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