The Board of Governors of the Federal Reserve System, with the concurrence of the Office of Government Ethics (OGE), is amending the Supplemental Standards of Ethical Conduct for Employees of the Board. This amendment would: eliminate the general prohibition on ownership of stock in primary dealers for most Board employees; and expand the availability of stock ownership waivers by allowing waivers to be granted permitting Board employees to retain bank stock acquired prior to Federal Reserve employment if the stock does not present a conflict of interest with the employees' duties.