Extensions of Credit by Federal Reserve Banks, 71756-71757 [E7-24567]
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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:
https://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]
=======================================================================
-----------------------------------------------------------------------
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
