[Federal Register Volume 60, Number 140 (Friday, July 21, 1995)] [Rules and Regulations] [Pages 37555-37556] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 95-17844] ======================================================================== Rules and Regulations Federal Register ________________________________________________________________________ This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. ======================================================================== Federal Register / Vol. 60, No. 140 / Friday, July 21, 1995 / Rules and Regulations [[Page 37555]] INTERNATIONAL DEVELOPMENT COOPERATION AGENCY Overseas Private Investment Corporation 5 CFR Chapter XXXIII 22 CFR Part 705 RINs 3209-AA00, 3209-AA04, 3209-AA15, and 3209-AA16 Supplemental Standards for Ethical Conduct for Employees of the Overseas Private Investment Corporation agency: Overseas Private Investment Corporation (OPIC). action: Final rule. ----------------------------------------------------------------------- summary: The Overseas Private Investment Corporation (OPIC), with the concurrence of the Office of Government Ethics (OGE), is issuing a regulation for employees of OPIC that supplements the executive branch- wide Standards of Ethical Conduct issued by OGE. OPIC is also repealing its existing agency standards of conduct regulations that are now superseded by the branch-wide Standards of Ethical Conduct and by the executive branch financial disclosure regulation also issued by OGE. In place of the regulations, OPIC is substituting a cross-reference to the new branch-wide regulations and this supplemental regulation. effective date: July 21, 1995. for further information contact: James R. Offutt, (202) 336-8414. SUPPLEMENTARY INFORMATION: I. Analysis of Regulation On August 7, 1992, the OGE published the Standards of Ethical Conduct for Employees of the Executive Branch (Standards) for codification at 5 CFR part 2635. See 57 FR 35006-35067, as corrected at 57 FR 48557 (October 27, 1992) and 57 FR 52583 (November 4, 1992). The Standards, effective February 3, 1993, set uniform ethical conduct standards applicable to all executive branch personnel. With the concurrence of OGE, 5 CFR 2635.105 authorizes executive agencies to publish agency-specific supplemental regulations that are necessary to properly implement their respective ethics programs. OPIC and OGE have determined that the following interim supplemental rule is necessary for successful implementation of OPIC's ethics program, in light of OPIC's operations. 5 CFR 2635.105 and 2635.803 authorize individual agencies, by supplemental regulation, to require employees to obtain approval before engaging in outside employment activities. This final rule, for codification at 5 CFR 4301.101, requires any employee of OPIC who wants to engage in outside employment to obtain prior approval of such activity from OPIC's Designated Agency Ethics Official. OPIC is also repealing its existing standards of conduct regulations at 22 CFR part 705 which, except for the sections noted immediately below, were superseded by the executive branch-wide Standards on February 3, 1993. Sections 705.735-104, 705.735-109 and part of 705.734-110 of OPIC's standards, dealing with financial disclosure, were superseded on October 5, 1992 by OGE's executive branch-wide financial disclosure regulation codified at 5 CFR part 2634. See 57 FR 11800-11830 (April 7, 1992), as amended at 57 FR 21854- 21855 (May 22, 1992) and 57 FR 62605 (December 31, 1992). In place of its old standards at 22 CFR part 705, OPIC is issuing a residual cross- reference provision at new 22 CFR 705.101 to refer to both the branch- wide Standards and financial disclosure regulations and to OPIC's new supplemental regulation. II. Matters of Regulatory Procedure Administrative Procedure Act The Deputy General Counsel of OPIC found good cause pursuant to 5 U.S.C. 553(b) for waiving, as unnecessary and contrary to the public interest, the general notice of proposed rulemaking and the 30-day delay in effectiveness as to the interim rules and repeal. The reason for this determination was that it was important to smooth transition from OPIC's prior ethics rules to the new executive branch-wide Standards and financial disclosure regulations that these rulemaking actions take place as soon as possible. Furthermore, this rulemaking is related to OPIC organization, procedure and practice. Nonetheless, the interim rulemaking was published in 58 FR 33319 (June 17, 1993), and had provision for a 45-day public comment period. No comments were received on the interim rulemaking. Executive Order 12866 In promulgating these final regulations, the Overseas Private Investment Corporation has adhered to the regulatory philosophy and the applicable principles of regulation set forth in section 1 of Executive Order 12866, Regulatory Planning and Review. These regulations have not been approved by the Office of Management and Budget under the Executive Order, as they deal with agency organizational, management, and personnel matters and are not, in any event, deemed ``significant'' thereunder. Regulatory Flexibility Act The Deputy General Counsel of OPIC determined under the Regulatory Flexibility Act (5 U.S.C. chapter 6) that this regulation will not have a significant impact on small business because it affects only OPIC employees. Paperwork Reduction Act The Deputy General Counsel of OPIC determined that the Paperwork Reduction Act (44 U.S.C. chapter 35) does not apply because this regulation does not contain any information collection requirements that require the approval of the Office of Management and Budget. Executive Agency Ethics Programs The Director of the Office of Government Ethics approved this interim rule, for the reasons set forth in the preamble, on March 18, 1993. No changes were made to the interim rule to make it the final rule. List of Subjects in 5 CFR Part 4301 and 22 CFR Part 705 Conflict of interests, Government employees. For the reasons set out the preamble, the interim rules published in the [[Page 37556]] Federal Register issue of June 17, 1993 (58 FR 33320) adding 5 CFR chapter XXXIII and revising 22 CFR part 709 are adopted as final without change. Authority: 5 U.S.C. 7301. Dated: July 14, 1995. James R. Offutt, Assistant General Counsel, Department of Legal Affairs, Overseas Private Investment Corporation. Dated: July 14, 1995. Stephen D. Potts, Director, Office of Government Ethics. [FR Doc. 95-17844 Filed 7-20-95; 8:45 am] BILLING CODE 3210-01-M