Extensions of Credit by Federal Reserve Banks, 5727-5729 [E8-1657]
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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 https://
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.
*
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*
*
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.
*
*
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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
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(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
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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 https://
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 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 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]
=======================================================================
-----------------------------------------------------------------------
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
