Policy Statement on Section 9(13) of the Federal Reserve Act

Document 2025-23548 is a Final Rule published by the Federal Reserve System in the Federal Register on December 22, 2025, with an effective date of December 22, 2025. The Board of Governors of the Federal Reserve System (Board) is rescinding its 2023 policy statement interpreting section 9(13) of the Federal Reserve Act (FRA) (2023 Policy Statement), which set out a presumption for how the Board would exercise its authority under that provision and elaborated on supervisory expectations at that time related to "novel and unprecedented" activities. The Board is also withdrawing from the record the Supplementary Information that accompanied the 2023 Policy Statement, which discussed specific crypto- asset activities. The Board is replacing the 2023 Policy Statement with a new policy statement on section 9(13) of the FRA, which is designed to facilitate innovation by state member banks in a manner that is consistent with bank safety and soundness and preserving the stability of the U.S. financial system. The new policy statement also provides guidance to uninsured state member banks and uninsured state-chartered bank applicants for membership who may seek to engage in activities as principal that are not permissible for insured state member banks. View the original at https://www.federalregister.gov/documents/2025/12/22/2025-23548/policy-statement-on-section-913-of-the-federal-reserve-act.

No. Document 2025-23548 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.