Extensions of Credit by Federal Reserve Banks, 5727-5729 [E8-1657]

Download as PDF Federal Register / Vol. 73, No. 21 / Thursday, January 31, 2008 / Rules and Regulations Authority: Sec. 161, 68 Stat. 948, as amended, sec. 274, 73 Stat. 688 (42 U.S.C. 2201, 2021); sec. 201, 88 Stat. 1242, as amended (42 U.S.C. 5841); sec. 1704, 112 Stat. 2750 (44 U.S.C. 3504 note). Sections 150.3, 150.15, 150.15a, 150.31, 150.32 also issued under secs. 11e(2), 81, 68 Stat. 923, 935, as amended, secs. 83, 84, 92 Stat. 3033, 3039 (42 U.S.C. 2014e(2), 2111, 2113, 2114). Section 150.14 also issued under sec. 53, 68 Stat. 930, as amended (42 U.S.C. 2073). Section 150.15 also issued under secs. 135, 141, Pub. L. 97–425, 96 Stat. 2232, 2241 (42 U.S.C. 10155, 10161). Section 150.17a also issued under sec. 122, 68 Stat. 939 (42 U.S.C. 2152). Section 150.30 also issued under sec. 234, 83 Stat. 444 (42 U.S.C. 2282). 87. Section 150.4 is revised to read as follows: I § 150.4 Communications. Except where otherwise specified in this part, all communications and reports concerning the regulations in this part should be sent by mail addressed: ATTN: Document Control Desk, Director, Office of Federal and State Materials and Environmental Management Programs, and sent either by mail to the U.S. Nuclear Regulatory Commission, Washington, DC 20555– 0001; by hand delivery to the NRC’s offices at 11555 Rockville Pike, Rockville, Maryland; or, where practicable, by electronic submission, for example, via Electronic Information Exchange, or CD–ROM. Electronic submissions must be made in a manner that enables the NRC to receive, read, authenticate, distribute, and archive the submission, and process and retrieve it a single page at a time. Detailed guidance on making electronic submissions can be obtained by visiting the NRC’s Web site at http:// www.nrc.gov/site-help/eie.html, by calling (301) 415–6030, by e-mail to EIE@nrc.gov, or by writing the Office of Information Services, U.S. Nuclear Regulatory Commission, Washington, DC 20555–0001. The guidance discusses, among other topics, the formats the NRC can accept, the use of electronic signatures, and the treatment of nonpublic information. 88. In § 150.16, paragraph (b)(2) is revised to read as follows: I the appropriate NRC Regional Office, shown in appendix A to part 73 of this chapter. * * * * * I 89. In § 150.19, paragraph (c) is revised to read as follows: § 150.19 Submission to Commission of tritium reports. * * * * * (c) Except as specified in paragraph (d) of this section, each person who, pursuant to an Agreement State license, is authorized to possess tritium shall report promptly to the appropriate NRC Regional Office as shown in appendix D of part 20 of this chapter by telephone and telegraph, mailgram, or facsimile any incident in which an attempt has been made or is believed to have been made to commit a theft or unlawful diversion of more than 10 curies of such material at any one time or 100 curies of such material in any one calendar year. The initial report must be followed within a period of fifteen days by a written report that sets forth the details of the incident and its consequences. The report must be submitted to the Director, Office of Federal and State Materials and Environmental Management Programs, using an appropriate method listed in § 150.4, with a copy to the appropriate NRC Regional Office as shown in appendix A to part 73 of this chapter. Subsequent to the submission of the written report required by this paragraph, each person subject to the provisions of this paragraph shall promptly inform the appropriate NRC Regional Office by means of a written report of any substantive additional information, which becomes available to such person, concerning an attempted or apparent theft or unlawful diversion of tritium. * * * * * Dated at Rockville, Maryland, this 18th day of January, 2008. For the Nuclear Regulatory Commission. Luis A. Reyes, Executive Director for Operations. [FR Doc. E8–1646 Filed 1–30–08; 8:45 am] BILLING CODE 7590–01–P § 150.16 Submission to Commission of nuclear material transfer reports. pwalker on PROD1PC71 with RULES * * * * * (b) * * * (2) Within 15 days, the licensee shall follow the initial report with a written report that sets forth the details of the incident. The report must be sent by an appropriate method listed in § 150.4 to the Director, Office of Federal and State Materials and Environmental Management Programs, with a copy to VerDate Aug<31>2005 17:48 Jan 30, 2008 Jkt 214001 FEDERAL RESERVE SYSTEM 12 CFR Part 201 [Regulation A] Extensions of Credit by Federal Reserve Banks Board of Governors of the Federal Reserve System. AGENCY: PO 00000 Frm 00019 Fmt 4700 Sfmt 4700 ACTION: 5727 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 January 31, 2008. 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 75 basis points the primary credit rate in effect at each of the twelve Federal Reserve Banks, thereby decreasing from 4.75 percent to 4.00 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 5.25 percent to 4.50 percent under the secondary credit rate formula. The final amendments to Regulation A reflect these rate changes. The 75-basis-point decrease in the primary credit rate was associated with a similar decrease in the target for the federal funds rate (from 4.25 percent to 3.50 percent) approved by the Federal Open Market Committee (Committee) and announced at the same time. A press release announcing these actions indicated that: The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have E:\FR\FM\31JAR1.SGM 31JAR1 5728 Federal Register / Vol. 73, No. 21 / Thursday, January 31, 2008 / Rules and Regulations eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets. The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully. Appreciable downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks. 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 pwalker on PROD1PC71 with RULES Boston .............................................................................................................................................................. New York ......................................................................................................................................................... Philadelphia ..................................................................................................................................................... Cleveland ......................................................................................................................................................... Richmond ......................................................................................................................................................... Atlanta .............................................................................................................................................................. Chicago ............................................................................................................................................................ St. Louis ........................................................................................................................................................... Minneapolis ...................................................................................................................................................... Kansas City ...................................................................................................................................................... Dallas ............................................................................................................................................................... San Francisco .................................................................................................................................................. VerDate Aug<31>2005 17:48 Jan 30, 2008 Jkt 214001 January January January January January January January January January January January January 22, 22, 22, 22, 22, 24, 22, 23, 22, 24, 22, 22, 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. 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 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Effective advances and discounts made under the primary, PO 00000 Frm 00020 Fmt 4700 Sfmt 4700 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 Effective January January January January January January January January January January January January 22, 22, 22, 22, 22, 24, 22, 23, 22, 24, 22, 22, secondary, and seasonal credit programs, respectively. E:\FR\FM\31JAR1.SGM 31JAR1 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. 2008. Federal Register / Vol. 73, No. 21 / Thursday, January 31, 2008 / Rules and Regulations * * * * * Discussion By order of the Board of Governors of the Federal Reserve System, January 25, 2008. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E8–1657 Filed 1–30–08; 8:45 am] BILLING CODE 6210–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR part 39 to include an AD that would apply to the specified products. That NPRM was published in the Federal Register on November 14, 2007 (72 FR 64010) and proposed to supersede AD 83–02–02, Amendment 39–4553. That NPRM proposed to correct an unsafe condition for the specified products. The MCAI states that: 14 CFR Part 39 [Docket No. FAA–2007–27192; Directorate Identifier 2007–CE–008–AD; Amendment 39–15350; AD 2008–03–01] Certain structural components must be replaced by new components at a certain stage of the aircraft’s life to avoid any possibility of fatigue failure. Comments RIN 2120–AA64 Airworthiness Directives; Viking Air Limited Model DHC–6 Series Airplanes Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule. AGENCY: Conclusion SUMMARY: We are superseding an existing airworthiness directive (AD) for the products listed above. This AD results from mandatory continuing airworthiness information (MCAI) issued by an aviation authority of another country to identify and correct an unsafe condition on an aviation product. The MCAI describes the unsafe condition as: pwalker on PROD1PC71 with RULES Certain structural components must be replaced by new components at a certain stage of the aircraft’s life to avoid any possibility of fatigue failure. We are issuing this AD to require actions to correct the unsafe condition on these products. DATES: This AD becomes effective March 6, 2008. As of March 6, 2008, the Director of the Federal Register approved the incorporation by reference of certain publications listed in this AD. ADDRESSES: You may examine the AD docket on the Internet at http:// www.regulations.gov or in person at the Docket Management Facility, U.S. Department of Transportation, Docket Operations, M–30, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue, SE., Washington, DC 20590. FOR FURTHER INFORMATION CONTACT: George Duckett, Aerospace Engineer, 1600 Stewart Avenue, suite 410, Westbury, New York 11590; telephone: (516) 228–7325; fax: (516) 794–5531. SUPPLEMENTARY INFORMATION: VerDate Aug<31>2005 17:48 Jan 30, 2008 Jkt 214001 We gave the public the opportunity to participate in developing this AD. We received no comments on the NPRM or on the determination of the cost to the public. We reviewed the available data and determined that air safety and the public interest require adopting the AD as proposed. 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. We might also have required different actions in this AD from those in the MCAI in order to follow FAA policies. Any such differences are highlighted in a NOTE within the AD. Costs of Compliance We estimate that this AD will affect 166 products of U.S. registry. We also estimate that it will take about 30 workhours per product to comply with basic requirements of this AD. The average labor rate is $80 per work-hour. Required parts will cost about $988 per product. Based on these figures, we estimate the cost of this AD to the U.S. operators to be $562,408 or $3,388 per product. Authority for This Rulemaking Title 49 of the United States Code specifies the FAA’s authority to issue rules on aviation safety. Subtitle I, section 106, describes the authority of the FAA Administrator. ‘‘Subtitle VII: PO 00000 Frm 00021 Fmt 4700 Sfmt 4700 5729 Aviation Programs,’’ describes in more detail the scope of the Agency’s authority. We are issuing this rulemaking under the authority described in ‘‘Subtitle VII, Part A, Subpart III, Section 44701: General requirements.’’ Under that section, Congress charges the FAA with promoting safe flight of civil aircraft in air commerce by prescribing regulations for practices, methods, and procedures the Administrator finds necessary for safety in air commerce. This regulation is within the scope of that authority because it addresses an unsafe condition that is likely to exist or develop on products identified in this rulemaking action. Regulatory Findings We determined that this AD will not have federalism implications under Executive Order 13132. This AD will not have a substantial direct effect on the States, on the relationship between the national government and the States, or on the distribution of power and responsibilities among the various levels of government. For the reasons discussed above, I certify this AD: (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) Will not have a significant economic impact, positive or negative, on a substantial number of small entities under the criteria of the Regulatory Flexibility Act. We prepared a regulatory evaluation of the estimated costs to comply with this AD and placed it in the AD Docket. Examining the AD Docket You may examine the AD docket on the Internet at http:// 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 the NPRM, 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. List of Subjects in 14 CFR Part 39 Air transportation, Aircraft, Aviation safety, Incorporation by reference, Safety. Adoption of the Amendment Accordingly, under the authority delegated to me by the Administrator, I E:\FR\FM\31JAR1.SGM 31JAR1

Agencies

[Federal Register Volume 73, Number 21 (Thursday, January 31, 2008)]
[Rules and Regulations]
[Pages 5727-5729]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-1657]


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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 January 
31, 2008. 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 75 
basis points the primary credit rate in effect at each of the twelve 
Federal Reserve Banks, thereby decreasing from 4.75 percent to 4.00 
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 5.25 percent to 4.50 
percent under the secondary credit rate formula. The final amendments 
to Regulation A reflect these rate changes.
    The 75-basis-point decrease in the primary credit rate was 
associated with a similar decrease in the target for the federal funds 
rate (from 4.25 percent to 3.50 percent) approved by the Federal Open 
Market Committee (Committee) and announced at the same time. A press 
release announcing these actions indicated that:

    The Committee took this action in view of a weakening of the 
economic outlook and increasing downside risks to growth. While 
strains in short-term funding markets have

[[Page 5728]]

eased somewhat, broader financial market conditions have continued 
to deteriorate and credit has tightened further for some businesses 
and households. Moreover, incoming information indicates a deepening 
of the housing contraction as well as some softening in labor 
markets.
    The Committee expects inflation to moderate in coming quarters, 
but it will be necessary to continue to monitor inflation 
developments carefully.
    Appreciable downside risks to growth remain. The Committee will 
continue to assess the effects of financial and other developments 
on economic prospects and will act in a timely manner as needed to 
address those risks.

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........................         4.00  January 22, 2008.
New York......................         4.00  January 22, 2008.
Philadelphia..................         4.00  January 22, 2008.
Cleveland.....................         4.00  January 22, 2008.
Richmond......................         4.00  January 22, 2008.
Atlanta.......................         4.00  January 24, 2008.
Chicago.......................         4.00  January 22, 2008.
St. Louis.....................         4.00  January 23, 2008.
Minneapolis...................         4.00  January 22, 2008.
Kansas City...................         4.00  January 24, 2008.
Dallas........................         4.00  January 22, 2008.
San Francisco.................         4.00  January 22, 2008.
------------------------------------------------------------------------

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

------------------------------------------------------------------------
     Federal Reserve Bank           Rate              Effective
------------------------------------------------------------------------
Boston........................         4.50  January 22, 2008.
New York......................         4.50  January 22, 2008.
Philadelphia..................         4.50  January 22, 2008.
Cleveland.....................         4.50  January 22, 2008.
Richmond......................         4.50  January 22, 2008.
Atlanta.......................         4.50  January 24, 2008.
Chicago.......................         4.50  January 22, 2008.
St. Louis.....................         4.50  January 23, 2008.
Minneapolis...................         4.50  January 22, 2008.
Kansas City...................         4.50  January 24, 2008.
Dallas........................         4.50  January 22, 2008.
San Francisco.................         4.50  January 22, 2008.
------------------------------------------------------------------------


[[Page 5729]]

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, January 25, 2008.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E8-1657 Filed 1-30-08; 8:45 am]
BILLING CODE 6210-01-P