Extensions of Credit by Federal Reserve Banks, 6763-6764 [05-2463]
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6763
Rules and Regulations
Federal Register
Vol. 70, No. 26
Wednesday, February 9, 2005
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 RESERVE SYSTEM
12 CFR Part 201
[Regulation A]
Extensions of Credit by Federal
Reserve Banks
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) has
adopted final amendments to its
Regulation A to reflect the Board’s
approval of an increase in the primary
credit rate at each Federal Reserve Bank.
The secondary credit rate at each
Reserve Bank automatically increased
by formula as a result of the Board’s
primary credit rate action.
DATES: The amendments to part 201
(Regulation A) are effective February 9,
2005. The rate changes for primary and
secondary credit were effective on the
dates specified in 12 CFR 201.51, as
amended.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Jennifer J. Johnson, Secretary of the
Board ((202) 452–3259); for users of
Telecommunication Devices for the Deaf
(TDD) only, contact (202) 263–4869.
SUPPLEMENTARY INFORMATION: The
Federal Reserve Banks make primary
and secondary credit available to
depository institutions as a backup
source of funding on a short-term basis,
usually overnight. The primary and
secondary credit rates are the interest
rates that the twelve Federal Reserve
Banks charge for extensions of credit
under these programs. In accordance
with the Federal Reserve Act, the
primary and secondary credit rates are
established by the boards of directors of
the Federal Reserve Banks, subject to
the review and determination of the
Board.
VerDate jul<14>2003
14:47 Feb 08, 2005
Jkt 205001
The Board approved requests by the
Reserve Banks to increase by 25 basis
points the primary credit rate in effect
at each of the twelve Federal Reserve
Banks, thereby increasing from 3.25
percent to 3.50 percent the rate that
each Reserve Bank charges for
extensions of primary credit. As a result
of the Board’s action on the primary
credit rate, the rate that each Reserve
Bank charges for extensions of
secondary credit automatically
increased from 3.75 percent to 4.00
percent under the secondary credit rate
formula. The final amendments to
Regulation A reflect these rate changes.
The 25-basis-point increase in the
primary credit rate was associated with
a similar increase in the target for the
federal funds rate (from 2.25 percent to
2.50 percent) approved by the Federal
Open Market Committee (Committee)
and announced at the same time. A
press release announcing these actions
indicated that:
The Committee believes that, even after
this action, the stance of monetary policy
remains accommodative and, coupled with
robust underlying growth in productivity, is
providing ongoing support to economic
activity. Output appears to be growing at a
moderate pace despite the rise in energy
prices, and labor market conditions continue
to improve gradually. Inflation and longerterm inflation expectations remain well
contained.
The Committee perceives the upside and
downside risks to the attainment of both
sustainable growth and price stability for the
next few quarters to be roughly equal. With
underlying inflation expected to be relatively
low, the Committee believes that policy
accommodation can be removed at a pace
that is likely to be measured. Nonetheless,
the Committee will respond to changes in
economic prospects as needed to fulfill its
obligation to maintain price stability.
amendments because the Board for good
cause determined that delaying
implementation of the new primary and
secondary credit rates in order to allow
notice and public comment would be
unnecessary and contrary to the public
interest in fostering price stability and
sustainable economic growth. For these
same reasons, the Board also has not
provided 30 days prior notice of the
effective date of the rule under section
553(d).
12 CFR Chapter II
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve
System, Reporting and recordkeeping.
Authority and Issuance
For the reasons set forth in the
preamble, the Board is amending 12 CFR
Chapter II to read as follows:
I
PART 201—EXTENSIONS OF CREDIT
BY FEDERAL RESERVE BANKS
(REGULATION A)
1. The authority citation for part 201
continues to read as follows:
I
Authority: 12 U.S.C. 248(i)–(j), 343 et seq.,
347a, 347b, 347c, 348 et seq., 357, 374, 374a,
and 461.
2. In § 201.51, paragraphs (a) and (b)
are revised to read as follows:
I
§ 201.51 Interest rates applicable to credit
extended by a Federal Reserve Bank.1
(a) Primary credit. The interest rates
for primary credit provided to
depository institutions under § 201.4(a)
are:
Federal Reserve
Bank
Rate
Regulatory Flexibility Act Certification
Pursuant to the Regulatory Flexibility
Act (5 U.S.C. 605(b)), the Board certifies
that the new primary and secondary
credit rates will not have a significantly
adverse economic impact on a
substantial number of small entities
because the final rule does not impose
any additional requirements on entities
affected by the regulation.
Boston ....................
New York ................
Philadelphia ............
Cleveland ................
Richmond ...............
Atlanta ....................
Chicago ..................
St. Louis .................
Minneapolis ............
Kansas City ............
Dallas ......................
San Francisco ........
Administrative Procedure Act
The Board did not follow the
provisions of 5 U.S.C. 553(b) relating to
notice and public participation in
connection with the adoption of these
1 The primary, secondary, and seasonal credit
rates described in this section apply to both
advances and discounts made under the primary,
secondary, and seasonal credit programs,
respectively.
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
E:\FR\FM\09FER1.SGM
09FER1
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
Effective
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
2,
2,
2,
2,
2,
2,
2,
3,
2,
2,
2,
2,
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
6764
Federal Register / Vol. 70, No. 26 / Wednesday, February 9, 2005 / Rules and Regulations
(b) Secondary credit. The interest
rates for secondary credit provided to
depository institutions under § 201.4(b)
are:
Federal Reserve
Bank
Rate
Boston ....................
New York ................
Philadelphia ............
Cleveland ................
Richmond ...............
Atlanta ....................
Chicago ..................
St. Louis .................
Minneapolis ............
Kansas City ............
Dallas ......................
San Francisco ........
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
*
Effective
*
*
*
*
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
2,
2,
2,
2,
2,
2,
2,
3,
2,
2,
2,
2,
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
By order of the Board of Governors of the
Federal Reserve System, February 3, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05–2463 Filed 2–8–05; 8:45 am]
BILLING CODE 6210–02–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
21 CFR Part 522
Implantation or Injectable Dosage
Form New Animal Drugs; Zeranol
AGENCY:
Food and Drug Administration,
HHS.
ACTION:
Final rule.
SUMMARY: The Food and Drug
Administration (FDA) is amending the
animal drug regulations to reflect
approval of two supplemental new
animal drug applications (NADAs) filed
by Schering-Plough Animal Health
Corp. The supplemental NADAs
provide for the addition of statements to
labeling of subcutaneous implants
containing zeranol warning against the
use of these products in calves to be
processed for veal.
DATES: This rule is effective February 9,
2005.
FOR FURTHER INFORMATION CONTACT: Eric
S. Dubbin, Center for Veterinary
Medicine (HFV–126), Food and Drug
Administration, 7500 Standish Pl.,
Rockville, MD 20855, 301–827–0232, email: edubbin@cvm.fda.gov.
SUPPLEMENTARY INFORMATION: ScheringPlough Animal Health Corp., 1095
Morris Ave., Union, NJ 07083, filed a
supplement to NADA 38–233 for
RALGRO (zeranol) and to NADA 141–
192 for RALGRO LA (zeranol), two
VerDate jul<14>2003
14:47 Feb 08, 2005
Jkt 205001
subcutaneous implants/products used
in certain classes of cattle or in sheep
for improved feed efficiency and/or
increased rate of weight gain. The
supplemental NADAs provide for the
addition of statements to labeling
warning against the use of these
products in calves to be processed for
veal. The supplemental applications are
approved as of January 14, 2005, and the
regulations are amended in 21 CFR
522.2680 to reflect the approval. The
basis of approval is discussed in the
freedom of information summaries.
In accordance with the freedom of
information provisions of 21 CFR part
20 and 21 CFR 514.11(e)(2)(ii),
summaries of safety and effectiveness
data and information submitted to
support approval of these applications
may be seen in the Division of Dockets
Management (HFA–305), Food and Drug
Administration, 5630 Fishers Lane, rm.
1061, Rockville, MD 20852, between 9
a.m. and 4 p.m., Monday through
Friday.
The agency has determined under 21
CFR 25.33(a)(1) that this action is of a
type that does not individually or
cumulatively have a significant effect on
the human environment. Therefore,
neither an environmental assessment
nor an environmental impact statement
is required.
This rule does not meet the definition
of ‘‘rule’’ in 5 U.S.C. 804(3)(A) because
it is a rule of ‘‘particular applicability.’’
Therefore, it is not subject to the
congressional review requirements in 5
U.S.C. 801–808.
List of Subjects in 21 CFR Part 522
Animal drugs.
I Therefore, under the Federal Food,
Drug, and Cosmetic Act and under
authority delegated to the Commissioner
of Food and Drugs and redelegated to the
Center for Veterinary Medicine, 21 CFR
part 522 is amended as follows:
PART 522—IMPLANTATION OR
INJECTABLE DOSAGE FORM NEW
ANIMAL DRUGS
1. The authority citation for 21 CFR
part 522 continues to read as follows:
I
Authority: 21 U.S.C. 360b.
2. Section 522.2680 is amended by
revising paragraphs (d)(1)(iii), (d)(2)(iii),
(d)(3)(iii), and (d)(4)(iii) to read as
follows:
I
§ 522.2680
Zeranol.
*
*
*
*
*
(d) * * *
(1) * * *
(iii) Limitations. Implant
subcutaneously in ear only. Do not use
in bulls intended for reproduction or in
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
dairy animals. Do not use before 1
month of age or after weaning in heifers
intended for reproduction. Safety and
effectiveness have not been established
in veal calves. A withdrawal period has
not been established for this product in
preruminating calves. Do not use in
calves to be processed for veal.
(2) * * *
(iii) Limitations. Implant
subcutaneously in ear only. Do not use
in breeding animals. Do not implant
animals within 40 days of slaughter.
Safety and effectiveness have not been
established in veal calves. A withdrawal
period has not been established for this
product in preruminating calves. Do not
use in calves to be processed for veal.
(3) * * *
(iii) Limitations. Implant
subcutaneously in ear only. Safety and
effectiveness have not been established
in veal calves. A withdrawal period has
not been established for this product in
preruminating calves. Do not use in
calves to be processed for veal.
(4) * * *
(iii) Limitations. Implant
subcutaneously in ear only. Safety and
effectiveness have not been established
in veal calves. A withdrawal period has
not been established for this product in
preruminating calves. Do not use in
calves to be processed for veal.
Dated: January 27, 2005.
Steven D. Vaughn,
Director, Office of New Animal Drug
Evaluation, Center for Veterinary Medicine.
[FR Doc. 05–2451 Filed 2–8–05; 8:45 am]
BILLING CODE 4160–01–S
POSTAL SERVICE
39 CFR Part 551
Semipostal Stamp Program
Postal Service.
Final rule.
AGENCY:
ACTION:
SUMMARY: This final rule clarifies
regulations relating to the determination
of costs to be offset from differential
revenue.
DATES: The final rule is effective
February 9, 2005.
FOR FURTHER INFORMATION CONTACT:
Cindy Tackett, (703) 292–3980.
SUPPLEMENTARY INFORMATION:
Semipostal stamps are intended to raise
funds for specified causes. The
difference between the sales price of a
semipostal stamp and its postage value
(the differential) constitutes a
contribution to a specified cause. The
Postal Service is permitted to retain an
amount from the differential to cover its
reasonable administrative costs.
E:\FR\FM\09FER1.SGM
09FER1
]]>Agencies
[Federal Register Volume 70, Number 26 (Wednesday, February 9, 2005)]
[Rules and Regulations]
[Pages 6763-6764]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-2463]
========================================================================
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. 70, No. 26 / Wednesday, February 9, 2005 /
Rules and Regulations
[[Page 6763]]
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Regulation A]
Extensions of Credit by Federal Reserve Banks
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
has adopted final amendments to its Regulation A to reflect the Board's
approval of an increase in the primary credit rate at each Federal
Reserve Bank. The secondary credit rate at each Reserve Bank
automatically increased by formula as a result of the Board's primary
credit rate action.
DATES: The amendments to part 201 (Regulation A) are effective February
9, 2005. The rate changes for primary and secondary credit were
effective on the dates specified in 12 CFR 201.51, as amended.
FOR FURTHER INFORMATION CONTACT: Jennifer J. Johnson, Secretary of the
Board ((202) 452-3259); for users of Telecommunication Devices for the
Deaf (TDD) only, contact (202) 263-4869.
SUPPLEMENTARY INFORMATION: The Federal Reserve Banks make primary and
secondary credit available to depository institutions as a backup
source of funding on a short-term basis, usually overnight. The primary
and secondary credit rates are the interest rates that the twelve
Federal Reserve Banks charge for extensions of credit under these
programs. In accordance with the Federal Reserve Act, the primary and
secondary credit rates are established by the boards of directors of
the Federal Reserve Banks, subject to the review and determination of
the Board.
The Board approved requests by the Reserve Banks to increase by 25
basis points the primary credit rate in effect at each of the twelve
Federal Reserve Banks, thereby increasing from 3.25 percent to 3.50
percent the rate that each Reserve Bank charges for extensions of
primary credit. As a result of the Board's action on the primary credit
rate, the rate that each Reserve Bank charges for extensions of
secondary credit automatically increased from 3.75 percent to 4.00
percent under the secondary credit rate formula. The final amendments
to Regulation A reflect these rate changes.
The 25-basis-point increase in the primary credit rate was
associated with a similar increase in the target for the federal funds
rate (from 2.25 percent to 2.50 percent) approved by the Federal Open
Market Committee (Committee) and announced at the same time. A press
release announcing these actions indicated that:
The Committee believes that, even after this action, the stance
of monetary policy remains accommodative and, coupled with robust
underlying growth in productivity, is providing ongoing support to
economic activity. Output appears to be growing at a moderate pace
despite the rise in energy prices, and labor market conditions
continue to improve gradually. Inflation and longer-term inflation
expectations remain well contained.
The Committee perceives the upside and downside risks to the
attainment of both sustainable growth and price stability for the
next few quarters to be roughly equal. With underlying inflation
expected to be relatively low, the Committee believes that policy
accommodation can be removed at a pace that is likely to be
measured. Nonetheless, the Committee will respond to changes in
economic prospects as needed to fulfill its obligation to maintain
price stability.
Regulatory Flexibility Act Certification
Pursuant to the Regulatory Flexibility Act (5 U.S.C. 605(b)), the
Board certifies that the new primary and secondary credit rates will
not have a significantly adverse economic impact on a substantial
number of small entities because the final rule does not impose any
additional requirements on entities affected by the regulation.
Administrative Procedure Act
The Board did not follow the provisions of 5 U.S.C. 553(b) relating
to notice and public participation in connection with the adoption of
these amendments because the Board for good cause determined that
delaying implementation of the new primary and secondary credit rates
in order to allow notice and public comment would be unnecessary and
contrary to the public interest in fostering price stability and
sustainable economic growth. For these same reasons, the Board also has
not provided 30 days prior notice of the effective date of the rule
under section 553(d).
12 CFR Chapter II
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve System, Reporting and
recordkeeping.
Authority and Issuance
0
For the reasons set forth in the preamble, the Board is amending 12 CFR
Chapter II to read as follows:
PART 201--EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION
A)
0
1. The authority citation for part 201 continues to read as follows:
Authority: 12 U.S.C. 248(i)-(j), 343 et seq., 347a, 347b, 347c,
348 et seq., 357, 374, 374a, and 461.
0
2. In Sec. 201.51, paragraphs (a) and (b) are revised to read as
follows:
Sec. 201.51 Interest rates applicable to credit extended by a Federal
Reserve Bank.\1\
---------------------------------------------------------------------------
\1\ The primary, secondary, and seasonal credit rates described
in this section apply to both advances and discounts made under the
primary, secondary, and seasonal credit programs, respectively.
---------------------------------------------------------------------------
(a) Primary credit. The interest rates for primary credit provided
to depository institutions under Sec. 201.4(a) are:
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston................................ 3.50 Feb. 2, 2005.
New York.............................. 3.50 Feb. 2, 2005.
Philadelphia.......................... 3.50 Feb. 2, 2005.
Cleveland............................. 3.50 Feb. 2, 2005.
Richmond.............................. 3.50 Feb. 2, 2005.
Atlanta............................... 3.50 Feb. 2, 2005.
Chicago............................... 3.50 Feb. 2, 2005.
St. Louis............................. 3.50 Feb. 3, 2005.
Minneapolis........................... 3.50 Feb. 2, 2005.
Kansas City........................... 3.50 Feb. 2, 2005.
Dallas................................ 3.50 Feb. 2, 2005.
San Francisco......................... 3.50 Feb. 2, 2005.
------------------------------------------------------------------------
[[Page 6764]]
(b) Secondary credit. The interest rates for secondary credit
provided to depository institutions under Sec. 201.4(b) are:
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston................................ 4.00 Feb. 2, 2005.
New York.............................. 4.00 Feb. 2, 2005.
Philadelphia.......................... 4.00 Feb. 2, 2005.
Cleveland............................. 4.00 Feb. 2, 2005.
Richmond.............................. 4.00 Feb. 2, 2005.
Atlanta............................... 4.00 Feb. 2, 2005.
Chicago............................... 4.00 Feb. 2, 2005.
St. Louis............................. 4.00 Feb. 3, 2005.
Minneapolis........................... 4.00 Feb. 2, 2005.
Kansas City........................... 4.00 Feb. 2, 2005.
Dallas................................ 4.00 Feb. 2, 2005.
San Francisco......................... 4.00 Feb. 2, 2005.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, February 3, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-2463 Filed 2-8-05; 8:45 am]
BILLING CODE 6210-02-P
