Supplemental Standards for Ethical Conduct for Employees of the Overseas Private Investment Corporation

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superseded by the branch-wide Standards of Ethical Conduct and by the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immediately below, were superseded by the executive branch-wide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disclosure, were superseded on October 5, 1992 by OGE's executive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