Extensions of Credit by Federal Reserve Banks, 15861-15862 [E8-6107]
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15861
Rules and Regulations
Federal Register
Vol. 73, No. 59
Wednesday, March 26, 2008
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents. Prices of
new books are listed in the first FEDERAL
REGISTER issue of each week.
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Regulation A]
Extensions of Credit by Federal
Reserve Banks
Federal Reserve
Bank
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
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 reduction 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 March 26,
2008. The rate changes for primary and
secondary credit were effective on the
dates specified in 12 CFR 201.51, as
amended.
sroberts on PROD1PC70 with RULES
FOR FURTHER INFORMATION CONTACT:
Jennifer J. Johnson, Secretary of the
Board (202/452–3259); for users of
Telecommunication Devices for the Deaf
(TDD) only, contact 202/263–4869.
SUPPLEMENTARY INFORMATION: The
Federal Reserve Banks make primary
and secondary credit available to
depository institutions as a backup
source of funding on a short-term basis,
usually overnight. The primary and
secondary credit rates are the interest
rates that the twelve Federal Reserve
Banks charge for extensions of credit
under these programs. In accordance
with the Federal Reserve Act, the
primary and secondary credit rates are
established by the boards of directors of
the Federal Reserve Banks, subject to
the review and determination of the
Board.
VerDate Aug<31>2005
16:40 Mar 25, 2008
Jkt 214001
On the dates listed below, the Board
approved requests by eight Reserve
Banks to reduce by 25 basis points the
primary credit rate in effect at those
Federal Reserve Banks, thereby
decreasing from 3.50 percent to 3.25
percent the rate that each of those
Reserve Banks charged for extensions of
primary credit. As a result of the Board’s
action on the primary credit rate, the
rate that each of those Reserve Banks
charged for extensions of secondary
credit automatically decreased from
4.00 percent to 3.75 percent under the
secondary credit rate formula. The rate
changes for primary and secondary
credit were effective on the dates
specified in the following tables.
Primary credit under 12 CFR 201.4(a)
Boston ...............
New York ..........
Cleveland ..........
Richmond ..........
Chicago .............
Minneapolis .......
Kansas City .......
San Francisco ...
Rate
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
Effective
March
March
March
March
March
March
March
March
17,
16,
17,
17,
17,
17,
17,
17,
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
Secondary credit under 12 CFR
201.4(b)
Federal Reserve
Bank
Boston ...............
New York ..........
Cleveland ..........
Richmond ..........
Chicago .............
Minneapolis .......
Kansas City .......
San Francisco ...
Rate
3.75
3.75
3.75
3.75
3.75
3.75
3.75
3.75
Effective
March
March
March
March
March
March
March
March
17,
16,
17,
17,
17,
17,
17,
17,
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
The Board’s action narrowed the
spread between the primary credit rate
and the Federal Open Market
Committee’s target federal funds rate to
25 basis points. As indicated in the
Board’s press release announcing this
action, the changes to the primary credit
discount window facility were intended
to bolster market liquidity and promote
orderly market functioning. In addition,
the press release stated that the Board
had approved an increase in the
maximum maturity of primary credit
loans to 90 days from 30 days.
Subsequently, the Board approved
requests by each of the twelve Federal
Reserve Banks to decrease the primary
credit rate in effect at each of the
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
Reserve Banks to 2.50 percent. 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 to 3.00 percent under the
secondary credit rate formula. The final
amendments to Regulation A reflect
these rate changes.
The decrease in the primary credit
rate was associated with a similar
decrease in the target for the federal
funds rate (from 3.00 percent to 2.25
percent) approved by the Federal Open
Market Committee (Committee) and
announced at the same time. A press
release announcing these actions noted
that:
Recent information indicates that the
outlook for economic activity has weakened
further. Growth in consumer spending has
slowed and labor markets have softened.
Financial markets remain under considerable
stress, and the tightening of credit conditions
and the deepening of the housing contraction
are likely to weigh on economic growth over
the next few quarters.
Inflation has been elevated, and some
indicators of inflation expectations have
risen. The Committee expects inflation to
moderate in coming quarters, reflecting a
projected leveling-out of energy and other
commodity prices and an easing of pressures
on resource utilization. Still, uncertainty
about the inflation outlook has increased. It
will be necessary to continue to monitor
inflation developments carefully.
Today’s policy action, combined with
those taken earlier, including measures to
foster market liquidity, should help to
promote moderate growth over time and to
mitigate the risks to economic activity.
However, downside risks to growth remain.
The Committee will act in a timely manner
as needed to promote sustainable economic
growth and price stability.
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
E:\FR\FM\26MRR1.SGM
26MRR1
15862
Federal Register / Vol. 73, No. 59 / Wednesday, March 26, 2008 / Rules and Regulations
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).
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve
System, Reporting and recordkeeping.
Federal Reserve
Bank
Rate
Cleveland ..........
Richmond ..........
Atlanta ...............
Chicago .............
St. Louis ............
Minneapolis .......
Kansas City .......
Dallas ................
San Francisco ...
*
*
*
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
*
Effective
March
March
March
March
March
March
March
March
March
18,
19,
19,
18,
19,
19,
18,
18,
18,
*
By order of the Board of Governors of the
Federal Reserve System, March 21, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E8–6107 Filed 3–25–08; 8:45 am]
Authority and Issuance
For the reasons set forth in the
preamble, the Board is amending 12
CFR Chapter II as follows:
I
BILLING CODE 6210–02–P
PART 201—EXTENSIONS OF CREDIT
BY FEDERAL RESERVE BANKS
(REGULATION A)
DEPARTMENT OF TRANSPORTATION
I
1. The authority citation for part 201
continues to read as follows:
Federal Aviation Administration
Authority: 12 U.S.C. 248(i)–(j), 343 et seq.,
347a, 347b, 347c, 348 et seq., 357, 374, 374a,
and 461.
14 CFR Part 39
2. In § 201.51, paragraphs (a) and (b)
are revised to read as follows:
I
(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
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
Effective
March
March
March
March
March
March
March
March
March
March
March
March
18,
18,
20,
18,
19,
19,
18,
19,
19,
18,
18,
18,
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
(b) Secondary credit. The interest
rates for secondary credit provided to
depository institutions under 201.4(b)
are:
Federal Reserve
Bank
Boston ...............
New York ..........
Philadelphia ......
Rate
3.00
3.00
3.00
Effective
March 18, 2008.
March 18, 2008.
March 20, 2008.
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.
VerDate Aug<31>2005
16:40 Mar 25, 2008
Jkt 214001
[Docket No. FAA–2008–0340; Directorate
Identifier 2008–CE–020–AD; Amendment
39–15440; AD 2008–06–28]
RIN 2120–AA64
§ 201.51 Interest rates applicable to credit
extended by a Federal Reserve Bank.1
sroberts on PROD1PC70 with RULES
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
Airworthiness Directives; Avidyne
Corporation Primary Flight Displays
(Part Numbers 700–00006–000, –001,
–002, –003, and –100)
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule; request for
comments.
AGENCY:
SUMMARY: The FAA is adopting a new
airworthiness directive (AD) for certain
Avidyne Corporation (Avidyne) Primary
Flight Displays (PFDs) (Part Numbers
(P/Ns) 700–00006–000, –001, –002,
–003, and –100) that are installed on
airplanes. This AD requires a check of
the maintenance records and inspection
of the PFD (if necessary) to determine if
an affected serial number PFD is
installed. If an affected serial number
PFD is installed, this AD requires you to
incorporate information that limits
operation when certain conditions for
the PFD or backup instruments exist.
This AD results from several field
reports of PFDs displaying incorrect
altitude and airspeed information. We
are issuing this AD to prevent certain
conditions from existing when PFDs
display incorrect attitude, altitude, and
airspeed information. This could result
in airspeed/altitude mismanagement or
spatial disorientation of the pilot with
consequent loss of airplane control,
inadequate traffic separation, or
controlled flight into terrain.
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
This AD becomes effective on
April 10, 2008.
We must receive any comments on
this AD by May 27, 2008.
ADDRESSES: Use one of the following
addresses to comment on this AD.
• Federal eRulemaking Portal: Go to
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Fax: (202) 493–2251.
• Mail: U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue, SE.,
Washington, DC 20590.
• Hand Delivery: U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue, SE.,
Washington, DC 20590, between 9 a.m.
and 5 p.m., Monday through Friday,
except Federal holidays.
To get the service information
identified in this AD, contact Avidyne
Corporation, 55 Old Bedford Road,
Lincoln, MA 01773; telephone: (781)
402–7400; fax: (781) 402–7599.
To view the comments to this AD, go
to https://www.regulations.gov. The
docket number is FAA–2008–0340;
Directorate Identifier 2008–CE–020–AD.
FOR FURTHER INFORMATION CONTACT:
Solomon Hecht, Aerospace Engineer,
Boston Aircraft Certification Office, 12
New England Executive Park,
Burlington, MA 01803; telephone: (781)
238–7159; fax: (781) 238–7170.
SUPPLEMENTARY INFORMATION:
DATES:
Discussion
We received several field reports of
PFDs displaying incorrect altitude and
airspeed information. These occurrences
included incorrect display of
information at system startup, including
one or more of the following:
• Altitude significantly in error when
compared to field elevation with local
barometric correction setting entered on
PFD.
• Altitude significantly in error when
compared to backup altimeter with
identical barometric correction settings.
• Non-zero airspeed (inconsistent
with high winds or propwash from a
nearby airplane) indicated at system
startup.
• Altitude or airspeed indications
that vary noticeably after startup under
static conditions.
• Erroneous airspeed indications in
combination with erroneous attitude
indications.
• A steady or intermittent ‘‘red X’’ in
place of the airspeed indicator,
altimeter, vertical speed indicator, or
attitude indicator.
The conditions described above occur
because of a manufacturing process
E:\FR\FM\26MRR1.SGM
26MRR1
]]>Agencies
[Federal Register Volume 73, Number 59 (Wednesday, March 26, 2008)]
[Rules and Regulations]
[Pages 15861-15862]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-6107]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
week.
========================================================================
Federal Register / Vol. 73, No. 59 / Wednesday, March 26, 2008 /
Rules and Regulations
[[Page 15861]]
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 reduction 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 March
26, 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.
On the dates listed below, the Board approved requests by eight
Reserve Banks to reduce by 25 basis points the primary credit rate in
effect at those Federal Reserve Banks, thereby decreasing from 3.50
percent to 3.25 percent the rate that each of those Reserve Banks
charged for extensions of primary credit. As a result of the Board's
action on the primary credit rate, the rate that each of those Reserve
Banks charged for extensions of secondary credit automatically
decreased from 4.00 percent to 3.75 percent under the secondary credit
rate formula. The rate changes for primary and secondary credit were
effective on the dates specified in the following tables.
Primary credit under 12 CFR 201.4(a)
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston............................. 3.25 March 17, 2008.
New York........................... 3.25 March 16, 2008.
Cleveland.......................... 3.25 March 17, 2008.
Richmond........................... 3.25 March 17, 2008.
Chicago............................ 3.25 March 17, 2008.
Minneapolis........................ 3.25 March 17, 2008.
Kansas City........................ 3.25 March 17, 2008.
San Francisco...................... 3.25 March 17, 2008.
------------------------------------------------------------------------
Secondary credit under 12 CFR 201.4(b)
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston............................. 3.75 March 17, 2008.
New York........................... 3.75 March 16, 2008.
Cleveland.......................... 3.75 March 17, 2008.
Richmond........................... 3.75 March 17, 2008.
Chicago............................ 3.75 March 17, 2008.
Minneapolis........................ 3.75 March 17, 2008.
Kansas City........................ 3.75 March 17, 2008.
San Francisco...................... 3.75 March 17, 2008.
------------------------------------------------------------------------
The Board's action narrowed the spread between the primary credit
rate and the Federal Open Market Committee's target federal funds rate
to 25 basis points. As indicated in the Board's press release
announcing this action, the changes to the primary credit discount
window facility were intended to bolster market liquidity and promote
orderly market functioning. In addition, the press release stated that
the Board had approved an increase in the maximum maturity of primary
credit loans to 90 days from 30 days.
Subsequently, the Board approved requests by each of the twelve
Federal Reserve Banks to decrease the primary credit rate in effect at
each of the Reserve Banks to 2.50 percent. 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 to
3.00 percent under the secondary credit rate formula. The final
amendments to Regulation A reflect these rate changes.
The decrease in the primary credit rate was associated with a
similar decrease in the target for the federal funds rate (from 3.00
percent to 2.25 percent) approved by the Federal Open Market Committee
(Committee) and announced at the same time. A press release announcing
these actions noted that:
Recent information indicates that the outlook for economic
activity has weakened further. Growth in consumer spending has
slowed and labor markets have softened. Financial markets remain
under considerable stress, and the tightening of credit conditions
and the deepening of the housing contraction are likely to weigh on
economic growth over the next few quarters.
Inflation has been elevated, and some indicators of inflation
expectations have risen. The Committee expects inflation to moderate
in coming quarters, reflecting a projected leveling-out of energy
and other commodity prices and an easing of pressures on resource
utilization. Still, uncertainty about the inflation outlook has
increased. It will be necessary to continue to monitor inflation
developments carefully.
Today's policy action, combined with those taken earlier,
including measures to foster market liquidity, should help to
promote moderate growth over time and to mitigate the risks to
economic activity. However, downside risks to growth remain. The
Committee will act in a timely manner as needed to promote
sustainable economic growth and price stability.
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
[[Page 15862]]
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).
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 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............................. 2.50 March 18, 2008.
New York........................... 2.50 March 18, 2008.
Philadelphia....................... 2.50 March 20, 2008.
Cleveland.......................... 2.50 March 18, 2008.
Richmond........................... 2.50 March 19, 2008.
Atlanta............................ 2.50 March 19, 2008.
Chicago............................ 2.50 March 18, 2008.
St. Louis.......................... 2.50 March 19, 2008.
Minneapolis........................ 2.50 March 19, 2008.
Kansas City........................ 2.50 March 18, 2008.
Dallas............................. 2.50 March 18, 2008.
San Francisco...................... 2.50 March 18, 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............................. 3.00 March 18, 2008.
New York........................... 3.00 March 18, 2008.
Philadelphia....................... 3.00 March 20, 2008.
Cleveland.......................... 3.00 March 18, 2008.
Richmond........................... 3.00 March 19, 2008.
Atlanta............................ 3.00 March 19, 2008.
Chicago............................ 3.00 March 18, 2008.
St. Louis.......................... 3.00 March 19, 2008.
Minneapolis........................ 3.00 March 19, 2008.
Kansas City........................ 3.00 March 18, 2008.
Dallas............................. 3.00 March 18, 2008.
San Francisco...................... 3.00 March 18, 2008.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, March 21, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E8-6107 Filed 3-25-08; 8:45 am]
BILLING CODE 6210-02-P
