Calculating Interest on Reparation Awards Under the Packers and Stockyards Act, 10140-10141 [E7-4095]

Download as PDF 10140 Federal Register / Vol. 72, No. 44 / Wednesday, March 7, 2007 / Notices Louisiana In accordance with Section 7(f)(2) of USGSA (7 U.S.C. 79(f)(2)), the following geographic area, the entire State of Louisiana, except those export port locations within the State which are serviced by GIPSA, is assigned to Louisiana. North Carolina In accordance with Section 7(f)(2) of USGSA (7 U.S.C. 79(f)(2)), the following geographic area, the entire State of North Carolina, except those export port locations within the State which are serviced by GIPSA, is assigned to North Carolina. sroberts on PROD1PC70 with NOTICES Schaal In accordance with Section 7(f)(2) of USGSA (7 U.S.C. 79(f)(2)), the following geographic area, in the States of Iowa and Minnesota, is assigned to Schaal. In Iowa: • Bounded on the North by the northern Kossuth County line from U.S. Route 169; the northern Winnebago, Worth, and Mitchell County lines; • Bounded on the East by the eastern Mitchell County line; the eastern Floyd County line south to B60; B60 west to T64; T64 south to State Route 188; State Route 188 south to C33; • Bounded on the South by C33 west to T47; T47 north to C23; C23 west to S56; S56 south to C25; C25 west to U.S. Route 65; U.S. Route 65 south to State Route 3; State Route 3 west to S41; S41 south to C55; C55 west to Interstate 35; Interstate 35 southwest to the southern Wright County line; the southern Wright County line west to U.S. Route 69; U.S. Route 69 to C54; C54 west to State Route 17; and • Bounded on the West by State Route 17 north to the southern Kossuth County line; the Kossuth County line west to U.S. Route 169; U.S. Route 169 north to the northern Kossuth County line. In Minnesota: • Faribault, Freeborn, and Mower Counties. • Schaal’s assigned geographic area does not include the following grain elevators inside Schaal’s area which have been and will continue to be serviced by the following official agencies: 1. Central Iowa Grain Inspection Service, Inc.: Agvantage F.S., Chapin, Franklin County; and Five Star Coop, Rockwell, Cerro Gordo County. 2. Sioux City Inspection and Weighing Service Company: West Bend Elevator Co., Algona, Kossuth County; Stateline Coop, Burt, Kossuth County; Gold-Eagle, Goldfield, Wright County; VerDate Aug<31>2005 18:25 Mar 06, 2007 Jkt 211001 and North Central Coop, Holmes, Wright County. Opportunity for Designation Interested persons, including Amarillo, Cairo, Intercontinental, Louisiana, North Carolina, and Schaal, may apply for designation to provide official services in the geographic areas specified above under the provisions of Section 7(f) of USGSA (7 U.S.C. 79(f)(2)), and 9 CFR 800.196(d) regulations. Designation in the specified geographic areas is for the period beginning October 1, 2007, and ending September 30, 2010. To apply for designation, contact the Compliance Division at the address listed above for forms and information, or obtain applications at the GIPSA Web site, https://www.gipsa.usda.gov. Request for Comments We are also publishing this notice to provide interested persons the opportunity to present comments on the quality of services provided by the Amarillo, Cairo, Intercontinental, Louisiana, North Carolina, and Schaal official agencies. In the designation process, we will consider substantive comments citing reasons and pertinent data for support or objection to the designation of the applicants. Submit all comments to the Compliance Division at the above address. In determining which applicant will be designated, we will consider applications, comments, and other available information. Authority: 7 U.S.C. 71 et seq. James E. Link, Administrator, Grain Inspection, Packers and Stockyards Administration. [FR Doc. E7–4098 Filed 3–6–07; 8:45 am] EFFECTIVE DATE: March 7, 2007. S. Brett Offutt, Director, Policy and Litigation Division, USDA GIPSA, by telephone at (202) 720–7363, or e-mail at S.Brett.Offutt@usda.gov. FOR FURTHER INFORMATION CONTACT: The Grain Inspection, Packers and Stockyards Administration (GIPSA) administers and enforces the Packers and Stockyards Act, 1921 (P&S Act). The P&S Act prohibits unfair, deceptive, and fraudulent practices by livestock market agencies, dealers, stockyard owners, meat packers, swine contractors, and live poultry dealers in the livestock, poultry, and meatpacking industries. Section 308 of the P&S Act (7 U.S.C. 209) makes persons subject to the P&S Act liable to the person or persons injured, when the injury involves the purchase, sale or handling of livestock or the purchase or sale of poultry, or if the injury relates to a poultry growing arrangement or swine production contract, and is caused by violations of the P&S Act or the violation of an order of the Secretary under the P&S Act. Section 309 of the P&S Act (7 U.S.C. 210) sets out procedures for making reparation complaints to the Secretary for actions of stockyard owners, market agencies, or dealers in violation of sections 304, 305, 306, or 307 (7 U.S.C. 204, 205, 207 or 208), or an order of the Secretary under Title III of the P&S Act. A person may file a reparation complaint with the Secretary under the P&S Act or pursue a claim for award of damages in any district court of the United States of competent jurisdiction. The decision of the Secretary can also be appealed to the Federal district courts. SUPPLEMENTARY INFORMATION: BILLING CODE 3410–KD–P How will the interest rate be determined? DEPARTMENT OF AGRICULTURE GIPSA will follow the same procedural statute for assessing interest on money judgments as that used in civil cases recovered in Federal courts, which is found in 28 U.S.C. 1961. Accordingly, the interest rate on all reparation awards ordered under the P&S Act, subsequent to the publication of this notice, will be calculated using an interest rate equal to the weekly average 1-year constant maturity Treasury yield for the calendar week preceding the date of the Order, as published by the Board of Governors of the Federal Reserve System in the Federal Reserve Statistical Release (H.15) for Selected Interest Rates. The interest will be computed daily at that same rate, and compounded annually, until the full payment is received. Grain Inspection, Packers and Stockyards Administration Calculating Interest on Reparation Awards Under the Packers and Stockyards Act Grain Inspection, Packers and Stockyards Administration, USDA. ACTION: Notice. AGENCY: SUMMARY: The Department of Agriculture (USDA) has changed the method used to calculate interest on reparation awards under the Packers and Stockyards Act, 1921 (P&S Act). The P&S Act calculation will be consistent with interest awarded on monetary judgments in Federal courts. PO 00000 Frm 00029 Fmt 4703 Sfmt 4703 E:\FR\FM\07MRN1.SGM 07MRN1 Federal Register / Vol. 72, No. 44 / Wednesday, March 7, 2007 / Notices Authority: 7 U.S.C. 228. sroberts on PROD1PC70 with NOTICES When will the interest begin accruing and how long will it continue to accrue? The interest on a reparation award will accrue from the date payment or remittance would have been due under the P&S Act. The interest will continue accruing at the same rate, compounded annually, until full payment is made. For example, if an Order issued October 2, 2006, awarded $800 for one transaction in which payment was due on June 30, 2006, then the Order would start interest accrual on the award as of June 30, 2006, and continue accruing the interest until the person subject to the Order makes full payment, including interest. The rate of interest used to calculate the accrual in this example would be 4.9 percent, since the weekly average 1-year constant maturity Treasury yield for the calendar week prior to October 2, 2006, reported by the Federal Reserve as of September 29, 2006, was 4.9 percent. If the reparation involves more than one transaction, the interest on the reparation award will accrue from the date payment or remittance is due under the P&S Act for the last transaction on which the award is calculated. The interest will continue accruing at the same rate, compounded annually, until the person subject to the Order makes full payment. For example, if an Order issued October 2, 2006, awarded $1500 for three transactions in which payment was due on June 15, June 30, and July 15, 2006, respectively, the Order would start interest accrual on the award on July 15, 2006, and continue accruing the interest until full payment, including interest, is made. The rate of interest used to calculate the accrual in this instance would be 4.9 percent, since the weekly average 1-year constant maturity Treasury yield for the calendar week prior to October 2, 2006, reported by the Federal Reserve as of September 29, 2006, was 4.9 percent. Beginning interest accrual when payment is due under the P&S Act accomplishes several goals. It consistently enforces the payment requirements of the P&S Act and regulations and it discourages violations of the P&S Act that are subject to the reparations process. It also encourages the parties to resolve complaints early in the reparations process, and compensates the injured party for delays in payment from the date payments were originally due. VerDate Aug<31>2005 18:25 Mar 06, 2007 Jkt 211001 James E. Link, Administrator, Grain Inspection, Packers and Stockyards Administration. [FR Doc. E7–4095 Filed 3–6–07; 8:45 am] BILLING CODE 3410–KD–P DEPARTMENT OF COMMERCE Bureau of Industry and Security Deemed Export Advisory Committee; Notice To Solicit Meeting Speakers and Presentations The Deemed Export Advisory Committee (DEAC), which advises the Secretary of Commerce on deemed export licensing policy, will meet on May 2, 2007 from 8 a.m. to 12 p.m. The DEA is a Federal Advisory Committee that was established under the auspices of the Federal Advisory Committee Act, as amended, 5 U.S.C. app. 2. The meeting location will be Atlanta, GA, with exact details to be announced in a subsequent Federal Register Notice. At this time, the Department of Commerce, Bureau of Industry and Security (BIS), would like to solicit stakeholders from industry, academia and other backgrounds to address the DEAC members on May 2 in an open session on issues related to deemed exports and, in particular, their organizations’ perspectives and concerns related to U.S. deemed export control policies. Stakeholders are those individuals or organizations who have some experience in or knowledge of export control regulations and policies, who must apply these rules in the course of normal business or whose operations are directly impacted by those export regulations and policies mandated by the U.S. government. BIS seeks to have an equal number of presenters from industry, academia, and other backgrounds. There may be up to three presenters from each group and speaking time may be limited to 10 minutes or less per speaker depending on the number of interested parties. Speakers may be selected on the basis of one or more of the following criteria (not in any order of importance): (1) Demonstrated experience in and knowledge of export control regulations; (2) demonstrated ability to provide DEAC members with relevant information related to deemed export policies and issues; (3) the degree to which the organization is impacted by the U.S. Government’s export policies and regulations; and (4) industry area or academic type of institution represented. BIS reserves the right to limit the number of participants based PO 00000 Frm 00030 Fmt 4703 Sfmt 4703 10141 on time considerations. For planning purposes, BIS requests that (1) that interested parties inform BIS of their commitment, via e-mail or telephone call, to address the DEAC no later than 5 p.m. EST April 11, 2007, as well as provide a brief outline of the topics to be discussed by this same deadline; and (2) that once interested parties receive confirmation of their participation at the meeting, they provide either an electronic or paper copy of any prepared remarks/presentations no later than 5 p.m. EST April 25, 2007. Interested parties may contact Ms. Yvette Springer at Yspringer@bis.doc.gov or (202) 482– 2813. The purpose of this solicitation is only to accept speakers for the May 2, 2007 DEAC meeting. However, all members of the public may submit written comments to BIS at any time for the DEAC’s consideration. Dated: March 1, 2007. Yvette Springer, Committee Liaison Officer. [FR Doc. 07–1063 Filed 3–6–07; 8:45 am] BILLING CODE 3510–JT–M DEPARTMENT OF COMMERCE International Trade Administration (A–570–868) Folding Metal Tables and Chairs from the People’s Republic of China: Notice of Extension of Time Limit for the Preliminary Results of the Antidumping Duty Administrative Review Import Administration, International Trade Administration, Department of Commerce. EFFECTIVE DATE: March 7, 2007. FOR FURTHER INFORMATION CONTACT: Laurel LaCivita or Matthew Quigley, AD/CVD Operations, Office 8, Import Administration, International Trade Administration, U.S. Department of Commerce, 14th Street and Constitution Avenue, NW, Washington, DC 20230; telephone: (202) 482–4243 or (202) 482– 4551, respectively. SUPPLEMENTARY INFORMATION: AGENCY: Background On July 27, 2006, the Department of Commerce (‘‘the Department’’) published the initiation of the administrative review of the antidumping duty order on folding metal tables and chairs from the People’s Republic of China (‘‘PRC’’). See Initiation of Antidumping and Countervailing Duty Administrative Reviews and Request for Revocation in Part, 71 FR 42626 (July 27, 2006). This E:\FR\FM\07MRN1.SGM 07MRN1

Agencies

[Federal Register Volume 72, Number 44 (Wednesday, March 7, 2007)]
[Notices]
[Pages 10140-10141]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-4095]


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DEPARTMENT OF AGRICULTURE

Grain Inspection, Packers and Stockyards Administration


Calculating Interest on Reparation Awards Under the Packers and 
Stockyards Act

AGENCY: Grain Inspection, Packers and Stockyards Administration, USDA.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Department of Agriculture (USDA) has changed the method 
used to calculate interest on reparation awards under the Packers and 
Stockyards Act, 1921 (P&S Act). The P&S Act calculation will be 
consistent with interest awarded on monetary judgments in Federal 
courts.

EFFECTIVE DATE: March 7, 2007.

FOR FURTHER INFORMATION CONTACT: S. Brett Offutt, Director, Policy and 
Litigation Division, USDA GIPSA, by telephone at (202) 720-7363, or e-
mail at S.Brett.Offutt@usda.gov.

SUPPLEMENTARY INFORMATION: The Grain Inspection, Packers and Stockyards 
Administration (GIPSA) administers and enforces the Packers and 
Stockyards Act, 1921 (P&S Act). The P&S Act prohibits unfair, 
deceptive, and fraudulent practices by livestock market agencies, 
dealers, stockyard owners, meat packers, swine contractors, and live 
poultry dealers in the livestock, poultry, and meatpacking industries.
    Section 308 of the P&S Act (7 U.S.C. 209) makes persons subject to 
the P&S Act liable to the person or persons injured, when the injury 
involves the purchase, sale or handling of livestock or the purchase or 
sale of poultry, or if the injury relates to a poultry growing 
arrangement or swine production contract, and is caused by violations 
of the P&S Act or the violation of an order of the Secretary under the 
P&S Act. Section 309 of the P&S Act (7 U.S.C. 210) sets out procedures 
for making reparation complaints to the Secretary for actions of 
stockyard owners, market agencies, or dealers in violation of sections 
304, 305, 306, or 307 (7 U.S.C. 204, 205, 207 or 208), or an order of 
the Secretary under Title III of the P&S Act.
    A person may file a reparation complaint with the Secretary under 
the P&S Act or pursue a claim for award of damages in any district 
court of the United States of competent jurisdiction. The decision of 
the Secretary can also be appealed to the Federal district courts.

How will the interest rate be determined?

    GIPSA will follow the same procedural statute for assessing 
interest on money judgments as that used in civil cases recovered in 
Federal courts, which is found in 28 U.S.C. 1961. Accordingly, the 
interest rate on all reparation awards ordered under the P&S Act, 
subsequent to the publication of this notice, will be calculated using 
an interest rate equal to the weekly average 1-year constant maturity 
Treasury yield for the calendar week preceding the date of the Order, 
as published by the Board of Governors of the Federal Reserve System in 
the Federal Reserve Statistical Release (H.15) for Selected Interest 
Rates. The interest will be computed daily at that same rate, and 
compounded annually, until the full payment is received.

[[Page 10141]]

When will the interest begin accruing and how long will it continue to 
accrue?

    The interest on a reparation award will accrue from the date 
payment or remittance would have been due under the P&S Act. The 
interest will continue accruing at the same rate, compounded annually, 
until full payment is made.
    For example, if an Order issued October 2, 2006, awarded $800 for 
one transaction in which payment was due on June 30, 2006, then the 
Order would start interest accrual on the award as of June 30, 2006, 
and continue accruing the interest until the person subject to the 
Order makes full payment, including interest. The rate of interest used 
to calculate the accrual in this example would be 4.9 percent, since 
the weekly average 1-year constant maturity Treasury yield for the 
calendar week prior to October 2, 2006, reported by the Federal Reserve 
as of September 29, 2006, was 4.9 percent.
    If the reparation involves more than one transaction, the interest 
on the reparation award will accrue from the date payment or remittance 
is due under the P&S Act for the last transaction on which the award is 
calculated. The interest will continue accruing at the same rate, 
compounded annually, until the person subject to the Order makes full 
payment.
    For example, if an Order issued October 2, 2006, awarded $1500 for 
three transactions in which payment was due on June 15, June 30, and 
July 15, 2006, respectively, the Order would start interest accrual on 
the award on July 15, 2006, and continue accruing the interest until 
full payment, including interest, is made. The rate of interest used to 
calculate the accrual in this instance would be 4.9 percent, since the 
weekly average 1-year constant maturity Treasury yield for the calendar 
week prior to October 2, 2006, reported by the Federal Reserve as of 
September 29, 2006, was 4.9 percent.
    Beginning interest accrual when payment is due under the P&S Act 
accomplishes several goals. It consistently enforces the payment 
requirements of the P&S Act and regulations and it discourages 
violations of the P&S Act that are subject to the reparations process. 
It also encourages the parties to resolve complaints early in the 
reparations process, and compensates the injured party for delays in 
payment from the date payments were originally due.

    Authority: 7 U.S.C. 228.

James E. Link,
Administrator, Grain Inspection, Packers and Stockyards Administration.
[FR Doc. E7-4095 Filed 3-6-07; 8:45 am]
BILLING CODE 3410-KD-P
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