Extensions of Credit by Federal Reserve Banks, 56563-56564 [05-19395]

Download as PDF Federal Register / Vol. 70, No. 187 / Wednesday, September 28, 2005 / Rules and Regulations The proposed rule concerning this action was published in the Federal Register on August 16, 2005 (70 FR 48082). Copies of the rule were mailed or sent via facsimile to all Committee members and kiwifruit handlers. Finally, the rule was made available through the Internet by USDA and the Office of the Federal Register. A 20-day comment period ending September 6, 2005, was provided to allow interested persons to respond to the proposal. No comments were received. A small business guide on complying with fruit, vegetable, and specialty crop marketing agreements and orders may be viewed at: https://www.ams.usda.gov/ fv/moab.html. Any questions about the compliance guide should be sent to Jay Guerber at the previously mentioned address in the FOR FURTHER INFORMATION CONTACT section. After consideration of all relevant matter presented, including the information and recommendation submitted by the Committee and other available information, it is hereby found that this rule, as hereinafter set forth, will tend to effectuate the declared policy of the Act. It is further found that good cause exists for not postponing the effective date of this rule until 30 days after publication in the Federal Register (5 U.S.C. 553) because: (1) The 2005–06 fiscal period began on August 1, 2005, and the marketing order requires that the rate of assessment for each fiscal period apply to all assessable kiwifruit handled during such fiscal period; (2) the Committee needs to have sufficient funds to pay its expenses which are incurred on a continuous basis and; (3) handlers are aware of this action which was unanimously recommended by the Committee at a public meeting and is similar to other assessment rate actions issued in past years. In addition, a 20day comment period was provided for in the proposed rule. List of Subjects in 7 CFR Part 920 Kiwifruit, Marketing agreements, Reporting and record keeping requirements. For the reasons set forth in the preamble, 7 CFR part 920 is amended as follows: I PART 920—KIWIFRUIT GROWN IN CALIFORNIA 1. The authority citation for 7 CFR part 920 continues to read as follows: I Authority: 7 U.S.C. 601–674. 2. Section 920.213 is revised to read as follows: I VerDate Aug<31>2005 15:14 Sep 27, 2005 Jkt 205001 § 920.213 Assessment rate. On and after August 1, 2005, an assessment rate of $0.045 per 9-kilo volume-fill container or equivalent of kiwifruit is established for kiwifruit grown in California. Dated: September 22, 2005. Lloyd C. Day, Administrator, Agricultural Marketing Service. [FR Doc. 05–19309 Filed 9–27–05; 8:45 am] BILLING CODE 3410–02–P 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 September 28, 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 PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 56563 Banks, thereby increasing from 4.50 percent to 4.75 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 5.00 percent to 5.25 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 3.50 percent to 3.75 percent) approved by the Federal Open Market Committee (Committee) and announced at the same time. A press release announcing these actions indicated that: Output appeared poised to continue growing at a good pace before the tragic toll of Hurricane Katrina. The widespread devastation in the Gulf region, the associated dislocation of economic activity, and the boost to energy prices imply that spending, production, and employment will be set back in the near term. In addition to elevating premiums for some energy products, the disruption to the production and refining infrastructure may add to energy price volatility. While these unfortunate developments have increased uncertainty about near-term economic performance, it is the Committee’s view that they do not pose a more persistent threat. Rather, monetary policy accommodation, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Higher energy and other costs have the potential to add to inflation pressures. However, core inflation has been relatively low in recent months and longer-term inflation expectations remain contained. 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. E:\FR\FM\28SER1.SGM 28SER1 56564 Federal Register / Vol. 70, No. 187 / Wednesday, September 28, 2005 / Rules and Regulations 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). List of Subjects in 12 CFR Part 201 Banks, Banking, Federal Reserve System, Reporting and recordkeeping. Federal Reserve Bank Rate Boston ............ New York ....... Philadelphia ... Cleveland ....... Richmond ....... Atlanta ............ Chicago .......... St. Louis ......... Minneapolis .... Kansas City ... Dallas ............. San Francisco 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 September September September September September September September September September September September September * * * * * 20, 20, 20, 22, 20, 22, 20, 21, 20, 20, 22, 20, 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. By order of the Board of Governors of the Federal Reserve System, September 22, 2005. Jennifer J. Johnson, Secretary of the Board. [FR Doc. 05–19395 Filed 9–27–05; 8:45 am] BILLING CODE 6210–01–P Authority and Issuance For the reasons set forth in the preamble, the Board is amending 12 CFR chapter II as follows: DEPARTMENT OF TRANSPORTATION PART 201—EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION A) 14 CFR Part 23 I Federal Aviation Administration 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 (a) Primary credit. The interest rates for primary credit provided to depository institutions under § 201.4(a) are: Federal Reserve Bank Rate Boston ............ New York ....... Philadelphia ... Cleveland ....... Richmond ....... Atlanta ............ Chicago .......... St. Louis ......... Minneapolis .... Kansas City ... Dallas ............. San Francisco 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 Effective September September September September September September September September September September September September 20, 20, 20, 22, 20, 22, 20, 21, 20, 20, 22, 20, 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. 2005. (b) Secondary credit. The interest rates for secondary credit provided to depository institutions under 201.4(b) are: 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. VerDate Aug<31>2005 15:14 Sep 27, 2005 Jkt 205001 [Docket No. CE231, Special Condition 23– 171–SC] Special Conditions; Premier Avionics Design Ltd., EFIS on the Cessna 441; Protection of Systems for High Intensity Radiated Fields (HIRF) Federal Aviation Administration (FAA), DOT. ACTION: Final special conditions; request for comments. AGENCY: § 201.51 Interest rates applicable to credit extended by a Federal Reserve Bank.1 SUMMARY: These special conditions are issued to Premier Avionics Design Ltd., 12002 Warfield, Suite 250, San Antonio, TX 78216, for a Supplemental Type Certificate for the Cessna 441 Conquest. This airplane will have novel and unusual design features when compared to the state of technology envisaged in the applicable airworthiness standards. These novel and unusual design features include the installation of an electronic flight instrument system (EFIS) in the form of two digital altimeters. The digital altimeters will be Thommen Model AD32E, one on the pilot side and one on the copilot side, for which the applicable regulations do not contain adequate or appropriate airworthiness standards for the protection of these systems from the effects of high intensity radiated fields (HIRF). These special conditions contain the additional safety standards that the Administrator considers necessary to establish a level of safety equivalent to the airworthiness standards applicable to these airplanes. PO 00000 Frm 00004 Fmt 4700 Sfmt 4700 The effective date of these special conditions is September 13, 2005. Comments must be received on or before October 28, 2005. ADDRESSES: Comments may be mailed in duplicate to: Federal Aviation Administration, Regional Counsel, ACE–7, Attention: Rules Docket Clerk, Docket No. CE231, Room 506, 901 Locust, Kansas City, Missouri 64106. All comments must be marked: Docket No. CE231. Comments may be inspected in the Rules Docket weekdays, except Federal holidays, between 7:30 a.m. and 4 p.m. FOR FURTHER INFORMATION CONTACT: Wes Ryan, Aerospace Engineer, Standards Office (ACE–110), Small Airplane Directorate, Aircraft Certification Service, Federal Aviation Administration, 901 Locust, Room 301, Kansas City, Missouri 64106; telephone (816) 32-4127. SUPPLEMENTARY INFORMATION: The FAA has determined that notice and opportunity for prior public comment hereon are impracticable because these procedures would significantly delay issuance of the design approval and thus delivery of the affected aircraft. In addition, the substance of these special conditions has been subject to the public comment process in several prior instances with no substantive comments received. The FAA, therefore, finds that good cause exists for making these special conditions effective upon issuance. DATES: Effective Comments Invited Interested persons are invited to submit such written data, views, or arguments, as they may desire. Communications should identify the regulatory docket or notice number and be submitted in duplicate to the address specified above. All communications received on or before the closing date for comments will be considered by the Administrator. The special conditions may be changed in light of the comments received. All comments received will be available in the Rules Docket for examination by interested persons, both before and after the closing date for comments. A report summarizing each substantive public contact with FAA personnel concerning this rulemaking will be filed in the docket. Commenters wishing the FAA to acknowledge receipt of their comments submitted in response to this notice must include a self-addressed, stamped postcard on which the following statement is made: ‘‘Comments to Docket No. CE231.’’ The postcard will be date stamped and returned to the commenter. E:\FR\FM\28SER1.SGM 28SER1

Agencies

[Federal Register Volume 70, Number 187 (Wednesday, September 28, 2005)]
[Rules and Regulations]
[Pages 56563-56564]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-19395]


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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 
September 28, 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 4.50 percent to 4.75 
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 5.00 percent to 5.25 
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 3.50 percent to 3.75 percent) approved by the Federal Open 
Market Committee (Committee) and announced at the same time. A press 
release announcing these actions indicated that:

    Output appeared poised to continue growing at a good pace before 
the tragic toll of Hurricane Katrina. The widespread devastation in 
the Gulf region, the associated dislocation of economic activity, 
and the boost to energy prices imply that spending, production, and 
employment will be set back in the near term. In addition to 
elevating premiums for some energy products, the disruption to the 
production and refining infrastructure may add to energy price 
volatility.
    While these unfortunate developments have increased uncertainty 
about near-term economic performance, it is the Committee's view 
that they do not pose a more persistent threat. Rather, monetary 
policy accommodation, coupled with robust underlying growth in 
productivity, is providing ongoing support to economic activity. 
Higher energy and other costs have the potential to add to inflation 
pressures. However, core inflation has been relatively low in recent 
months and longer-term inflation expectations remain contained.
    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.

[[Page 56564]]

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).

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 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................................   4.75  September 20, 2005.
New York..............................   4.75  September 20, 2005.
Philadelphia..........................   4.75  September 20, 2005.
Cleveland.............................   4.75  September 22, 2005.
Richmond..............................   4.75  September 20, 2005.
Atlanta...............................   4.75  September 22, 2005.
Chicago...............................   4.75  September 20, 2005.
St. Louis.............................   4.75  September 21, 2005.
Minneapolis...........................   4.75  September 20, 2005.
Kansas City...........................   4.75  September 20, 2005.
Dallas................................   4.75  September 22, 2005.
San Francisco.........................   4.75  September 20, 2005.
------------------------------------------------------------------------

    (b) Secondary credit. The interest rates for secondary credit 
provided to depository institutions under 201.4(b) are:

------------------------------------------------------------------------
         Federal Reserve Bank            Rate          Effective
------------------------------------------------------------------------
Boston................................   5.25  September 20, 2005.
New York..............................   5.25  September 20, 2005.
Philadelphia..........................   5.25  September 20, 2005.
Cleveland.............................   5.25  September 22, 2005.
Richmond..............................   5.25  September 20, 2005.
Atlanta...............................   5.25  September 22, 2005.
Chicago...............................   5.25  September 20, 2005.
St. Louis.............................   5.25  September 21, 2005.
Minneapolis...........................   5.25  September 20, 2005.
Kansas City...........................   5.25  September 20, 2005.
Dallas................................   5.25  September 22, 2005.
San Francisco.........................   5.25  September 20, 2005.
------------------------------------------------------------------------

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, September 22, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-19395 Filed 9-27-05; 8:45 am]
BILLING CODE 6210-01-P
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