Extensions of Credit by Federal Reserve Banks, 54813-54815 [E7-19062]

Download as PDF 54813 Rules and Regulations Federal Register Vol. 72, No. 187 Thursday, September 27, 2007 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. DEPARTMENT OF HOMELAND SECURITY Correction of Publication [CIS No. 2424–07; DHS Docket No. USCIS– 2007–0052] RIN 1615–AB63 PART 103—POWERS AND DUTIES; AVAILABILITY OF RECORDS New Classification for Victims of Criminal Activity; Eligibility for ‘‘U’’ Nonimmigrant Status; Correction § 103.7 U.S. Citizenship and Immigration Services, DHS. ACTION: Interim rule; correction. SUMMARY: This document contains corrections to the interim rule published in the Federal Register on September 17, 2007. The rule established the requirements and procedures for aliens seeking U nonimmigrant status. A review of the interim rule after publication identified erroneous references to filing fees for Form I–918, ‘‘Petition for U Nonimmigrant Status,’’ and Form I–918, Supplement A. DATES: Effective Date: October 17, 2007. FOR FURTHER INFORMATION CONTACT: Laura Dawkins, U.S. Citizenship and Immigration Services, Department of Homeland Security, 20 Massachusetts Avenue, NW., Room 2304, Washington, DC 20529, telephone: (202) 272–8350. SUPPLEMENTARY INFORMATION: mstockstill on PROD1PC66 with RULES Need for Correction On September 17, 2007, U.S. Citizenship and Immigration Services (USCIS) published an interim rule at 72 FR 53014 establishing the requirements and procedures for aliens seeking U nonimmigrant status. The SUMMARY and SUPPLEMENTARY INFORMATION sections of the interim rule made contradictory statements regarding whether there is a filing fee for Form I–918, ‘‘Petition for U Nonimmigrant Status,’’ and Form I– 918, Supplement A. The regulation text itself contained an amendment to 8 CFR Jkt 211001 [Corrected] 1. On page 53035, in the first column, remove the part heading ‘‘PART 103— POWERS AND DUTIES; AVAILABILITY OF RECORDS’’. I 2. On page 53035, in the first column, remove the regulatory changes to part 103, by removing amendments 1 and 2. I AGENCY: 17:45 Sep 26, 2007 Accordingly, the publication on September 17, 2007 (72 FR 53014) of the interim rule that was the subject of FR Doc. E7–17807 is corrected as follows: I 8 CFR Parts 103 and 214 VerDate Aug<31>2005 103.7(b)(1) and language in new 8 CFR 214.14(c) reflecting that USCIS would charge a filing fee for Form I–918 and Form I–918, Supplement A. As correctly stated in the Supplementary Information (page 53031, third column, paragraph D.), USCIS will charge no fee for Forms I–918 and I–918, Supplement A, but will charge the established fee for biometric services for each person ages 14 through 79 inclusive with each U nonimmigrant status petition. PART 214—NONIMMIGRANT CLASSES § 214.14 [Corrected] 3. On page 53037, in the second column, in paragraph (c)(1) introductory text, in the eighth line, the phrase ‘‘applicable fees’’ should read ‘‘applicable biometric fee’’. I Dated: September 24, 2007. Richard Sloan, Chief, Regulatory Management Division, Office of the Executive Secretariat, U.S. Citizenship and Immigration Services. [FR Doc. E7–19085 Filed 9–26–07; 8:45 am] BILLING CODE 4410–10–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 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 adopted final amendments to its Regulation A to reflect the Board’s approval of a decrease 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 September 27, 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 decrease by 50 basis points the primary credit rate in effect at each of the twelve Federal Reserve Banks, thereby decreasing from 5.75 percent to 5.25 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 decreased from 6.25 percent to 5.75 percent under the secondary credit rate formula. The final amendments to Regulation A reflect these rate changes. The 50-basis-point decrease in the primary credit rate was associated with a similar decrease in the target for the federal funds rate (from 5.25 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: Economic growth was moderate during the first half of the year, but the tightening of E:\FR\FM\27SER1.SGM 27SER1 54814 Federal Register / Vol. 72, No. 187 / Thursday, September 27, 2007 / Rules and Regulations credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally. Today’s action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time. Readings on core inflation have improved modestly this year. However, the Committee judges that some inflation risks remain, and it will continue to monitor inflation developments carefully. Developments in financial markets since the Committee’s last regular meeting have increased the uncertainty surrounding the economic outlook. The Committee will continue to assess the effects of these and other developments on economic prospects and will act as needed to foster price stability and sustainable economic growth. 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 PART 201—EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION A) 1. The authority citation for part 201 continues 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 § 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 ........................................................................................................................................................ (b) Secondary credit. The interest rates for secondary credit provided to Rate mstockstill on PROD1PC66 with RULES Boston .................................................................................................................................................................... New York ............................................................................................................................................................... Philadelphia ........................................................................................................................................................... Cleveland ............................................................................................................................................................... Richmond ............................................................................................................................................................... Atlanta .................................................................................................................................................................... Chicago .................................................................................................................................................................. St. Louis ................................................................................................................................................................. Minneapolis ............................................................................................................................................................ Kansas City ........................................................................................................................................................... Dallas ..................................................................................................................................................................... San Francisco ........................................................................................................................................................ VerDate Aug<31>2005 17:45 Sep 26, 2007 Jkt 211001 September September September September September September September September September September September September 18, 18, 20, 18, 19, 19, 20, 19, 18, 18, 19, 18, 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. depository institutions under 201.4(b) are: Federal Reserve Bank 1 The primary, secondary, and seasonal credit rates described in this section apply to both 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 Effective advances and discounts made under the primary, PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 6.75 6.75 Effective September September September September September September September September September September September September 18, 18, 20, 18, 19, 19, 20, 19, 18, 18, 19, 18, secondary, and seasonal credit programs, respectively. E:\FR\FM\27SER1.SGM 27SER1 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. Federal Register / Vol. 72, No. 187 / Thursday, September 27, 2007 / Rules and Regulations * * * * * By order of the Board of Governors of the Federal Reserve System, September 21, 2007. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. E7–19062 Filed 9–26–07; 8:45 am] BILLING CODE 6210–01–P Order 7400.9R dated August 15, 2007, and effective September 15, 2007, which is incorporated by reference in 14 CFR part 71.1. The Class E airspace designations listed in this document will be published subsequently in that Order. The Rule DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 71 [Docket No. FAA–2007–28235; Airspace Docket No. 07–ANM–9] Establishment of Class E Airspace; Hulett, WY Federal Aviation Administration (FAA), DOT. ACTION: Final rule. AGENCY: mstockstill on PROD1PC66 with RULES SUMMARY: This action will establish Class E airspace at Hulett, WY. Additional Class E airspace is necessary to accommodate aircraft using a new Area Navigation (RNAV) Global Positioning System (GPS) Instrument Approach Procedure (IAP) at Hulett Municipal Airport. This will improve the safety of Instrument Flight Rules (IFR) aircraft executing the new RNAV GPS IAP at Hulett Municipal Airport, Hulett, WY. Also, this action makes a minor correction to the airport description. DATES: Effective Date: 0901 UTC, December 20, 2007. The Director of the Federal Register approves this incorporation by reference action under 1 CFR part 51, subject to the annual revision of FAA Order 7400.9 and publication of conforming amendments. FOR FURTHER INFORMATION CONTACT: Eldon Taylor, Federal Aviation Administration, System Support Group, Western Service Area, 1601 Lind Avenue SW., Renton, WA 98057; telephone (425) 917–6726. SUPPLEMENTARY INFORMATION: History On July 3, 2007, the FAA published in the Federal Register a notice of proposed rulemaking to establish Class E airspace at Hulett, WY, (72 FR 36397). This action would improve the safety of IFR aircraft executing this new RNAV GPS IAP at Hulett Municipal Airport, Hulett, WY. Interested parties were invited to participate in this rulemaking effort by submitting written comments on the proposal to the FAA. No comments were received. Class E airspace designations are published in paragraph 6005 of FAA VerDate Aug<31>2005 17:45 Sep 26, 2007 Jkt 211001 This action amends Title 14 Code of Federal Regulations (14 CFR) part 71 by establishing Class E airspace at Hulett, WY. Additional controlled airspace is necessary to accommodate IFR aircraft executing a new RNAV (GPS) IAP at Hulett Municipal Airport, Hulett, WY. The FAA has determined that this regulation only involves an established body of technical regulations for which frequent and routine amendments are necessary to keep them operationally current. Therefore, this regulation: (1) Is not a ‘‘significant regulatory action’’ under Executive Order 12866; (2) is not a ‘‘significant rule’’ under DOT Regulatory Policies and Procedures (44 FR 11034; February 26, 1979); and (3) does not warrant preparation of a regulatory evaluation as the anticipated impact is so minimal. Since this is a routine matter that will only affect air traffic procedures and air navigation, it is certified that this rule, when promulgated, will not have a significant economic impact on a substantial number of small entities under the criteria of the Regulatory Flexibility Act. The FAA’s authority to issue rules regarding aviation safety is found in Title 49 of the United States Code. Subtitle I, Section 106 describes the authority of the FAA Administrator. Subtitle VII, Aviation Programs, describes in more detail the scope of the agency’s authority. This rulemaking is promulgated under the authority described in Subtitle VII, Part A, Subpart I, Section 40103. Under that section, the FAA is charged with prescribing regulations to assign the use of airspace necessary to ensure the safety of aircraft and the efficient use of airspace. This regulation is within the scope of that authority as it establishes additional controlled airspace at Hulett Municipal Airport, Hulett, WY. 54815 PART 71—DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR TRAFFIC SERVICE ROUTES; AND REPORTING POINTS 1. The authority citation for 14 CFR part 71 continues to read as follows: I Authority: 49 U.S.C. 106(g), 40103, 40113, 40120; E. O. 10854, 24 FR 9565, 3 CFR, 1959– 1963 Comp., p. 389. § 71.1 [Amended] 2. The incorporation by reference in 14 CFR part 71.1 of the Federal Aviation Administration Order 7400.9R, Airspace Designations and Reporting Points, dated August 15, 2007, and effective September 15, 2007, is amended as follows: I Paragraph 6005 Class E airspace areas extending upward from 700 feet or more above the surface of the earth. * * * * * ANM WY, E5 Hulett, WY [New] Hulett Municipal Airport, WY (Lat. 44°39′46″ N., long. 104°34′04″ W.) Newcastle VOR, WY (Lat. 43°52′52″ N., long. 104°18′28″ W.) That airspace extending upward from 700 feet above the surface within 8.0-mile radius of Hulett Municipal Airport that airspace extending upward from 1,200 feet above the surface beginning at Lat. 44°50′00″ N., long. 105°00′00″ W.; thence to Lat. 44°50′00″ N., long. 104°00′00″ W.; thence south along long. 104°00′00″ W., to V–536; thence west along V–536 to Newcastle VOR; thence west on V– 536 to Lat. 44°09′00″ N., long. 105°00′00″ W.; thence to beginning. * * * * * Issued in Seattle, Washington, on August 30, 2007. Clark Desing, Manager, System Support Group, Western Service Center. [FR Doc. E7–18930 Filed 9–26–07; 8:45 am] BILLING CODE 4910–13–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 119 [Docket No. FAA–2007–29313 (formerly 28154); Amendment No. 119–12] RIN 2120–AF62 Airspace, Incorporation by reference, Navigation (air). Commuter Operations and General Certification and Operations Requirements; Qualifications for Director of Maintenance for Part 135 Operations Adoption of the Amendment AGENCY: List of Subjects in 14 CFR Part 71 In consideration of the foregoing, the Federal Aviation Administration amends 14 CFR part 71 as follows: I PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 Federal Aviation Administration, DOT. ACTION: Final rule; technical amendment. E:\FR\FM\27SER1.SGM 27SER1

Agencies

[Federal Register Volume 72, Number 187 (Thursday, September 27, 2007)]
[Rules and Regulations]
[Pages 54813-54815]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-19062]


=======================================================================
-----------------------------------------------------------------------

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 decrease 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 
September 27, 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 decrease by 50 
basis points the primary credit rate in effect at each of the twelve 
Federal Reserve Banks, thereby decreasing from 5.75 percent to 5.25 
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 decreased from 6.25 percent to 5.75 
percent under the secondary credit rate formula. The final amendments 
to Regulation A reflect these rate changes.
    The 50-basis-point decrease in the primary credit rate was 
associated with a similar decrease in the target for the federal funds 
rate (from 5.25 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:

    Economic growth was moderate during the first half of the year, 
but the tightening of

[[Page 54814]]

credit conditions has the potential to intensify the housing 
correction and to restrain economic growth more generally. Today's 
action is intended to help forestall some of the adverse effects on 
the broader economy that might otherwise arise from the disruptions 
in financial markets and to promote moderate growth over time.
    Readings on core inflation have improved modestly this year. 
However, the Committee judges that some inflation risks remain, and 
it will continue to monitor inflation developments carefully.
    Developments in financial markets since the Committee's last 
regular meeting have increased the uncertainty surrounding the 
economic outlook. The Committee will continue to assess the effects 
of these and other developments on economic prospects and will act 
as needed to foster price stability and sustainable economic growth.

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:

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.........................     5.25  September 18, 2007.
New York.......................     5.25  September 18, 2007.
Philadelphia...................     5.25  September 20, 2007.
Cleveland......................     5.25  September 18, 2007.
Richmond.......................     5.25  September 19, 2007.
Atlanta........................     5.25  September 19, 2007.
Chicago........................     5.25  September 20, 2007.
St. Louis......................     5.25  September 19, 2007.
Minneapolis....................     5.25  September 18, 2007.
Kansas City....................     5.25  September 18, 2007.
Dallas.........................     5.25  September 19, 2007.
San Francisco..................     5.25  September 18, 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.........................     5.75  September 18, 2007.
New York.......................     5.75  September 18, 2007.
Philadelphia...................     5.75  September 20, 2007.
Cleveland......................     5.75  September 18, 2007.
Richmond.......................     5.75  September 19, 2007.
Atlanta........................     5.75  September 19, 2007.
Chicago........................     5.75  September 20, 2007.
St. Louis......................     5.75  September 19, 2007.
Minneapolis....................     5.75  September 18, 2007.
Kansas City....................     5.75  September 18, 2007.
Dallas.........................     6.75  September 19, 2007.
San Francisco..................     6.75  September 18, 2007.
------------------------------------------------------------------------


[[Page 54815]]

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, September 21, 2007.
Robert deV. Frierson,
Deputy Secretary of the Board.
 [FR Doc. E7-19062 Filed 9-26-07; 8:45 am]
BILLING CODE 6210-01-P