Extensions of Credit by Federal Reserve Banks, 6341-6342 [06-1158]

Download as PDF Federal Register / Vol. 71, No. 26 / Wednesday, February 8, 2006 / Rules and Regulations directives and notices. Customers can add or delete subscriptions themselves and have the option to password protect their account. List of Subjects in 9 CFR Part 352 Done at Washington, DC, on February 2, 2006. Barbara J. Masters, Administrator. [FR Doc. 06–1101 Filed 2–7–06; 8:45 am] BILLING CODE 3410–DM–P Food labeling, Meat inspection, Reporting and recordkeeping requirements. FEDERAL RESERVE SYSTEM For the reasons discussed in the preamble, FSIS is amending 9 CFR part 352 of the Federal meat inspection regulations as follows: I PART 352—EXOTIC ANIMALS AND HORSES; VOLUNTARY INSPECTION 2. The authority citation for part 352 continues to read as follows: Authority: 7 U.S.C. 1622, 1624; 7 CFR 2.17(g) and (i), 2.55. 3. A new subpart A heading is added before § 352.1 to read as follows: I Subpart A—Exotic Animals 4. A new Subpart B is added to read as follows: I Subpart B—Horses rmajette on PROD1PC67 with RULES1 § 352.19 Ante-mortem inspection and applicable requirements. Notwithstanding part 309 of this subchapter, an official establishment that wishes to slaughter horses can apply for voluntary ante-mortem inspection according to § 352.3. Such establishments shall pay the applicable base time, overtime, and holiday rates for ante-mortem inspection in accordance with § 352.5. Such antemortem inspection shall be made in pens on the premises of the establishment at which the horses are offered for slaughter in accordance with § 309.1(b), and such establishments also shall comply with all applicable provisions of §§ 352.8 and 352.9. If the establishment complies with all these requirements for ante-mortem inspection, FSIS will conduct antemortem inspection at that establishment in accordance with § 352.10, and all other provisions in part 309 of this subchapter that pertain to horses will apply. FSIS may deny or withdraw antemortem inspection services at official establishments that slaughter horses for any applicable reason under § 352.6. Official marks and devices to identify inspected and passed horse carcasses and parts of carcasses, or horse meat food products shall be those in § 312.3 of this subchapter. Jkt 208001 Extensions of Credit by Federal Reserve Banks Board of Governors of the Federal Reserve System. ACTION: Final rule. I 15:23 Feb 07, 2006 [Regulation A] AGENCY: 1. The heading of part 352 is revised to read as set forth above. I VerDate Aug<31>2005 12 CFR Part 201 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 February 8, 2006. 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 5.25 percent to 5.50 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 PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 6341 secondary credit automatically increased from 5.75 percent to 6.00 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 4.25 percent to 4.50 percent) approved by the Federal Open Market Committee (Committee) and announced at the same time. A press release announcing these actions indicated that: Although recent economic data have been uneven, the expansion in economic activity appears solid. Core inflation has stayed relatively low in recent months and longerterm inflation expectations remain contained. Nevertheless, possible increases in resource utilization as well as elevated energy prices have the potential to add to inflation pressures. The Committee judges that some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance. In any event, the Committee will respond to changes in economic prospects as needed to foster these objectives. 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 E:\FR\FM\08FER1.SGM 08FER1 6342 Federal Register / Vol. 71, No. 26 / Wednesday, February 8, 2006 / Rules and Regulations PART 201—EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION A) DEPARTMENT OF TRANSPORTATION 1. The authority citation for part 201 continues to read as follows: 14 CFR Part 39 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 ........... Minneapolis ...... Kansas City ...... Dallas ............... San Francisco .. 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 January 31, 2006. January 31, 2006. January 31, 2006. January 31, 2006. January 31, 2006. January 31, 2006. January 31, 2006. February 1, 2006. February 2, 2006. January 31, 2006. January 31, 2006. January 31, 2006. (b) Secondary credit. The interest rates for secondary credit provided to depository institutions under 201.4(b) are: Federal Reserve Bank Rate Boston .............. New York .......... Philadelphia ...... Cleveland ......... Richmond ......... Atlanta .............. Chicago ............ St. Louis ........... Minneapolis ...... Kansas City ...... Dallas ............... San Francisco .. 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 * * * * Effective January 31, 2006. January 31, 2006. January 31, 2006. January 31, 2006. January 31, 2006. January 31, 2006. January 31, 2006. February 1, 2006. February 2, 2006. January 31, 2006. January 31, 2006. January 31, 2006. * By order of the Board of Governors of the Federal Reserve System, February 2, 2006. Jennifer J. Johnson, Secretary of the Board. [FR Doc. 06–1158 Filed 2–7–06; 8:45 am] rmajette on PROD1PC67 with RULES1 BILLING CODE 6210–02–P 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 15:23 Feb 07, 2006 Jkt 208001 Federal Aviation Administration Discussion [Docket No. FAA–2005–22401; Directorate Identifier 2004–NM–93–AD; Amendment 39– 14480; AD 2006–03–16] RIN 2120–AA64 Airworthiness Directives; Hamburger Flugzeugbau GmbH Model HFB 320 HANSA Airplanes Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule. AGENCY: SUMMARY: The FAA is adopting a new airworthiness directive (AD) for all Hamburger Flugzeugbau GmbH Model HFB 320 HANSA airplanes. This AD requires revising the Limitations section of the HFB 320 Hansa Airplane Flight Manual to prohibit operation of the airplane past its designed life limit for the primary structure, which is 15,000 flight hours or 15,000 fight cycles, whichever occurs first; and to require contacting the FAA for approval of analysis that the airplane is safe to continue operation beyond the designed life limit. This AD results from a report that all airplanes in operation might have met or exceeded the designed life limit for the primary structure. We are issuing this AD to prevent continued operation of an airplane beyond its designed life limit for the primary structure, which could result in reduced structural integrity of the airplane. DATES: This AD becomes effective March 15, 2006. ADDRESSES: You may examine the AD docket on the Internet at http:// dms.dot.gov or in person at the Docket Management Facility, U.S. Department of Transportation, 400 Seventh Street, SW., Nassif Building, room PL–401, Washington, DC. FOR FURTHER INFORMATION CONTACT: Dan Rodina, Aerospace Engineer, International Branch, ANM–116, Transport Airplane Directorate, FAA, 1601 Lind Avenue, SW., Renton, Washington 98055–4056; telephone (425) 227–2125; fax (425) 227–1149. SUPPLEMENTARY INFORMATION: Examining the Docket You may examine the airworthiness directive (AD) docket on the Internet at http://dms.dot.gov or in person at the Docket Management Facility office between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. The Docket Management Facility office PO 00000 Frm 00006 Fmt 4700 (telephone (800) 647–5227) is located on the plaza level of the Nassif Building at the street address stated in the ADDRESSES section. Sfmt 4700 The FAA issued a notice of proposed rulemaking (NPRM) to amend 14 CFR part 39 to include an AD that would apply to all Hamburger Flugzeugbau GmbH Model HFB 320 HANSA airplanes. That NPRM was published in the Federal Register on September 14, 2005 (70 FR 54314). That NPRM proposed to require revising the Limitations section of the HFB 320 Hansa Airplane Flight Manual (AFM) to prohibit operation of the airplane past its designed life limit for the primary structure, which is 15,000 flight hours or 15,000 fight cycles, whichever occurs first; and to require contacting the FAA for approval of analysis that the airplane is safe to continue operation beyond the designed life limit. Comments We provided the public the opportunity to participate in the development of this AD. We received no comments on the NPRM or on the determination of the cost to the public. Clarification of Alternative Method of Compliance (AMOC) Paragraph We have revised this action to clarify the appropriate procedure for notifying the principal inspector before using any approved AMOC on any airplane to which the AMOC applies. Conclusion We have carefully reviewed the available data and determined that air safety and the public interest require adopting the AD with the change described previously. We have determined that this change will neither increase the economic burden on any operator nor increase the scope of the AD. Costs of Compliance There are 4 airplanes of U.S. registry that will be affected by this AD. The revision to the Limitations section will take about 1 work hour per airplane at an average labor rate of $65 per work hour. Based on these figures, the cost of the AFM revision for U.S. operators will be $260, or $65 per airplane. We recognize that this AD may impose certain additional operational costs. However, we cannot calculate those costs because we cannot predict the extent of any necessary repairs to ensure the continued airworthiness of the affected airplanes. E:\FR\FM\08FER1.SGM 08FER1

Agencies

[Federal Register Volume 71, Number 26 (Wednesday, February 8, 2006)]
[Rules and Regulations]
[Pages 6341-6342]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-1158]


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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.

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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 February 
8, 2006. 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 5.25 percent to 5.50 
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 5.75 percent to 6.00 
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 4.25 percent to 4.50 percent) approved by the Federal Open 
Market Committee (Committee) and announced at the same time. A press 
release announcing these actions indicated that:

    Although recent economic data have been uneven, the expansion in 
economic activity appears solid. Core inflation has stayed 
relatively low in recent months and longer-term inflation 
expectations remain contained. Nevertheless, possible increases in 
resource utilization as well as elevated energy prices have the 
potential to add to inflation pressures.
    The Committee judges that some further policy firming may be 
needed to keep the risks to the attainment of both sustainable 
economic growth and price stability roughly in balance. In any 
event, the Committee will respond to changes in economic prospects 
as needed to foster these objectives.

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:

[[Page 6342]]

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............................   5.50  January 31, 2006.
New York..........................   5.50  January 31, 2006.
Philadelphia......................   5.50  January 31, 2006.
Cleveland.........................   5.50  January 31, 2006.
Richmond..........................   5.50  January 31, 2006.
Atlanta...........................   5.50  January 31, 2006.
Chicago...........................   5.50  January 31, 2006.
St. Louis.........................   5.50  February 1, 2006.
Minneapolis.......................   5.50  February 2, 2006.
Kansas City.......................   5.50  January 31, 2006.
Dallas............................   5.50  January 31, 2006.
San Francisco.....................   5.50  January 31, 2006.
------------------------------------------------------------------------

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

------------------------------------------------------------------------
       Federal Reserve Bank          Rate            Effective
------------------------------------------------------------------------
Boston............................   6.00  January 31, 2006.
New York..........................   6.00  January 31, 2006.
Philadelphia......................   6.00  January 31, 2006.
Cleveland.........................   6.00  January 31, 2006.
Richmond..........................   6.00  January 31, 2006.
Atlanta...........................   6.00  January 31, 2006.
Chicago...........................   6.00  January 31, 2006.
St. Louis.........................   6.00  February 1, 2006.
Minneapolis.......................   6.00  February 2, 2006.
Kansas City.......................   6.00  January 31, 2006.
Dallas............................   6.00  January 31, 2006.
San Francisco.....................   6.00  January 31, 2006.
------------------------------------------------------------------------

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, February 2, 2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 06-1158 Filed 2-7-06; 8:45 am]
BILLING CODE 6210-02-P