Extensions of Credit by Federal Reserve Banks, 39520-39521 [E6-11013]

Download as PDF 39520 Federal Register / Vol. 71, No. 134 / Thursday, July 13, 2006 / Rules and Regulations as applicable, the provisions of Office of Management and Budget Circular A– 102, Attachments F and G and 7 CFR part 3015, subparts G and H’’ and adding in their place the words ‘‘the provisions of 7 CFR part 3016’’; I b. Amend the first sentence of paragraph (b)(5)(v) by removing the words ‘‘7 CFR part 3015, subpart L’’ and adding in their place the words ‘‘7 CFR part 3016’’; and I c. Amend paragraph (d) by removing the words ‘‘the Department’s Uniform Federal Assistance Regulations, 7 CFR part 3015 subpart N’’ and adding in their place the words ‘‘7 CFR part 3016’’. Dated: July 5, 2006. Roberto Salazar, Administrator, Food and Nutrition Service. [FR Doc. 06–6185 Filed 7–12–06; 8:45 am] BILLING CODE 3410–30–P NUCLEAR REGULATORY COMMISSION 10 CFR Part 72 RIN 3150–AH93 List of Approved Spent Fuel Storage Casks: NUHOMSHD Addition; Withdrawal of Direct Final Rule U.S. Nuclear Regulatory Commission. ACTION: Direct final rule; withdrawal. wwhite on PROD1PC61 with RULES AGENCY: 17:17 Jul 12, 2006 Jkt 208001 Dated at Rockville, Maryland, this 28th day of June, 2006. For the Nuclear Regulatory Commission. Luis A. Reyes, Executive Director for Operations. [FR Doc. E6–11027 Filed 7–12–06; 8:45 am] BILLING CODE 7590–01–P FEDERAL RESERVE SYSTEM 12 CFR Part 201 SUMMARY: The U.S. Nuclear Regulatory Commission (NRC) is withdrawing a direct final rule that would have added the Transnuclear, Inc., NUHOMSHD cask system to the ‘‘List of Approved Spent Fuel Storage Casks’’ to add Certificate of Compliance No. 1030. The NRC is taking this action because it has received significant adverse comments in response to an identical proposed rule which was concurrently published with the direct final rule. DATES: The final rule published on May 2, 2006 (71 FR 25740) is withdrawn effective July 13, 2006. FOR FURTHER INFORMATION CONTACT: Jayne M. McCausland, Office of Nuclear Material Safety and Safeguards, U.S. Nuclear Regulatory Commission, Washington, DC 20555, telephone (301) 415–6219 (e-mail: jmm2@nrc.gov). SUPPLEMENTARY INFORMATION: On May 2, 2006 (71 FR 25740), the NRC published in the Federal Register a direct final rule amending its regulations in 10 CFR 72.214 to add the Transnuclear, Inc., NUHOMS HD cask system listing within the ‘‘List of Approved Spent Fuel Storage Casks’’ to add Certificate of VerDate Aug<31>2005 Compliance No. 1030. Holders of power reactor operating licenses would have been allowed to store spent fuel in the NUHOMSHD cask system under a general license. The direct final rule was to become effective on July 17, 2006. The NRC also concurrently published an identical proposed rule on May 2, 2006 (71 FR 25782). In the May 2, 2006, direct final rule, NRC stated that if any significant adverse comments were received, a notice of timely withdrawal of the direct final rule would be published in the Federal Register. As a result, the direct final rule would not take effect. The NRC received significant adverse comments on the direct final rule; therefore, the NRC is withdrawing the direct final rule. As stated in the May 2, 2006, direct final rule, NRC will address the comments received on the May 2, 2006, companion proposed rule in a subsequent final rule. The NRC will not initiate a second comment period on this action. [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 July 13, 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. PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 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 6.00 percent to 6.25 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 6.50 percent to 6.75 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 5.00 percent to 5.25 percent) approved by the Federal Open Market Committee (Committee) and announced at the same time. A press release announcing these actions indicated that: SUPPLEMENTARY INFORMATION: Recent indicators suggest that economic growth is moderating from its quite strong pace earlier this year, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices. Readings on core inflation have been elevated in recent months. Ongoing productivity gains have held down the rise in unit labor costs, and inflation expectations remain contained. However, the high levels of resource utilization and of the prices of energy and other commodities have the potential to sustain inflation pressures. Although the moderation in the growth of aggregate demand should help to limit inflation pressures over time, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information. In any event, the Committee will respond to changes in economic prospects as needed to support the attainment of its objectives. Regulatory Flexibility Act Certification Pursuant to the Regulatory Flexibility Act (5 U.S.C. 605(b)), the Board certifies E:\FR\FM\13JYR1.SGM 13JYR1 Federal Register / Vol. 71, No. 134 / Thursday, July 13, 2006 / Rules and Regulations 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. Federal Reserve Bank Rate Minneapolis ........... Kansas City ........... Dallas ..................... San Francisco ....... 6.25 6.25 6.25 6.25 Effective June 29, 2006. July 6, 2006. June 29, 2006. June 29, 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 ....... 6.75 6.75 6.75 6.75 6.75 6.75 6.75 6.75 6.75 6.75 6.75 6.75 Effective June 29, 2006. June 29, 2006. June 29, 2006. June 29, 2006. June 29, 2006. June 29, 2006. June 29, 2006. June 30, 2006. June 29, 2006. July 6, 2006. June 29, 2006. June 29, 2006. 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) SUPPLEMENTARY INFORMATION: * * 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. 14 CFR Part 39 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: wwhite on PROD1PC61 with RULES Effective June June June June June June June June 29, 29, 29, 29, 29, 29, 29, 30, 2006. 2006. 2006. 2006. 2006. 2006. 2006. 2006. 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 17:17 Jul 12, 2006 Jkt 208001 The AD docket contains the proposed AD, comments, and any final disposition. You may examine the 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 (telephone (800) 647–5227) is located on the plaza level of the Nassif Building at the U.S. Department of Transportation, 400 Seventh Street, SW., Room PL–401, Washington, DC. This docket number is FAA–2006–25175; the directorate identifier for this docket is 2006–NM– 099–AD. ADDRESSES: By order of the Board of Governors of the Federal Reserve System, July 7, 2006. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E6–11013 Filed 7–12–06; 8:45 am] * Federal Aviation Administration 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 Effective July 13, 2006. Jon Hjelm, Aerospace Engineer, Airframe and Propulsion Branch, ANE–171, FAA, New York Aircraft Certification Office, 1600 Stewart Avenue, Suite 410, Westbury, New York 11590; telephone (516) 228–7323; fax (516) 794–5531. * 1. The authority citation for part 201 continues to read as follows: Boston ................... New York ............... Philadelphia ........... Cleveland ............... Richmond .............. Atlanta ................... Chicago ................. St. Louis ................ DATES: FOR FURTHER INFORMATION CONTACT: * I Rate venting and draining of the auxiliary fuel tank sumps, and revising the Limitations section of the airplane flight manual to limit the maximum cargo weight. BILLING CODE 6210–02–P Authority and Issuance Federal Reserve Bank 39521 [Docket No. FAA–2006–25175; Directorate Identifier 2006–NM–099–AD; Amendment 39–14670; AD 2006–13–17] RIN 2120–AA64 Airworthiness Directives; Boeing Model 757–200 Series Airplanes Modified by Supplemental Type Certificate (STC) SA979NE Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule; correction. AGENCY: The FAA is correcting a typographical error in an existing airworthiness directive (AD) that was published in the Federal Register on June 28, 2006 (71 FR 36671). The error resulted in the misidentification of the manufacturer name in the product identification line of the regulatory text. This AD applies to certain Boeing Model 757–200 series airplanes. This AD requires a one-time deactivation of the auxiliary fuel system, repetitive SUMMARY: PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 On June 15, 2006, the FAA issued AD 2006–13– 17, amendment 39–14670 (71 FR 36671, June 28, 2006), for certain Boeing Model 757–200 series airplanes. The AD requires a one-time deactivation of the auxiliary fuel system, repetitive venting and draining of the auxiliary fuel tank sumps, and revising the Limitations section of the airplane flight manual to limit the maximum cargo weight. As published, the manufacturer name is misidentified in the product identification line of the regulatory text. No other part of the regulatory information has been changed; therefore, the final rule is not republished in the Federal Register. The effective date of this AD remains July 13, 2006. § 39.13 [Corrected] I In the Federal Register of June 28, 2006, on page 36673, in the second column, the product identification line of AD 2006–13–17 is corrected to read as follows: * * * * * 2006–13–17 Boeing: Amendment 39–14670. Docket No. FAA–2006–25175; Directorate Identifier 2006–NM–099–AD. * E:\FR\FM\13JYR1.SGM * * 13JYR1 * *

Agencies

[Federal Register Volume 71, Number 134 (Thursday, July 13, 2006)]
[Rules and Regulations]
[Pages 39520-39521]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-11013]


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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 July 13, 
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 6.00 percent to 6.25 
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 6.50 percent to 6.75 
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 5.00 percent to 5.25 percent) approved by the Federal Open 
Market Committee (Committee) and announced at the same time. A press 
release announcing these actions indicated that:

    Recent indicators suggest that economic growth is moderating 
from its quite strong pace earlier this year, partly reflecting a 
gradual cooling of the housing market and the lagged effects of 
increases in interest rates and energy prices.
    Readings on core inflation have been elevated in recent months. 
Ongoing productivity gains have held down the rise in unit labor 
costs, and inflation expectations remain contained. However, the 
high levels of resource utilization and of the prices of energy and 
other commodities have the potential to sustain inflation pressures.
    Although the moderation in the growth of aggregate demand should 
help to limit inflation pressures over time, the Committee judges 
that some inflation risks remain. The extent and timing of any 
additional firming that may be needed to address these risks will 
depend on the evolution of the outlook for both inflation and 
economic growth, as implied by incoming information. In any event, 
the Committee will respond to changes in economic prospects as 
needed to support the attainment of its objectives.

Regulatory Flexibility Act Certification

    Pursuant to the Regulatory Flexibility Act (5 U.S.C. 605(b)), the 
Board certifies

[[Page 39521]]

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\
---------------------------------------------------------------------------

    \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..............................    6.25  June 29, 2006.
New York............................    6.25  June 29, 2006.
Philadelphia........................    6.25  June 29, 2006.
Cleveland...........................    6.25  June 29, 2006.
Richmond............................    6.25  June 29, 2006.
Atlanta.............................    6.25  June 29, 2006.
Chicago.............................    6.25  June 29, 2006.
St. Louis...........................    6.25  June 30, 2006.
Minneapolis.........................    6.25  June 29, 2006.
Kansas City.........................    6.25  July 6, 2006.
Dallas..............................    6.25  June 29, 2006.
San Francisco.......................    6.25  June 29, 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..............................    6.75  June 29, 2006.
New York............................    6.75  June 29, 2006.
Philadelphia........................    6.75  June 29, 2006.
Cleveland...........................    6.75  June 29, 2006.
Richmond............................    6.75  June 29, 2006.
Atlanta.............................    6.75  June 29, 2006.
Chicago.............................    6.75  June 29, 2006.
St. Louis...........................    6.75  June 30, 2006.
Minneapolis.........................    6.75  June 29, 2006.
Kansas City.........................    6.75  July 6, 2006.
Dallas..............................    6.75  June 29, 2006.
San Francisco.......................    6.75  June 29, 2006.
------------------------------------------------------------------------

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, July 7, 2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-11013 Filed 7-12-06; 8:45 am]
BILLING CODE 6210-02-P