Extensions of Credit by Federal Reserve Banks, 16991-16992 [06-3256]
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rwilkins on PROD1PC63 with RULES
Federal Register / Vol. 71, No. 65 / Wednesday, April 5, 2006 / Rules and Regulations
Without any regulations in effect, the
Committee believes the industry would
return to the pronounced cyclical price
patterns that occurred prior to the order,
and that prices in 2006–2007 would
decline substantially below current
levels.
As stated earlier, the Committee
believes that the order has contributed
extensively to the stabilization of
producer prices, which prior to 1980
experienced wide fluctuations from
year-to-year. National Agricultural
Statistics Service records show that the
average price paid for both classes of
spearmint oil ranged from $4.00 per
pound to $11.10 per pound during the
period between 1968 and 1980. Prices
have been consistently more stable since
the marketing order’s inception in 1980,
with an average price (1980–2004) of
$12.80 per pound for Scotch spearmint
oil and $9.83 per pound for Native
spearmint oil.
During the period of 1998 through
2004, however, large production and
carry-in inventories have contributed to
prices below the 25-year average,
despite the Committee’s efforts to
balance available supplies with
demand. Prices have ranged from $8.00
to $11.00 per pound for Scotch
spearmint oil and between $9.10 and
$10.00 per pound for Native spearmint
oil.
According to the Committee, the
recommended salable quantities and
allotment percentages are expected to
achieve the goals of market and price
stability.
As previously stated, annual salable
quantities and allotment percentages
have been issued for both classes of
spearmint oil since the order’s
inception. Reporting and recordkeeping
requirements have remained the same
for each year of regulation. These
requirements have been approved by the
Office of Management and Budget under
OMB Control No. 0581–0065.
Accordingly, this rule will not impose
any additional reporting or
recordkeeping requirements on either
small or large spearmint oil producers
and handlers. As with all Federal
marketing order programs, reports and
forms are periodically reviewed to
reduce information requirements and
duplication by industry and public
sector agencies.
AMS is committed to compliance
with the Government Paperwork
Elimination Act (GPEA), which requires
Government agencies in general to
provide the public the option of
submitting information or transacting
business electronically to the maximum
extent possible.
VerDate Aug<31>2005
16:22 Apr 04, 2006
Jkt 208001
USDA has not identified any relevant
Federal rules that duplicate, overlap, or
conflict with this rule.
In addition, the Committee’s meeting
was widely publicized throughout the
spearmint oil industry and all interested
persons were invited to attend the
meeting and participate in Committee
deliberations on all issues. Like all
Committee meetings, the October 5,
2005, meeting was a public meeting and
all entities, both large and small, were
able to express views on this issue.
Finally, interested persons are invited to
submit information on the regulatory
and informational impacts of this action
on small businesses.
A proposed rule concerning this
action was published in the Federal
Register on February 1, 2006 (71 FR
5183). Copies of the rule were provided
to Committee staff, which in turn made
it available to spearmint oil producers,
handlers, and other interested persons.
Finally, the rule was made available
through the Internet by the Office of the
Federal Register and USDA. A 30-day
comment period ending March 3, 2006,
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.
List of Subjects in 7 CFR Part 985
Marketing agreements, Oils and fats,
Reporting and recordkeeping
requirements, Spearmint oil.
For the reasons set forth in the
preamble, 7 CFR part 985 is amended as
follows:
I
PART 985—MARKETING ORDER
REGULATING THE HANDLING OF
SPEARMINT OIL PRODUCED IN THE
FAR WEST
1. The authority citation for 7 CFR
part 985 continues to read as follows:
I
Authority: 7 U.S.C. 601–674.
2. A new § 985.225 is added to read
as follows:
I
PO 00000
Frm 00019
Fmt 4700
Sfmt 4700
16991
[Note: This section will not appear in the
Code of Federal Regulations.]
§ 985.225 Salable quantities and allotment
percentages—2006–2007 marketing year.
The salable quantity and allotment
percentage for each class of spearmint
oil during the marketing year beginning
on June 1, 2006, shall be as follows:
(a) Class 1 (Scotch) oil—a salable
quantity of 878,205 pounds and an
allotment percentage of 45 percent.
(b) Class 3 (Native) oil—a salable
quantity of 1,007,886 pounds and an
allotment percentage of 46 percent.
Dated: March 30, 2006.
Lloyd C. Day,
Administrator, Agricultural Marketing
Service.
[FR Doc. 06–3239 Filed 4–4–06; 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 April 5,
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
E:\FR\FM\05APR1.SGM
05APR1
16992
Federal Register / Vol. 71, No. 65 / Wednesday, April 5, 2006 / Rules and Regulations
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 5.50
percent to 5.75 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 6.00 percent to 6.25
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 4.50 percent to
4.75 percent) approved by the Federal
Open Market Committee (Committee)
and announced at the same time. A
press release announcing these actions
indicated that:
The slowing of the growth of real GDP in
the fourth quarter of 2005 seems largely to
have reflected temporary or special factors.
Economic growth has rebounded strongly in
the current quarter but appears likely to
moderate to a more sustainable pace. As yet,
the run-up in the prices of energy and other
commodities appears to have had only a
modest effect on core inflation, ongoing
productivity gains have helped to hold the
growth of unit labor costs in check, and
inflation expectations remain contained.
Still, possible increases in resource
utilization, in combination with the elevated
prices of energy and other commodities, 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
rwilkins on PROD1PC63 with RULES
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
VerDate Aug<31>2005
17:41 Apr 04, 2006
Jkt 208001
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
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)
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 ......
*
*
*
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
*
Effective
March
March
March
March
March
March
March
March
March
March
March
March
28,
28,
28,
28,
28,
28,
28,
29,
28,
30,
28,
28,
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
*
By order of the Board of Governors of the
Federal Reserve System, March 30, 2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 06–3256 Filed 4–4–06; 8:45 am]
BILLING CODE 6210–02–P
1. The authority citation for part 201
continues to read as follows:
DEPARTMENT OF TRANSPORTATION
Authority: 12 U.S.C. 248(i)–(j), 343 et seq.,
347a, 347b, 347c, 348 et seq., 357, 374, 374a,
and 461.
Federal Aviation Administration
I
2. In § 201.51, paragraphs (a) and (b)
are revised to read as follows:
14 CFR Part 39
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 ......
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
Effective
March
March
March
March
March
March
March
March
March
March
March
March
28,
28,
28,
28,
28,
28,
28,
29,
28,
30,
28,
28,
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
(b) Secondary credit. The interest
rates for secondary credit provided to
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.
PO 00000
Frm 00020
Fmt 4700
Sfmt 4700
[Docket No. FAA–2006–24239; Directorate
Identifier 2006–NE–09–AD; Amendment 39–
14547; AD 2006–07–20]
RIN 2120–AA64
Airworthiness Directives; Turbomeca
Makila 1 A2 Turboshaft Engines
Federal Aviation
Administration (FAA), Department of
Transportation (DOT).
ACTION: Final rule; request for
comments.
AGENCY:
SUMMARY: The FAA is adopting a new
airworthiness directive (AD) for
Turbomeca Makila 1 A2 turboshaft
engines. This AD requires upgrading the
software version of the digital electronic
control. This AD results from
Turbomeca determining that Makila 1
A2 turboshaft engines with software
version 9 installed in the digital
electronic control unit (DECU), under
certain conditions, could experience a
free turbine overspeed and uncontained
failure. We are issuing this AD to
prevent overspeed and uncontained
failure of the free turbine and damage to
the helicopter.
E:\FR\FM\05APR1.SGM
05APR1
]]>Agencies
[Federal Register Volume 71, Number 65 (Wednesday, April 5, 2006)]
[Rules and Regulations]
[Pages 16991-16992]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-3256]
=======================================================================
-----------------------------------------------------------------------
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 April 5,
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
[[Page 16992]]
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 5.50 percent to 5.75
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 6.00 percent to 6.25
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 4.50 percent to 4.75 percent) approved by the Federal Open
Market Committee (Committee) and announced at the same time. A press
release announcing these actions indicated that:
The slowing of the growth of real GDP in the fourth quarter of
2005 seems largely to have reflected temporary or special factors.
Economic growth has rebounded strongly in the current quarter but
appears likely to moderate to a more sustainable pace. As yet, the
run-up in the prices of energy and other commodities appears to have
had only a modest effect on core inflation, ongoing productivity
gains have helped to hold the growth of unit labor costs in check,
and inflation expectations remain contained. Still, possible
increases in resource utilization, in combination with the elevated
prices of energy and other commodities, 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).
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\
(a) Primary credit. The interest rates for primary credit provided
to depository institutions under Sec. 201.4(a) 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.
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston............................. 5.75 March 28, 2006.
New York........................... 5.75 March 28, 2006.
Philadelphia....................... 5.75 March 28, 2006.
Cleveland.......................... 5.75 March 28, 2006.
Richmond........................... 5.75 March 28, 2006.
Atlanta............................ 5.75 March 28, 2006.
Chicago............................ 5.75 March 28, 2006.
St. Louis.......................... 5.75 March 29, 2006.
Minneapolis........................ 5.75 March 28, 2006.
Kansas City........................ 5.75 March 30, 2006.
Dallas............................. 5.75 March 28, 2006.
San Francisco...................... 5.75 March 28, 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............................. 6.25 March 28, 2006.
New York........................... 6.25 March 28, 2006.
Philadelphia....................... 6.25 March 28, 2006.
Cleveland.......................... 6.25 March 28, 2006.
Richmond........................... 6.25 March 28, 2006.
Atlanta............................ 6.25 March 28, 2006.
Chicago............................ 6.25 March 28, 2006.
St. Louis.......................... 6.25 March 29, 2006.
Minneapolis........................ 6.25 March 28, 2006.
Kansas City........................ 6.25 March 30, 2006.
Dallas............................. 6.25 March 28, 2006.
San Francisco...................... 6.25 March 28, 2006.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, March 30, 2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 06-3256 Filed 4-4-06; 8:45 am]
BILLING CODE 6210-02-P
