Extensions of Credit by Federal Reserve Banks, 69044-69045 [05-22520]
Download as PDF
<![CDATA[
69044
Federal Register / Vol. 70, No. 218 / Monday, November 14, 2005 / Rules and Regulations
in the mutual fund or unit investment
trust.
[FR Doc. 05–22476 Filed 11–10–05; 8:45 am]
BILLING CODE 6345–01–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 in this final
rule are effective November 14, 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 4.75
percent to 5.00 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 5.25 percent to 5.50
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 3.75 percent to
4.00 percent) approved by the Federal
Open Market Committee (Committee)
and announced at the same time. A
press release announcing these actions
indicated that:
Elevated energy prices and hurricanerelated disruptions in economic activity have
temporarily depressed output and
employment. However, monetary policy
accommodation, coupled with robust
underlying growth in productivity, is
providing ongoing support to economic
activity that will likely be augmented by
planned rebuilding in the hurricane-affected
areas. The cumulative rise in energy and
other costs has 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.
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:
Federal Reserve Bank
Rate
Boston ............................................................................................................................................................
New York .......................................................................................................................................................
Philadelphia ....................................................................................................................................................
Cleveland .......................................................................................................................................................
Richmond .......................................................................................................................................................
Atlanta ............................................................................................................................................................
Chicago ..........................................................................................................................................................
St. Louis .........................................................................................................................................................
1 The primary, secondary, and seasonal credit
rates described in this section apply to both
VerDate Aug<31>2005
15:39 Nov 10, 2005
Jkt 208001
advances and discounts made under the primary,
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Effective
November
November
November
November
November
November
November
November
1,
1,
1,
1,
1,
1,
1,
2,
secondary, and seasonal credit programs,
respectively.
E:\FR\FM\14NOR1.SGM
14NOR1
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
69045
Federal Register / Vol. 70, No. 218 / Monday, November 14, 2005 / Rules and Regulations
Federal Reserve Bank
Rate
Minneapolis ....................................................................................................................................................
Kansas City ....................................................................................................................................................
Dallas .............................................................................................................................................................
San Francisco ................................................................................................................................................
(b) Secondary credit. The interest
rates for secondary credit provided to
5.00
5.00
5.00
5.00
Rate
Boston ............................................................................................................................................................
New York .......................................................................................................................................................
Philadelphia ....................................................................................................................................................
Cleveland .......................................................................................................................................................
Richmond .......................................................................................................................................................
Atlanta ............................................................................................................................................................
Chicago ..........................................................................................................................................................
St. Louis .........................................................................................................................................................
Minneapolis ....................................................................................................................................................
Kansas City ....................................................................................................................................................
Dallas .............................................................................................................................................................
San Francisco ................................................................................................................................................
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System, November 7, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05–22520 Filed 11–10–05; 8:45 am]
BILLING CODE 6210–02–P
SMALL BUSINESS ADMINISTRATION
13 CFR Part 121
RIN 3245–AF43
Small Business Size Standards; Gulf
Opportunity Pilot Loan Program
Small Business Administration.
Interim final rule with request
for comments.
AGENCY:
ACTION:
SUMMARY: The U.S. Small Business
Administration (SBA) is temporarily
amending the size eligibility criteria for
loan assistance provided under the
‘‘Gulf Opportunity Pilot Loan Program,’’
a one-year pilot under the 7(a) Business
Loan Program. The pilot program makes
available on an expedited basis 7(a)
loans to small businesses located in,
locating to, or relocating in disaster
areas declared by the President as a
result of Hurricanes Katrina and Rita
and any contiguous parishes or
counties. This interim final rule makes
financial assistance under the pilot
program available to businesses that are
considered small for the purpose of
SBA’s 7(a) Business Loan Program and
businesses considered small for the
purpose of SBA’s Certified Development
Company Program. SBA prepared this
VerDate Aug<31>2005
15:39 Nov 10, 2005
Jkt 208001
November
November
November
November
1,
1,
1,
1,
2005.
2005.
2005.
2005.
depository institutions under 201.4(b)
are:
Federal Reserve Bank
*
Effective
rule as an interim final rule because its
immediate implementation will
facilitate the reconstruction and
economic recovery of the Gulf Coast.
DATES: Effective Date: This regulation
becomes effective on November 14,
2005.
Comment Period: Comments must be
received by SBA on or before December
14, 2005.
ADDRESSES: You may submit comments
identified by RIN 3245–AF43 through
one of the following methods: (1)
Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments;
(2) Fax: (202) 205–6390; or (3) Mail/
Hand Delivery/Courier: Gary M.
Jackson, Assistant Administrator for
Size Standards, 409 Third Street, SW.,
Mail Code 6530, Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Charles W. Thomas, Director, Office of
Program Development, Office of
Financial Assistance, (202) 205–6656 or
charles.thomas@sba.gov.
SUPPLEMENTARY INFORMATION:
Gulf Opportunity Pilot Loan Program
SBA, in cooperation with lending
institutions, has established a Gulf
Opportunity Pilot Loan Program (GO
Loan Pilot or Pilot), as a pilot under the
7(a) Business Loan Program, to expedite
delivery of small business financing in
the form of 7(a) loans to small
businesses located in, locating to, or relocating in Presidentially-declared
disaster areas resulting from Hurricanes
Katrina and Rita and any contiguous
parishes or counties (SBA Policy Notice
5000–978, November 8, 2005).
PO 00000
Frm 00005
Fmt 4700
Sfmt 4700
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
Effective
November
November
November
November
November
November
November
November
November
November
November
November
1,
1,
1,
1,
1,
1,
1,
2,
1,
1,
1,
1,
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
The scope and magnitude of damage
caused by Hurricanes Katrina and Rita
is unprecedented. SBA has determined
that the small businesses located in
those communities have an
extraordinary need for moderately-sized
loans ($150,000 or less) provided on an
expedited basis. To respond to these
extraordinary needs of the small
business community, SBA developed a
pilot program, which goes beyond the
Agency’s traditional disaster relief
efforts, to deliver financial assistance to
small businesses located in, locating to,
or relocating in the Presidentiallydeclared disaster areas resulting from
Hurricanes Katrina and Rita and any
contiguous parishes or counties (A list
of eligible parishes and counties is
located at: https://www.sba.gov/
disaster_recov/katrinafactsheets.html.).
Borrowers under this pilot must meet
the geographical requirements as well as
the standard eligibility requirements for
the loan. The Agency structured the GO
Loan Pilot to provide its full 85 percent
guaranty to more strongly encourage
lenders to lend to businesses in the
affected communities. The GO Loan
pilot will be a temporary pilot program
for use in fiscal year 2006, and will
expire on September 30, 2006. This
interim final rule makes the expedited
small business financing available to
businesses that are considered small for
the purpose of SBA’s 7(a) Business Loan
Program and businesses considered
small for the purpose of SBA’s Certified
Development Company (CDC) Program.
E:\FR\FM\14NOR1.SGM
14NOR1
]]>Agencies
[Federal Register Volume 70, Number 218 (Monday, November 14, 2005)]
[Rules and Regulations]
[Pages 69044-69045]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-22520]
=======================================================================
-----------------------------------------------------------------------
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 in this final rule are effective November 14,
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 4.75 percent to 5.00
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 5.25 percent to 5.50
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 3.75 percent to 4.00 percent) approved by the Federal Open
Market Committee (Committee) and announced at the same time. A press
release announcing these actions indicated that:
Elevated energy prices and hurricane-related disruptions in
economic activity have temporarily depressed output and employment.
However, monetary policy accommodation, coupled with robust
underlying growth in productivity, is providing ongoing support to
economic activity that will likely be augmented by planned
rebuilding in the hurricane-affected areas. The cumulative rise in
energy and other costs has 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.
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....................... 5.00 November 1, 2005.
New York..................... 5.00 November 1, 2005.
Philadelphia................. 5.00 November 1, 2005.
Cleveland.................... 5.00 November 1, 2005.
Richmond..................... 5.00 November 1, 2005.
Atlanta...................... 5.00 November 1, 2005.
Chicago...................... 5.00 November 1, 2005.
St. Louis.................... 5.00 November 2, 2005.
[[Page 69045]]
Minneapolis.................. 5.00 November 1, 2005.
Kansas City.................. 5.00 November 1, 2005.
Dallas....................... 5.00 November 1, 2005.
San Francisco................ 5.00 November 1, 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....................... 5.50 November 1, 2005.
New York..................... 5.50 November 1, 2005.
Philadelphia................. 5.50 November 1, 2005.
Cleveland.................... 5.50 November 1, 2005.
Richmond..................... 5.50 November 1, 2005.
Atlanta...................... 5.50 November 1, 2005.
Chicago...................... 5.50 November 1, 2005.
St. Louis.................... 5.50 November 2, 2005.
Minneapolis.................. 5.50 November 1, 2005.
Kansas City.................. 5.50 November 1, 2005.
Dallas....................... 5.50 November 1, 2005.
San Francisco................ 5.50 November 1, 2005.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, November 7, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-22520 Filed 11-10-05; 8:45 am]
BILLING CODE 6210-02-P
