Discount Rates for Cost-Effectiveness Analysis of Federal Programs, 6913-6914 [05-2474]

Download as PDF 6913 Federal Register / Vol. 70, No. 26 / Wednesday, February 9, 2005 / Notices 3. How often the collection is required: On occasion and every 10 to 20 years for applications for renewal. 4. Who is required or asked to report: Designers of commercial nuclear power plants, electric power companies, and any person eligible under the Atomic Energy Act to apply for a construction permit for a nuclear power plant. 5. The number of annual respondents: 2.666 (2 early site permit applicants, 2 combined license applicants, and 4 design certification applicants are expected over a 3 year period.). 6. The number of hours needed annually to complete the requirement or request: 205,161 hours. 7. Abstract: 10 CFR Part 52 establishes requirements for the granting of early site permits, certifications of standard nuclear power plant designs, and licenses which combine in a single license a construction permit, and an operating license with conditions (combined licenses), manufacturing licenses, standard design approvals, and pre-application reviews of site suitability issues. Part 52 also establishes requirements for renewal of those approvals, permits, certifications, and licenses; amendments to them; exemptions from certifications; and variances from early site permits. NRC uses the information collected to assess the adequacy and suitability of an applicant’s site, plant design, construction, training and experience, and plans and procedures for the protection of public health and safety. The NRC review of such information and the findings derived from that information from the basis of NRC decisions and actions concerning the issuance, modification, or revocation of site permits, design certifications, combined licenses, and manufacturing licenses for nuclear power plants. Submit, by April 11, 2005, comments that address the following questions: 1. Is the proposed collection of information necessary for the NRC to properly perform its functions? Does the information have practical utility? 2. Is the burden estimate accurate? 3. Is there a way to enhance the quality, utility, and clarity of the information to be collected? 4. How can the burden of the information collection be minimized, including the use of automated collection techniques or other forms of information technology? A copy of the draft supporting statement may be viewed free of charge at the NRC Public Document Room, One White Flint North, 11555 Rockville Pike, Room O–1 F21, Rockville, MD 20852. OMB clearance requests are available at the NRC worldwide Web site: http://www.nrc.gov/public-involve/ doc-comment/omb/index.html. The document will be available on the NRC home page site for 60 days after the signature date of this notice. Comments and questions about the information collection requirements may be directed to the NRC Clearance Officer, Brenda Jo. Shelton (T–5 F53), U.S. Nuclear Regulatory Commission, Washington, DC 20555–0001, by telephone at 301–415–7233, or by Internet electronic mail to INFOCOLLECTS@NRC.GOV. Dated at Rockville, Maryland, this 2nd day of February, 2005. For the Nuclear Regulatory Commission. Brenda Jo. Shelton, NRC Clearance Officer, Office of the Chief Information Officer. [FR Doc. 05–2482 Filed 2–8–05; 8:45 am] BILLING CODE 7590–01–P OFFICE OF MANAGEMENT AND BUDGET Discount Rates for Cost-Effectiveness Analysis of Federal Programs Office of Management and Budget. ACTION: Revisions to Appendix C of OMB Circular A–94. AGENCY: SUMMARY: The Office of Management and Budget revised Circular A–94 in 1992. The revised Circular specified certain discount rates to be updated annually when the interest rate and inflation assumptions used to prepare the budget of the United States Government were changed. These discount rates are found in Appendix C of the revised Circular. The updated discount rates are shown below. The discount rates in Appendix C are to be used for cost-effectiveness analysis, including lease-purchase analysis, as specified in the revised Circular. They do not apply to regulatory analysis. The revised discount rates are effective immediately and will be in effect through January 2006. DATES: FOR FURTHER INFORMATION CONTACT: Robert B. Anderson, Office of Economic Policy, Office of Management and Budget, (202) 395–3381. James D. Foster, Associate Director for Economic Policy, Office of Management and Budget. Appendix C (Revised January 2005) Discount Rates for Cost-Effectiveness, Lease Purchase, and Related Analyses Effective Dates. This appendix is updated annually around the time of the President’s budget submission to Congress. This version of the appendix is valid through the end of January 2006. A copy of the updated appendix can be obtained in electronic form through the OMB home page at http:// www.whitehouse.gov/omb/circulars/a094/ a94_appx-c.html, the text of the main body of the Circular is found at http:// www.whitehouse.gov/omb/circulars/a094/ a094.html, and a table of past years’ rates is located at http://www.whitehouse.gov/omb/ circulars/a094/DISCHIST–2005.pdf. Updates of the appendix are also available upon request from OMB’s Office of Economic Policy (202–395–3381). Nominal Discount Rates. A forecast of nominal or market interest rates for 2005 based on the economic assumptions from the 2006 Budget are presented below. These nominal rates are to be used for discounting nominal flows, which are often encountered in lease-purchase analysis. NOMINAL INTEREST RATES ON TREASURY NOTES AND BONDS OF SPECIFIED MATURITIES [In percent] 3-Year 5-Year 7-Year 10-Year 30-Year 3.7 4.1 4.4 4.6 5.2 Real Discount Rates. A forecast of real interest rates from which the inflation premium has been removed and based on the VerDate jul<14>2003 16:49 Feb 08, 2005 Jkt 205001 economic assumptions from the 2006 Budget is presented below. These real rates are to be used for discounting real (constant-dollar) PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 flows, as is often required in costeffectiveness analysis. E:\FR\FM\09FEN1.SGM 09FEN1 6914 Federal Register / Vol. 70, No. 26 / Wednesday, February 9, 2005 / Notices REAL INTEREST RATES ON TREASURY NOTES AND BONDS OF SPECIFIED MATURITIES [In percent] 3-Year 5-Year 7-Year 10-Year 30-Year 1.7 2.0 2.3 2.5 3.1 Analyses of programs with terms different from those presented above may use a linear interpolation. For example, a four-year project can be evaluated with a rate equal to the average of the three-year and five-year rates. Programs with durations longer than 30 years may use the 30-year interest rate. Dated: February 7, 2005. Margaret H. McFarland, Deputy Secretary. [FR Doc. 05–2662 Filed 2–7–05; 3:59 pm] [FR Doc. 05–2474 Filed 2–8–05; 8:45 am] SECURITIES AND EXCHANGE COMMISSION BILLING CODE 3110–01–P BILLING CODE 8010–01–P (Release No. 34–51125; File No. SR–PCX– 2005–15) SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold the following meeting during the week of February 14, 2005: A Closed Meeting will be held on Tuesday, February 15, 2005 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), (9)(B), and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Goldschmid, as duty officer, voted to consider the items listed for the closed meeting in closed session. The subject matter of the Closed Meeting scheduled for Tuesday, February 15, 2005, will be: Formal orders of investigations; Institution and settlement of injunctive actions; and Institution and settlement of administrative proceedings of an enforcement nature; and Litigation matter. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 942– 7070. VerDate jul<14>2003 16:49 Feb 08, 2005 Jkt 205001 Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the Pacific Exchange, Inc. Relating To Primary Only Orders February 2, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’).1 and Rule 19b–4 thereunder,2 notice is hereby given that on February 1, 2005, the Pacific Exchange, Inc. (‘‘PCS’’ and ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the PCX. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change. The PCX, through its wholly-owned subsidiary PCX Equities, Inc. (‘‘PCXE’’), proposed to amend its PCXE Rule 7.31(x) to provide that the Primary Only Order (‘‘PO Order’’) may apply to Nasdaq securities traded on the Archipelago Exchange (‘‘ArcaEx’’) facility, and may be either market or limit orders. The test of the proposed rule change is available on the PCX’s Web site (http://www.pacificex.com), at the PCX’s Office of the Secretary and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change. In its filing with the Commission, the PCX included statements concerning the purpose of and basis for the proposed PO 00000 1 15 2 17 U.S.C. 78s(b)(1) CFR 240.19b–4. Frm 00086 Fmt 4703 Sfmt 4703 rule change. The text of these statements may be examined at the places specified in Item IV below. The PCX has prepared summaries, set forth in Section A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change. 1. Purpose As part of its continuing efforts to enhance participation on the ArcaEx facility, the PCX is proposing to amend PCXE Rule 7.31(x) to clarify that PO Orders may also apply to Nasdaq securities, and may be either market or limit orders. Currently, PCXE Rule 7.31(x) defines PO Orders as market orders that are routed to the primary market, and applies only to exchange-listed securities.3 ArcaEx proposes to expand the PO Order functionality to include Nasdaq securities and modify Rule 7.31(x) accordingly. As such, the Exchange proposes to delete the language in PCXE Rule 7.31(x), which limits the PO Order functionality to exchange-listed securities only and proposes minor changes to indicate that PO Orders may be either market or limit orders. Further, PO market orders in Nasdaq securities received prior to 6:28 a.m. PT will be marked ‘‘OO’’ (OnOpen 4) and will be routed to Nasdaq for possible participation in Nasdaq’s Opening Cross. The unexecuted shares that are sent back to ArcaEx after the Market Order Auction 5 will be processed as regular market orders in the Core Session as described in PCXE Rule 7.37. Any PO Market orders marked OO that are sent back to ArcaEx before ArcaEx conducts the Market Order Auction will be cancelled back to the customer. The Exchange believes that implementing these changes will 3 The Exchange currently interprets and will continue to interpret under this proposal the term ‘‘primary market’’ as the market which has the authority to declare a regulatory halt. 4 ‘‘On Open’’ or ‘‘OO’’ is a marking recognized by the Nasdaq stock market as an order type executable only during Nasdaq’s Opening Cross. Further, market orders sent with an ‘‘OO’’ designator are treated as market on-open orders by Nasdaq. 5 See PCXE Rule 7.35. E:\FR\FM\09FEN1.SGM 09FEN1

Agencies

[Federal Register Volume 70, Number 26 (Wednesday, February 9, 2005)]
[Notices]
[Pages 6913-6914]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-2474]


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OFFICE OF MANAGEMENT AND BUDGET


Discount Rates for Cost-Effectiveness Analysis of Federal 
Programs

AGENCY: Office of Management and Budget.

ACTION: Revisions to Appendix C of OMB Circular A-94.

-----------------------------------------------------------------------

SUMMARY: The Office of Management and Budget revised Circular A-94 in 
1992. The revised Circular specified certain discount rates to be 
updated annually when the interest rate and inflation assumptions used 
to prepare the budget of the United States Government were changed. 
These discount rates are found in Appendix C of the revised Circular. 
The updated discount rates are shown below. The discount rates in 
Appendix C are to be used for cost-effectiveness analysis, including 
lease-purchase analysis, as specified in the revised Circular. They do 
not apply to regulatory analysis.

DATES: The revised discount rates are effective immediately and will be 
in effect through January 2006.

FOR FURTHER INFORMATION CONTACT: Robert B. Anderson, Office of Economic 
Policy, Office of Management and Budget, (202) 395-3381.

James D. Foster,
Associate Director for Economic Policy, Office of Management and 
Budget.

Appendix C

(Revised January 2005)

Discount Rates for Cost-Effectiveness, Lease Purchase, and Related 
Analyses

    Effective Dates. This appendix is updated annually around the 
time of the President's budget submission to Congress. This version 
of the appendix is valid through the end of January 2006. A copy of 
the updated appendix can be obtained in electronic form through the 
OMB home page at http://www.whitehouse.gov/omb/circulars/a094/a94_
appx-c.html, the text of the main body of the Circular is found at 
http://www.whitehouse.gov/omb/circulars/a094/a094.html, and a table 
of past years' rates is located at http://www.whitehouse.gov/omb/
circulars/a094/DISCHIST-2005.pdf. Updates of the appendix are also 
available upon request from OMB's Office of Economic Policy (202-
395-3381).
    Nominal Discount Rates. A forecast of nominal or market interest 
rates for 2005 based on the economic assumptions from the 2006 
Budget are presented below. These nominal rates are to be used for 
discounting nominal flows, which are often encountered in lease-
purchase analysis.

     Nominal Interest Rates on Treasury Notes and Bonds of Specified
                               Maturities
                              [In percent]
------------------------------------------------------------------------
    3-Year         5-Year         7-Year        10-Year        30-Year
------------------------------------------------------------------------
         3.7            4.1            4.4            4.6           5.2
------------------------------------------------------------------------

    Real Discount Rates. A forecast of real interest rates from 
which the inflation premium has been removed and based on the 
economic assumptions from the 2006 Budget is presented below. These 
real rates are to be used for discounting real (constant-dollar) 
flows, as is often required in cost-effectiveness analysis.

[[Page 6914]]



 Real Interest Rates on Treasury Notes and Bonds of Specified Maturities
                              [In percent]
------------------------------------------------------------------------
    3-Year         5-Year         7-Year        10-Year        30-Year
------------------------------------------------------------------------
         1.7            2.0            2.3            2.5           3.1
------------------------------------------------------------------------

    Analyses of programs with terms different from those presented 
above may use a linear interpolation. For example, a four-year 
project can be evaluated with a rate equal to the average of the 
three-year and five-year rates. Programs with durations longer than 
30 years may use the 30-year interest rate.

[FR Doc. 05-2474 Filed 2-8-05; 8:45 am]
BILLING CODE 3110-01-P