rule.
AGENCY:

This final rule amends USAIDs regulations to implement Executive Order E.O. 13891, Promoting the Rule of Law Through Improved Agency Guidance Documents.
This rule sets forth processes and procedures for USAID to issue guidance documents as defined in the E.O. in a manner consistent with the requirements of Federal law applicable to all employees involved in inherently governmental deliberative decisionmaking on policy and employees involved in related administrative processes.

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SUMMARY:

This final rule is effective January 5, 2021.

DATES:

FOR FURTHER INFORMATION CONTACT:

Tyrone K. Brown, Guidance Mailbox, 202 3557450, tybrown@usaid.gov.
SUPPLEMENTARY INFORMATION:

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Background On October 9, 2019 84 FR 55235, President Trump issued Executive Order E.O. 13891, Promoting the Rule of Law Through Improved Agency Guidance Documents. The E.O. asserts that, except as mandated by applicable law or incorporated into a binding contract or agreement, Federal Departments and Agencies should treat guidance documents as non-binding on outside entities both in law and practice. To further the principle that Federal guidance should be transparent and made readily available to the public, Section 3 of the E.O. requires that Departments and Agencies make guidance documents available on a single, searchable, indexed public website. Section 3 also requires that Departments and Agencies review their guidance documents and, consistent with applicable law, rescind those that should no longer be in effect. Lastly, Section 4 requires that each Department and Agency put in place processes and procedures for issuing guidance documents as defined by the E.O.
In accordance with that direction, to codify our processes and procedures for guidance documents, the U.S. Agency for International Development USAID
is amending our Automated Directives System ADS to update ADS Chapter 501, which governs the clearance process for reviewing and issuing Agency policy documents, to include guidance documents as defined by the E.O. USAIDs formal clearance process ensures that all guidance documents receive legal review and, when appropriate, review and approval from USAIDs Regulatory Reform Officer, who is the Agencys Deputy Administrator.
Before the Agency issues guidance documents as defined by E.O. 13891, we must review them to ensure they are written in plain language and do not impose any substantive legal requirements above and beyond statute or regulation. If a guidance document purports to describe, approve, or recommend specific conduct not required by existing laws, statutes, and regulations, then it must include a clear and prominent statement that the contents of the guidance document do not have the force and effect of law and are not meant to bind the public in any way, and that the guidance document is intended only to provide clarity to the public regarding existing requirements under the law or internal Agency policies and procedures applicable to our staff.
According to E.O. 13891, guidance documents shall also be subject to
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notice-and-comment procedures. The E.O. mandates that Departments and Agencies shall publish a notice in the Federal Register to announce that a draft of the proposed guidance document is publicly available; shall post the draft guidance document on the guidance portal of the Department or Agency; shall invite public comment on the draft document for a minimum of 30
days; and shall prepare and post a public response to major concerns raised in the comments, as appropriate, on its guidance portal, when the Department or Agency finalizes and issues the guidance document.
Consistent with E.O. 13891, USAID
proposes procedures to allow the public to petition for the modification or withdrawal of an active guidance document posted on the Agencys guidance portal. USAIDs guidance portal will provide clear and specific instructions on how to request the modification or withdrawal of an active guidance document.
The Office of the General Counsel GC at USAID has determined that the Agency has no guidance documents as defined under E.O. 13891. USAIDs internal guidance materials do not qualify as guidance documents under the E.O., nor do grant and contract solicitations and awards; Country and Regional Development Cooperation Strategies; Agency programmatic Policies and Strategies; and purely internal Agency policies not intended to have substantial effect on the behavior of regulated parties, such as Chapters of our ADS. The procedures contained in this final rule apply to all guidance documents, which USAID defines as any statement of Agency policy or interpretation that concerns a statute, regulation, or technical matter within the jurisdiction of the Agency that is intended to have general applicability and future effect on the behavior of regulated parties, but which is not intended to have the force or effect of law in its own right and is not otherwise required by statute to satisfy the rulemaking procedures of the Administrative Procedure Act.
Notice and Comment Not Required This rule relates to internal Agency management. Therefore, pursuant to Section 553a2 of Title 5 of the United States Code U.S.C., notice of proposed rulemaking and opportunity to comment are not required.
Procedural Requirements The Office of Management and Budget OMB has determined that this regulatory action does not meet the criteria for significant regulatory action
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