Extensions of Credit by Federal Reserve Banks, 48269-48270 [05-16322]
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48269
Rules and Regulations
Federal Register
Vol. 70, No. 158
Wednesday, August 17, 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:
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 August 17,
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
VerDate jul<14>2003
11:00 Aug 16, 2005
Jkt 205001
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 4.25
percent to 4.50 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 4.75 percent to 5.00
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 3.25 percent to
3.50 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. Aggregate spending, despite high
energy prices, appears to have strengthened
since late winter, and labor market
conditions continue to improve gradually.
Core inflation has been relatively low in
recent months and longer-term inflation
expectations remain well contained, but
pressures on inflation have stayed elevated.
The Committee perceives that, with
appropriate monetary policy action, the
upside and downside risks to the attainment
of both sustainable growth and price stability
should be kept roughly equal. With
underlying inflation expected to be
contained, 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.
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
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:
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
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
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.
E:\FR\FM\17AUR1.SGM
17AUR1
48270
Federal Register / Vol. 70, No. 158 / Wednesday, August 17, 2005 / Rules and Regulations
Federal Reserve Bank
Rate
Boston ........................................................................................................................................................................
New York ...................................................................................................................................................................
Philadelphia ...............................................................................................................................................................
Cleveland ...................................................................................................................................................................
Richmond ...................................................................................................................................................................
Atlanta ........................................................................................................................................................................
Chicago ......................................................................................................................................................................
St. Louis .....................................................................................................................................................................
Minneapolis ................................................................................................................................................................
Kansas City ................................................................................................................................................................
Dallas .........................................................................................................................................................................
San Francisco ............................................................................................................................................................
(b) Secondary credit. The interest
rates for secondary credit provided to
Rate
Boston ........................................................................................................................................................................
New York ...................................................................................................................................................................
Philadelphia ...............................................................................................................................................................
Cleveland ...................................................................................................................................................................
Richmond ...................................................................................................................................................................
Atlanta ........................................................................................................................................................................
Chicago ......................................................................................................................................................................
St. Louis .....................................................................................................................................................................
Minneapolis ................................................................................................................................................................
Kansas City ................................................................................................................................................................
Dallas .........................................................................................................................................................................
San Francisco ............................................................................................................................................................
*
*
*
*
BILLING CODE 6210–02–P
DEPARTMENT OF COMMERCE
15 CFR Part 801
[Docket No. 050406094–5201–02]
RIN 0691–AA59
International Services Surveys:
Cancellation of Five Annual Surveys
Bureau of Economic Analysis,
Commerce.
ACTION: Final rule.
AGENCY:
SUMMARY: This final rule removes the
reporting requirements for five annual
surveys covering international trade in
services. The five annual surveys being
discontinued are: BE–36, BE–47, BE–48,
BE–82, and BE–93. The surveys are
being discontinued because they have
been replaced by quarterly surveys that
collect essentially the same information.
Jkt 205001
In the May
5, 2005 Federal Register, 70 FR 23811–
23813, the Bureau of Economic Analysis
(BEA) published a notice of proposed
rulemaking to remove the reporting
requirements for five annual surveys
covering international trade in services.
No comments on the proposed rule were
received. Thus, the provisions in the
proposed rule are adopted without
change. This final rule amends 15 CFR
part 801 by revising Section 801.9(b) to
remove the reporting requirements for
five annual surveys that collect data
covering international trade in services.
The five surveys are:
SUPPLEMENTARY INFORMATION:
Bureau of Economic Analysis
11:00 Aug 16, 2005
Effective Date: This final rule
will be effective at 5 p.m. September 16,
2005.
FOR FURTHER INFORMATION CONTACT: Obie
G. Whichard, Chief, International
Investment Division (BE–50), Bureau of
Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230;
phone (202) 606–9890 or e-mail
obie.whichard@bea.gov.
DATES:
By order of the Board of Governors of the
Federal Reserve System, August 12, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05–16322 Filed 8–16–05; 8:45 am]
VerDate jul<14>2003
August
August
August
August
August
August
August
August
August
August
August
August
9, 2005.
9, 2005.
9, 2005.
9, 2005.
9, 2005.
9, 2005.
9, 2005.
10, 2005.
9, 2005.
9, 2005.
9, 2005.
9, 2005.
depository institutions under § 201.4(b)
are:
Federal Reserve Bank
*
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
Effective
BE–36, Foreign Airline Operators’
Revenues and Expenses in the United States.
BE–47, Annual Survey of Construction,
Engineering, Architectural, and Mining
Services Provided by U.S. Firms to
Unaffiliated Foreign Persons.
BE–48, Annual Survey of Reinsurance and
Other Insurance Transactions by U.S.
Insurance Companies with Foreign Persons.
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Effective
August
August
August
August
August
August
August
August
August
August
August
August
9, 2005.
9, 2005.
9, 2005.
9, 2005.
9, 2005.
9, 2005.
9, 2005.
10, 2005.
9, 2005.
9, 2005.
9, 2005.
9, 2005.
BE–82, Annual Survey of Financial
Services Transactions Between U.S.
Financial Services Providers and Unaffiliated
Foreign Persons.
BE–93, Annual Survey of Royalties,
License Fees, and Other Receipts and
Payments for Intangible Rights Between U.S.
and Unaffiliated Foreign Persons.
BEA is removing the reporting
requirements for these five annual
surveys because the information is now
being collected on four separate
quarterly surveys. Specifically, the BE–
9, Quarterly Survey of Foreign Airline
Operators’ Revenues and Expenses in
the United States, replaces the BE–36
survey; the BE–25, Quarterly Survey of
Transactions Between U.S. and
Unaffiliated Foreign Persons in Selected
Services and in Intangible Assets,
replaces the BE–47 and BE–93 surveys;
the BE–45, Quarterly Survey of
Insurance Transactions by U.S.
Insurance Companies with Foreign
Persons, replaces the BE–48 survey; and
the BE–85, Quarterly Survey of
Financial Services Transactions
Between U.S. Financial Services
Providers and Unaffiliated Foreign
Persons, replaces the BE–82 survey.
BEA began collecting data on these
quarterly surveys in 2004.
E:\FR\FM\17AUR1.SGM
17AUR1
]]>Agencies
[Federal Register Volume 70, Number 158 (Wednesday, August 17, 2005)]
[Rules and Regulations]
[Pages 48269-48270]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-16322]
========================================================================
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. 158 / Wednesday, August 17, 2005 /
Rules and Regulations
[[Page 48269]]
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 August
17, 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 4.25 percent to 4.50
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 4.75 percent to 5.00
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 3.25 percent to 3.50 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. Aggregate spending, despite high energy prices,
appears to have strengthened since late winter, and labor market
conditions continue to improve gradually. Core inflation has been
relatively low in recent months and longer-term inflation
expectations remain well contained, but pressures on inflation have
stayed elevated.
The Committee perceives that, with appropriate monetary policy
action, the upside and downside risks to the attainment of both
sustainable growth and price stability should be kept roughly equal.
With underlying inflation expected to be contained, 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:
[[Page 48270]]
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston.......................... 4.50 August 9, 2005.
New York........................ 4.50 August 9, 2005.
Philadelphia.................... 4.50 August 9, 2005.
Cleveland....................... 4.50 August 9, 2005.
Richmond........................ 4.50 August 9, 2005.
Atlanta......................... 4.50 August 9, 2005.
Chicago......................... 4.50 August 9, 2005.
St. Louis....................... 4.50 August 10, 2005.
Minneapolis..................... 4.50 August 9, 2005.
Kansas City..................... 4.50 August 9, 2005.
Dallas.......................... 4.50 August 9, 2005.
San Francisco................... 4.50 August 9, 2005.
------------------------------------------------------------------------
(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.......................... 5.00 August 9, 2005.
New York........................ 5.00 August 9, 2005.
Philadelphia.................... 5.00 August 9, 2005.
Cleveland....................... 5.00 August 9, 2005.
Richmond........................ 5.00 August 9, 2005.
Atlanta......................... 5.00 August 9, 2005.
Chicago......................... 5.00 August 9, 2005.
St. Louis....................... 5.00 August 10, 2005.
Minneapolis..................... 5.00 August 9, 2005.
Kansas City..................... 5.00 August 9, 2005.
Dallas.......................... 5.00 August 9, 2005.
San Francisco................... 5.00 August 9, 2005.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, August 12, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-16322 Filed 8-16-05; 8:45 am]
BILLING CODE 6210-02-P
