Extensions of Credit by Federal Reserve Banks, 63097-63098 [E7-21889]
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63097
Rules and Regulations
Federal Register
Vol. 72, No. 216
Thursday, November 8, 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.
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:
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 November 8,
2007. The rate changes for primary and
secondary credit were effective on the
dates specified in 12 CFR 201.51, as
amended.
SUMMARY:
rwilkins on PROD1PC63 with RULES
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.
VerDate Aug<31>2005
18:04 Nov 07, 2007
Jkt 214001
The Board approved requests by the
Reserve Banks to decrease by 25 basis
points the primary credit rate in effect
at each of the twelve Federal Reserve
Banks, thereby decreasing from 5.25
percent to 5.00 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 5.75 percent to 5.50
percent under the secondary credit rate
formula. The final amendments to
Regulation A reflect these rate changes.
The 25-basis-point decrease in the
primary credit rate was associated with
a similar decrease in the target for the
federal funds rate (from 4.75 percent to
4.50 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 solid in the third
quarter, and strains in financial markets have
eased somewhat on balance. However, the
pace of economic expansion will likely slow
in the near term, partly reflecting the
intensification of the housing correction.
Today’s action, combined with the policy
action taken in September, should help
forestall some of the adverse effects on the
broader economy that might otherwise arise
from the disruptions in financial markets and
promote moderate growth over time.
Readings on core inflation have improved
modestly this year, but recent increases in
energy and commodity prices, among other
factors, may put renewed upward pressure
on inflation. In this context, the Committee
judges that some inflation risks remain, and
it will continue to monitor inflation
developments carefully.
The Committee judges that, after this
action, the upside risks to inflation roughly
balance the downside risks to growth. The
Committee will continue to assess the effects
of financial 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.
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
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
Effective
Boston ................
5.00
New York ...........
Philadelphia ........
5.00
5.00
Cleveland ...........
5.00
Richmond ...........
5.00
November 1,
2007.
October 31, 2007.
November 1,
2007.
November 1,
2007.
October 31, 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.
E:\FR\FM\08NOR1.SGM
08NOR1
63098
Federal Register / Vol. 72, No. 216 / Thursday, November 8, 2007 / Rules and Regulations
Federal Reserve
Bank
Rate
Effective
Atlanta ................
Chicago ..............
St. Louis .............
5.00
5.00
5.00
Minneapolis ........
5.00
Kansas City ........
5.00
Dallas .................
5.00
San Francisco ....
5.00
October 31, 2007.
October 31, 2007.
November 1,
2007.
November 1,
2007.
November 1,
2007.
November 1,
2007.
October 31, 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 ................
5.50
New York ...........
Philadelphia ........
5.50
5.50
Cleveland ...........
5.50
Richmond ...........
Atlanta ................
Chicago ..............
St. Louis .............
5.50
5.50
5.50
5.50
Minneapolis ........
5.50
Kansas City ........
5.50
Dallas .................
5.50
San Francisco ....
5.50
November 1,
2007.
October 31, 2007.
November 1,
2007.
November 1,
2007.
October 31, 2007.
October 31, 2007.
October 31, 2007.
November 1,
2007.
November 1,
2007.
November 1,
2007.
November 1,
2007.
October 31, 2007.
*
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System, November 2, 2007.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7–21889 Filed 11–7–07; 8:45 am]
BILLING CODE 6210–01–P
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2007–0158; Directorate
Identifier 2007–CE–081–AD; Amendment
39–15253; AD 2007–23–07]
RIN 2120–AA64
Airworthiness Directives; EADS
SOCATA Model TBM 700 Airplanes
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule; request for
comments.
rwilkins on PROD1PC63 with RULES
AGENCY:
SUMMARY: We are adopting a new
airworthiness directive (AD) for the
18:04 Nov 07, 2007
This Airworthiness Directive (AD) results
from one report of main landing gear wheel
attaching nut partly unscrewed on a TBM
850 what has generated a loss of braking and
which could lead to a wheel loss. The
investigation revealed that this incident was
due to a wheel axle machining issue,
concerning a few production batches.
This AD requires actions that are
intended to address the unsafe
condition described in the MCAI.
DATES: This AD becomes effective
November 28, 2007.
On November 28, 2007, the Director
of the Federal Register approved the
incorporation by reference of certain
publications listed in this AD.
We must receive comments on this
AD by December 10, 2007.
ADDRESSES: You may send comments by
any of the following methods:
• Federal eRulemaking Portal: Go to
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Fax: (202) 493–2251.
• Mail: U.S. Department of
Transportation, Docket Operations,
M–30, West Building Ground Floor,
Room W12–140, 1200 New Jersey
Avenue, SE., Washington, DC 20590.
• Hand Delivery: U.S. Department of
Transportation, Docket Operations,
M–30, West Building Ground Floor,
Room W12–140, 1200 New Jersey
Avenue, SE., Washington, DC 20590,
between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
Examining the AD Docket
DEPARTMENT OF TRANSPORTATION
VerDate Aug<31>2005
products listed above. This AD results
from mandatory continuing
airworthiness information (MCAI)
issued by the aviation authority of
another country to identify and correct
an unsafe condition on an aviation
product. The MCAI describes the unsafe
condition as:
Jkt 214001
You may examine the AD docket on
the Internet at https://
www.regulations.gov; or in person at the
Docket Management Facility between 9
a.m. and 5 p.m., Monday through
Friday, except Federal holidays. The AD
docket contains this AD, the regulatory
evaluation, any comments received, and
other information. The street address for
the Docket Office (telephone (800) 647–
5527) is in the ADDRESSES section.
Comments will be available in the AD
docket shortly after receipt.
FOR FURTHER INFORMATION CONTACT:
Albert J. Mercado, Aerospace Engineer,
FAA, Small Airplane Directorate, 901
Locust, Room 301, Kansas City,
Missouri, 64106; telephone: (816) 329–
4119; facsimile: (816) 329–4090.
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
Discussion
´ ´
The Direction generale de l’aviation
civile (DGAC), which is the aviation
authority for France, has issued
Emergency AD No. CN UF–2007–015—
EADS SOCATA—TBM 700, dated
September 20, 2007 (referred to after
this as ‘‘the MCAI’’), to correct an unsafe
condition for the specified products.
The MCAI states:
This Airworthiness Directive (AD) results
from one report of main landing gear wheel
attaching nut partly unscrewed on a TBM
850 what has generated a loss of braking and
which could lead to wheel loss. The
investigation revealed that this incident was
due to a wheel axle machining issue,
concerning a few production batches.
The MCAI requires you to inspect the
main landing gear (MLG) wheel axles to
determine that batch number. If the
batch number is one affected by this AD,
you are required to inspect the axle for
conformity and replace the lockwasher
if necessary.
You may obtain further information
by examining the MCAI in the AD
docket.
Relevant Service Information
EADS SOCATA has issued TBM
Aircraft Mandatory Service Bulletin
Number SB 70–151, Amendment 1,
dated September 2007. The actions
described in this service information are
intended to correct the unsafe condition
identified in the MCAI.
FAA’s Determination and Requirements
of the AD
This product has been approved by
the aviation authority of another
country, and is approved for operation
in the United States. Pursuant to our
bilateral agreement with this State of
Design Authority, they have notified us
of the unsafe condition described in the
MCAI and service information
referenced above. We are issuing this
AD because we evaluated all
information provided by the State of
Design Authority and determined the
unsafe condition exists and is likely to
exist or develop on other products of the
same type design.
Differences Between This AD and the
MCAI or Service Information
We have reviewed the MCAI and
related service information and, in
general, agree with their substance. But
we might have found it necessary to use
different words from those in the MCAI
to ensure the AD is clear for U.S.
operators and is enforceable. In making
these changes, we do not intend to differ
substantively from the information
provided in the MCAI and related
service information.
E:\FR\FM\08NOR1.SGM
08NOR1
]]>Agencies
[Federal Register Volume 72, Number 216 (Thursday, November 8, 2007)]
[Rules and Regulations]
[Pages 63097-63098]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-21889]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
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.
========================================================================
Federal Register / Vol. 72, No. 216 / Thursday, November 8, 2007 /
Rules and Regulations
[[Page 63097]]
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 November
8, 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 25
basis points the primary credit rate in effect at each of the twelve
Federal Reserve Banks, thereby decreasing from 5.25 percent to 5.00
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 5.75 percent to 5.50
percent under the secondary credit rate formula. The final amendments
to Regulation A reflect these rate changes.
The 25-basis-point decrease in the primary credit rate was
associated with a similar decrease in the target for the federal funds
rate (from 4.75 percent to 4.50 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 solid in the third quarter, and strains in
financial markets have eased somewhat on balance. However, the pace
of economic expansion will likely slow in the near term, partly
reflecting the intensification of the housing correction. Today's
action, combined with the policy action taken in September, should
help forestall some of the adverse effects on the broader economy
that might otherwise arise from the disruptions in financial markets
and promote moderate growth over time.
Readings on core inflation have improved modestly this year, but
recent increases in energy and commodity prices, among other
factors, may put renewed upward pressure on inflation. In this
context, the Committee judges that some inflation risks remain, and
it will continue to monitor inflation developments carefully.
The Committee judges that, after this action, the upside risks
to inflation roughly balance the downside risks to growth. The
Committee will continue to assess the effects of financial 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............................. 5.00 November 1, 2007.
New York........................... 5.00 October 31, 2007.
Philadelphia....................... 5.00 November 1, 2007.
Cleveland.......................... 5.00 November 1, 2007.
Richmond........................... 5.00 October 31, 2007.
[[Page 63098]]
Atlanta............................ 5.00 October 31, 2007.
Chicago............................ 5.00 October 31, 2007.
St. Louis.......................... 5.00 November 1, 2007.
Minneapolis........................ 5.00 November 1, 2007.
Kansas City........................ 5.00 November 1, 2007.
Dallas............................. 5.00 November 1, 2007.
San Francisco...................... 5.00 October 31, 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............................. 5.50 November 1, 2007.
New York........................... 5.50 October 31, 2007.
Philadelphia....................... 5.50 November 1, 2007.
Cleveland.......................... 5.50 November 1, 2007.
Richmond........................... 5.50 October 31, 2007.
Atlanta............................ 5.50 October 31, 2007.
Chicago............................ 5.50 October 31, 2007.
St. Louis.......................... 5.50 November 1, 2007.
Minneapolis........................ 5.50 November 1, 2007.
Kansas City........................ 5.50 November 1, 2007.
Dallas............................. 5.50 November 1, 2007.
San Francisco...................... 5.50 October 31, 2007.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, November 2, 2007.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7-21889 Filed 11-7-07; 8:45 am]
BILLING CODE 6210-01-P
