<u>Answer</u>:
With some exceptions, every portion of every meeting of the Federal Reserve System Board of Governors and other federal administrative agencies must be open to public observation under "the Government in the Sunshine Act".
<u>Explanation</u>:
This Act is a federal legislation whose goal was to create a candidness and greater transparency in government. The Act states that meetings of federal agencies with multiple members like agencies that are headed by a collegial body should be open to observation of the public. The Act was laid in 1976 and is codified in 5 USCS 552.
However, the Act gives ten exemptions, on which meetings may be closed and information regarding such meetings can be withheld or hidden from the public. In addition to these exemptions, there are also some categories of information that need not be disclosed, and they are
1.information related to national defence,
2.information related to practices and internal personnel rules,
3.information relating to accusing person committed crime or any illegal activity,
4.information relating to disclosure constituting a breach of privacy,
5.information relating to investigatory records where the information would harm the proceedings,
6.information relating to endangering the stability or financial speculation of any financial institution, and
7.information that is related to the participation of agency in legal proceedings.
