Extensions of Credit by Federal Reserve Banks, 48548-48549 [E7-16764]

Download as PDF 48548 Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Rules and Regulations Country/locality of origin Common name * * Thailand ........................................ * * * * * * 3 Also eligible for importation in accordance with the provisions listed in § 319.56–47. * * * * * I 3. A new § 319.56–47 is added to read as follows: rfrederick on PROD1PC67 with RULES § 319.56–47 Certain fruits from Thailand. Litchi (Litchi chinensis), longan (Dimocarpus longan), mango (Mangifera indica), mangosteen (Garcinia mangoestana L.), pineapple (Ananas comosus), and rambutan (Nephelium lappaceum L.) may be imported into the United States from Thailand only under the following conditions: (a) Growing conditions. Litchi, longan, mango, mangosteen, pineapple, and rambutan must be grown in a production area that is registered with and monitored by the national plant protection organization of Thailand. (b) Treatment. Litchi, longan, mango, mangosteen, pineapple, and rambutan must be treated for plant pests of the class Insecta, except pupae and adults of the order Lepidoptera, with irradiation in accordance with § 305.31 of this chapter. Treatment must be conducted in Thailand prior to importation of the fruits into the United States. (c) Phytosanitary certificates. (1) Litchi must be accompanied by a phytosanitary certificate with an additional declaration stating that the litchi were treated with irradiation as described in paragraph (b) of this section and that the litchi have been inspected and found to be free of Peronophythora litchi. (2) Longan, mango, mangosteen, pineapple, and rambutan must be accompanied by a phytosanitary certificate with an additional declaration stating that the longan, mango, mangosteen, pineapple, or rambutan were treated with irradiation as described in paragraph (b) of this section. (d) Labeling. In addition to meeting the labeling requirements in § 305.31, cartons in which litchi and longan are packed must be stamped ‘‘Not for importation into or distribution in FL.’’ VerDate Aug<31>2005 12:50 Aug 23, 2007 Plant part(s) * * * Pineapple 3 ................................... Ananas comosus ......................... * * Botanical name Jkt 211001 * * Done in Washington, DC, this 20th day of August 2007. Kevin Shea, Acting Administrator, Animal and Plant Health Inspection Service. [FR Doc. E7–16832 Filed 8–23–07; 8:45 am] BILLING CODE 3410–34–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 a reduction in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board’s primary credit rate action. DATES: The amendments to part 201 (Regulation A) are effective August 24, 2007. 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. PO 00000 Frm 00002 Fmt 4700 * Fruit ................... Sfmt 4700 Additional requirements * (b)(2)(xi), (b)(5)(vi). * * The Board approved requests by the Reserve Banks to reduce by 50 basis points the primary credit rate in effect at each of the twelve Federal Reserve Banks, thereby decreasing from 6.25 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 decreased from 6.75 percent to 6.25 percent under the secondary credit rate formula. The final amendments to Regulation A reflect these rate changes. The Board’s action narrows the spread between the primary credit rate and the Federal Open Market Committee’s target federal funds rate to 50 basis points. As indicated in the Board’s press release announcing this action, the changes to the primary credit discount window facility are intended to promote the restoration of orderly conditions in financial markets. In addition, the press release stated: The Board is also announcing a change to the Reserve Banks’ usual practices to allow the provision of term financing for as long as 30 days, renewable by the borrower. These changes will remain in place until the Federal Reserve determines that market liquidity has improved materially. These changes are designed to provide depositories with greater assurance about the cost and availability of funding. The Federal Reserve will continue to accept a broad range of collateral for discount window loans, including home mortgages and related assets. Existing collateral margins will be maintained. 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 E:\FR\FM\24AUR1.SGM 24AUR1 Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Rules and Regulations 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 For the reasons set forth in the preamble, the Board is amending 12 CFR Chapter II 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 (a) Primary credit. The interest rates for primary credit provided to depository institutions under § 201.4(a) are: Effective 17, 17, 17, 17, 17, 17, 17, 20, 17, 17, 17, 17, 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. (b) Secondary credit. The interest rates for secondary credit provided to depository institutions under 201.4(b) are: rfrederick on PROD1PC67 with RULES Federal Reserve Bank Rate Boston ................ 6.25 Effective August 17, 2007. 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 12:50 Aug 23, 2007 Jkt 211001 * * 17, 17, 17, 17, 17, 17, 20, 17, 17, 17, 17, 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. * DEPARTMENT OF TRANSPORTATION 14 CFR Part 39 [Docket No. FAA–2006–23742; Directorate Identifier 2005–NE–53–AD; Amendment 39– 15180; AD 2007–17–21] RIN 2120–AA64 § 201.51 Interest rates applicable to credit extended by a Federal Reserve Bank.1 August August August August August August August August August August August August * August August August August August August August August August August August Federal Aviation Administration 1. The authority citation for part 201 continues to read as follows: I 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 BILLING CODE 6210–02–P PART 201—EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION A) Boston ................ New York ........... Philadelphia ........ Cleveland ........... Richmond ........... Atlanta ................ Chicago .............. St. Louis ............. Minneapolis ........ Kansas City ........ Dallas ................. San Francisco .... New York ........... Philadelphia ........ Cleveland ........... Richmond ........... Atlanta ................ Chicago .............. St. Louis ............. Minneapolis ........ Kansas City ........ Dallas ................. San Francisco .... Effective By order of the Board of Governors of the Federal Reserve System, August 20, 2007. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E7–16764 Filed 8–23–07; 8:45 am] Authority and Issuance Rate Rate * Banks, Banking, Federal Reserve System, Reporting and recordkeeping. Federal Reserve Bank Federal Reserve Bank Airworthiness Directives; Pratt & Whitney (PW) JT9D–7R4 Series Turbofan Engines Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule. AGENCY: SUMMARY: The FAA is adopting a new airworthiness directive (AD) for PW JT9D–7R4 series turbofan engines. This AD requires removing reduced cooling flow 2nd stage high pressure turbine (HPT) vane assemblies, part numbers (P/Ns) 797282, 796972, 800082, 800072, 803182, 803282, and 822582, installed in 2nd stage HPT vane cluster assemblies P/Ns 797592, 797372, 799872, 799782, and 822572. It also requires a visual and a fluorescent penetrant inspection (FPI) of the 2nd stage HPT air seal assembly, P/N 815097. This AD results from a report of an uncontained failure of the 2nd stage HPT air seal assembly, caused by the air seal assembly brace disengaging from the air seal, due to insufficient cooling air flow. We are issuing this AD to prevent uncontained failure of the 2nd stage HPT air seal assembly, leading to engine in-flight shutdown and damage to the airplane. DATES: This AD becomes effective September 28, 2007. The Director of the PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 48549 Federal Register approved the incorporation by reference of certain publications listed in the regulations as of September 28, 2007. ADDRESSES: You can get the service information identified in this AD from Pratt & Whitney, 400 Main St., East Hartford, CT 06108; telephone (860) 565–8770; fax (860) 565–4503. You may examine the AD docket on the Internet at http://dms.dot.gov or at the U.S. Department of Transportation, Docket Operations, M–30, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue, SE., Washington, DC 20590. FOR FURTHER INFORMATION CONTACT: Mark Riley, Aerospace Engineer, Engine Certification Office, FAA, Engine and Propeller Directorate, 12 New England Executive Park, Burlington, MA 01803; telephone (781) 238–7758, fax (781) 238–7199. SUPPLEMENTARY INFORMATION: The FAA proposed to amend 14 CFR part 39 with a proposed AD. The proposed AD applies to PW JT9D–7R4E1, –7R4E4, –7R4G2, and –7R4H1 turbofan engines. We published the proposed AD in the Federal Register on February 2, 2007 (72 FR 4964). That action proposed to require removal of reduced cooling flow 2nd stage HPT vane assemblies. It also proposed to require a visual and an FPI of the 2nd stage HPT air seal assembly. Examining the AD Docket You may examine the AD docket on the Internet at http://dms.dot.gov; or in person at the Docket Operations office between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. The AD docket contains the NPRM, the regulatory evaluation, any comments received, and other information. The street address for the Docket Operations office (telephone (800) 647–5527) is provided in the ADDRESSES section. Comments will be available in the AD docket shortly after receipt. Comments We provided the public the opportunity to participate in the development of this AD. We have considered the comments received. Revise the Cost Impact FEDEX requests that we revise the estimated cost impact to implement the AD because they believe that the actual cost of modification (according to PW Alert Service Bulletin (ASB) JT9D–7R4– A72–596, dated September 15, 2005) for one set of HPT 2nd stage vane assemblies will be approximately $23,000, instead of $5,400 projected by the proposed AD. We do not agree. We E:\FR\FM\24AUR1.SGM 24AUR1

Agencies

[Federal Register Volume 72, Number 164 (Friday, August 24, 2007)]
[Rules and Regulations]
[Pages 48548-48549]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-16764]


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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 a reduction in the primary credit rate at each Federal 
Reserve Bank. The secondary credit rate at each Reserve Bank 
automatically decreased by formula as a result of the Board's primary 
credit rate action.

DATES: The amendments to part 201 (Regulation A) are effective August 
24, 2007. 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 reduce by 50 
basis points the primary credit rate in effect at each of the twelve 
Federal Reserve Banks, thereby decreasing from 6.25 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 decreased from 6.75 percent to 6.25 
percent under the secondary credit rate formula. The final amendments 
to Regulation A reflect these rate changes.
    The Board's action narrows the spread between the primary credit 
rate and the Federal Open Market Committee's target federal funds rate 
to 50 basis points. As indicated in the Board's press release 
announcing this action, the changes to the primary credit discount 
window facility are intended to promote the restoration of orderly 
conditions in financial markets. In addition, the press release stated:

    The Board is also announcing a change to the Reserve Banks' 
usual practices to allow the provision of term financing for as long 
as 30 days, renewable by the borrower. These changes will remain in 
place until the Federal Reserve determines that market liquidity has 
improved materially. These changes are designed to provide 
depositories with greater assurance about the cost and availability 
of funding. The Federal Reserve will continue to accept a broad 
range of collateral for discount window loans, including home 
mortgages and related assets. Existing collateral margins will be 
maintained.

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

[[Page 48549]]

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................................    5.75  August 17, 2007.
New York..............................    5.75  August 17, 2007.
Philadelphia..........................    5.75  August 17, 2007.
Cleveland.............................    5.75  August 17, 2007.
Richmond..............................    5.75  August 17, 2007.
Atlanta...............................    5.75  August 17, 2007.
Chicago...............................    5.75  August 17, 2007.
St. Louis.............................    5.75  August 20, 2007.
Minneapolis...........................    5.75  August 17, 2007.
Kansas City...........................    5.75  August 17, 2007.
Dallas................................    5.75  August 17, 2007.
San Francisco.........................    5.75  August 17, 2007.
------------------------------------------------------------------------

    (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  August 17, 2007.
New York..............................    6.25  August 17, 2007.
Philadelphia..........................    6.25  August 17, 2007.
Cleveland.............................    6.25  August 17, 2007.
Richmond..............................    6.25  August 17, 2007.
Atlanta...............................    6.25  August 17, 2007.
Chicago...............................    6.25  August 17, 2007.
St. Louis.............................    6.25  August 20, 2007.
Minneapolis...........................    6.25  August 17, 2007.
Kansas City...........................    6.25  August 17, 2007.
Dallas................................    6.25  August 17, 2007.
San Francisco.........................    6.25  August 17, 2007.
------------------------------------------------------------------------

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, August 20, 2007.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E7-16764 Filed 8-23-07; 8:45 am]
BILLING CODE 6210-02-P