Extensions of Credit by Federal Reserve Banks, 71756-71757 [E7-24567]

Download as PDF 71756 Federal Register / Vol. 72, No. 243 / Wednesday, December 19, 2007 / Rules and Regulations For the Nuclear Regulatory Commission. Luis A. Reyes, Executive Director for Operations. [FR Doc. E7–24478 Filed 12–18–07; 8:45 am] BILLING CODE 7590–01–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. mstockstill on PROD1PC66 with RULES 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 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 December 19, 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 5.00 percent to 4.75 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 VerDate Aug<31>2005 17:31 Dec 18, 2007 Jkt 214001 decreased from 5.50 percent to 5.25 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 4.50 percent to 4.25 percent) approved by the Federal Open Market Committee (Committee) and announced at the same time. A press release announcing these actions indicated that: Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending. Moreover, strains in financial markets have increased in recent weeks. Today’s action, combined with the policy actions taken earlier, should help promote moderate growth over time. Readings on core inflation have improved modestly this year, but elevated energy and commodity prices, among other factors, may put upward pressure on inflation. In this context, the Committee judges that some inflation risks remain, and it will continue to monitor inflation developments carefully. Recent developments, including the deterioration in financial market conditions, have increased the uncertainty surrounding the outlook for economic growth and inflation. 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). PO 00000 Frm 00014 Fmt 4700 Sfmt 4700 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 Boston ........... New York ...... Philadelphia .. Cleveland ...... Richmond ...... Atlanta ........... Chicago ......... St. Louis ........ Minneapolis ... Kansas City .. Dallas ............ San Francisco Rate 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 Effective December December December December December December December December December December December December 12, 11, 11, 11, 11, 11, 11, 12, 12, 13, 12, 11, 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: Federal Reserve Bank Rate Effective Boston ........... New York ...... Philadelphia .. Cleveland ...... Richmond ...... Atlanta ........... Chicago ......... St. Louis ........ Minneapolis ... Kansas City .. Dallas ............ San Francisco 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 December December December December December December December December December December December December * * * * * 12, 11, 11, 11, 11, 11, 11, 12, 12, 13, 12, 11, 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007. 2007 2007. 2007. 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\19DER1.SGM 19DER1 Federal Register / Vol. 72, No. 243 / Wednesday, December 19, 2007 / Rules and Regulations By order of the Board of Governors of the Federal Reserve System, December 14, 2007. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E7–24567 Filed 12–18–07; 8:45 am] BILLING CODE 6210–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 71 [Docket No. FAA–2007–29011; Airspace Docket No. 07–AAL–14] Revision of Class D and E Airspace; Kenai, AK Federal Aviation Administration (FAA), DOT. ACTION: Final rule. AGENCY: SUMMARY: This action revises Class D and E airspace at Kenai, AK to provide adequate controlled airspace to contain aircraft executing Standard Instrument Approach Procedures (SIAPs). Five SIAPs are being amended for the Kenai Municipal Airport at Kenai, AK. Additionally, one textual departure procedure (DP) is being amended. This action revises existing Class D and E airspace upward from the surface, from 700 feet (ft.) and 1,200 ft. above the surface at the Kenai Municipal Airport, Kenai, AK. DATES: Effective Date: 0901 UTC, February 14, 2008. The Director of the Federal Register approves this incorporation by reference action under title 1, Code of Federal Regulations, part 51, subject to the annual revision of FAA Order 7400.9 and publication of conforming amendments. FOR FURTHER INFORMATION CONTACT: Gary Rolf, AAL–538G, Federal Aviation Administration, 222 West 7th Avenue, Box 14, Anchorage, AK 99513–7587; telephone number (907) 271–5898; fax: (907) 271–2850; e-mail: gary.ctr.rolf@faa.gov. Internet address: http://www.alaska.faa.gov/at. SUPPLEMENTARY INFORMATION: mstockstill on PROD1PC66 with RULES History On Tuesday, October 16, 2007, the FAA proposed to amend part 71 of the Federal Aviation Regulations (14 CFR part 71) to revise Class D and E airspace upward from the surface, from 700 ft. above the surface and from 1,200 ft. above the surface at Kenai, AK (72 FR 58561). The action was proposed in order to create Class D and E airspace sufficient in size to contain aircraft while executing SIAPs for the Kenai Municipal Airport. The Notice of VerDate Aug<31>2005 17:31 Dec 18, 2007 Jkt 214001 Proposed Rulemaking contained an incorrect mileage annotation in the Class E5 description. It is corrected in this rule. Additionally, the Class E2 surface area was omitted, which has the same dimension as the Class D airspace. It should have been included and is addressed in this rule. Class D and E controlled airspace extending upward from the surface, from 700 ft. above the surface and from 1,200 ft. above the surface, in the Kenai Municipal Airport area is revised by this action. Interested parties were invited to participate in this rulemaking proceeding by submitting written comments on the proposal to the FAA. No comments were received. The rule is adopted as proposed with the correction to the mileage annotation and the inclusion of the Class E2 airspace description. The area will be depicted on aeronautical charts for pilot reference. The coordinates for this airspace docket are based on North American Datum 83. Class D airspace is published in paragraph 5000 of FAA Order 7400.9R, Airspace Designations and Reporting Points, signed August 15, 2007, and effective September 15, 2007, which is incorporated by reference in 14 CFR 71.1. The Class E airspace areas designated as surface areas are published in paragraph 6002 and 6004 of FAA Order 7400.9R, Airspace Designations and Reporting Points, signed August 15, 2007, and effective September 15, 2007, which is incorporated by reference in 14 CFR 71.1. The Class E airspace areas designated as 700/1,200 ft. transition areas are published in paragraph 6005 of FAA Order 7400.9R, Airspace Designations and Reporting Points, signed August 15, 2007, and effective September 15, 2007, which is incorporated by reference in 14 CFR 71.1. The Class D and E airspace designations listed in this document will be published subsequently in the Order. The Rule This amendment to 14 CFR part 71 revises Class D and E airspace at the Kenai Municipal Airport, Alaska. This Class D and E airspace is revised to accommodate aircraft executing amended SIAPs, and will be depicted on aeronautical charts for pilot reference. The intended effect of this rule is to provide adequate controlled airspace for Instrument Flight Rules (IFR) operations at the Kenai Municipal Airport, Kenai, Alaska. The FAA has determined that this regulation only involves an established body of technical regulations for which PO 00000 Frm 00015 Fmt 4700 Sfmt 4700 71757 frequent and routine amendments are necessary to keep them operationally current. It, therefore—(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 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 1, 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 1, section 40103, Sovereignty and use of airspace. Under that section, the FAA is charged with prescribing regulations to ensure the safe and efficient use of the navigable airspace. This regulation is within the scope of that authority because it creates Class D and E airspace sufficient in size to contain aircraft executing instrument procedures for the Kenai Municipal Airport and represents the FAA’s continuing effort to safely and efficiently use the navigable airspace. List of Subjects in 14 CFR Part 71 Airspace, Incorporation by reference, Navigation (air). Adoption of the Amendment In consideration of the foregoing, the Federal Aviation Administration amends 14 CFR part 71 as follows: I PART 71—DESIGNATION OF CLASS A, CLASS B, CLASS C, CLASS D, AND CLASS E AIRSPACE AREAS; AIRWAYS; 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 71.1 of Federal Aviation Administration Order 7400.9R, Airspace Designations and Reporting Points, signed August 15, 2007, and effective I E:\FR\FM\19DER1.SGM 19DER1

Agencies

[Federal Register Volume 72, Number 243 (Wednesday, December 19, 2007)]
[Rules and Regulations]
[Pages 71756-71757]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24567]


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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 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 December 
19, 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 5.00 percent to 4.75 
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 5.50 percent to 5.25 
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 4.50 percent to 4.25 percent) approved by the Federal Open 
Market Committee (Committee) and announced at the same time. A press 
release announcing these actions indicated that:
    Incoming information suggests that economic growth is slowing, 
reflecting the intensification of the housing correction and some 
softening in business and consumer spending. Moreover, strains in 
financial markets have increased in recent weeks. Today's action, 
combined with the policy actions taken earlier, should help promote 
moderate growth over time.
    Readings on core inflation have improved modestly this year, but 
elevated energy and commodity prices, among other factors, may put 
upward pressure on inflation. In this context, the Committee judges 
that some inflation risks remain, and it will continue to monitor 
inflation developments carefully.
    Recent developments, including the deterioration in financial 
market conditions, have increased the uncertainty surrounding the 
outlook for economic growth and inflation. 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...........................    4.75  December 12, 2007.
New York.........................    4.75  December 11, 2007.
Philadelphia.....................    4.75  December 11, 2007.
Cleveland........................    4.75  December 11, 2007.
Richmond.........................    4.75  December 11, 2007.
Atlanta..........................    4.75  December 11, 2007.
Chicago..........................    4.75  December 11, 2007.
St. Louis........................    4.75  December 12, 2007.
Minneapolis......................    4.75  December 12, 2007.
Kansas City......................    4.75  December 13, 2007.
Dallas...........................    4.75  December 12, 2007.
San Francisco....................    4.75  December 11, 2007.
------------------------------------------------------------------------

    (b) Secondary credit. The interest rates for secondary credit 
provided to depository institutions under Sec.  201.4(b) are:

------------------------------------------------------------------------
       Federal Reserve Bank         Rate             Effective
------------------------------------------------------------------------
Boston...........................    5.25  December 12, 2007.
New York.........................    5.25  December 11, 2007.
Philadelphia.....................    5.25  December 11, 2007.
Cleveland........................    5.25  December 11, 2007.
Richmond.........................    5.25  December 11, 2007.
Atlanta..........................    5.25  December 11, 2007.
Chicago..........................    5.25  December 11, 2007.
St. Louis........................    5.25  December 12, 2007.
Minneapolis......................    5.25  December 12, 2007
Kansas City......................    5.25  December 13, 2007.
Dallas...........................    5.25  December 12, 2007.
San Francisco....................    5.25  December 11, 2007.
------------------------------------------------------------------------

* * * * *


[[Page 71757]]


    By order of the Board of Governors of the Federal Reserve 
System, December 14, 2007.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7-24567 Filed 12-18-07; 8:45 am]
BILLING CODE 6210-01-P