Extensions of Credit by Federal Reserve Banks, 25505-25506 [E8-10021]
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25505
Rules and Regulations
Federal Register
Vol. 73, No. 89
Wednesday, May 7, 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.
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REGISTER issue of each week.
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Service
7 CFR Part 319
Foreign Quarantine Notices
CFR Correction
In title 7 of the Code of Federal
Regulations, parts 300 to 399, revised as
of January 1, 2008, on page 401, in
§ 319.56–13, in the table in paragraph
(a), under Thailand, the entries for
Litchi and Longan are removed.
[FR Doc. E8–9962 Filed 5–6–08; 8:45 am]
BILLING CODE 1505–01–D
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.
jlentini on PROD1PC65 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 May 7, 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
VerDate Aug<31>2005
16:44 May 06, 2008
Jkt 214001
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 2.50
percent to 2.25 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 3.00 percent to 2.75
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 2.25 percent to
2.00 percent) approved by the Federal
Open Market Committee (Committee)
and announced at the same time. A
press release announcing these actions
indicated that:
Recent information indicates that
economic activity remains weak. Household
and business spending has been subdued and
labor markets have softened further.
Financial markets remain under considerable
stress, and tight credit conditions and the
deepening housing contraction are likely to
weigh on economic growth over the next few
quarters.
Although readings on core inflation have
improved somewhat, energy and other
commodity prices have increased, and some
indicators of inflation expectations have
risen in recent months. 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
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
remains high. It will be necessary to continue
to monitor inflation developments carefully.
The substantial easing of monetary policy
to date, combined with ongoing measures to
foster market liquidity, should help to
promote moderate growth over time and to
mitigate risks to economic activity. The
Committee will continue to monitor
economic and financial developments and
will act 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
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
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
E:\FR\FM\07MYR1.SGM
07MYR1
25506
Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Rules and Regulations
§ 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 ........
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
Effective
May 1, 2008.
April 30, 2008.
May 1, 2008.
April 30, 2008.
May 1, 2008.
April 30, 2008.
April 30, 2008.
May 1, 2008.
May 1, 2008.
April 30, 2008.
May 1, 2008.
April 30, 2008.
(b) Secondary credit. The interest
rates for secondary credit provided to
depository institutions under § 201.4(b)
are:
Federal Reserve
Bank
Rate
Boston ....................
New York ...............
Philadelphia ...........
Cleveland ...............
Richmond ...............
Atlanta ....................
Chicago ..................
St. Louis .................
Minneapolis ............
Kansas City ...........
Dallas .....................
San Francisco ........
2.75
2.75
2.75
2.75
2.75
2.75
2.75
2.75
2.75
2.75
2.75
2.75
*
*
*
*
Effective
May 1, 2008.
April 30, 2008.
May 1, 2008.
April 30, 2008.
May 1, 2008.
April 30, 2008.
April 30, 2008.
May 1, 2008.
May 1, 2008.
April 30, 2008.
May 1, 2008.
April 30, 2008.
*
By order of the Board of Governors of the
Federal Reserve System, May 1, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8–10021 Filed 5–6–08; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 71
[Docket No. FAA–2008–0059; Airspace
Docket No. 08–ANE–90]
Establishment of Class E Airspace;
Fort Kent, ME
Federal Aviation
Administration (FAA), DOT.
jlentini on PROD1PC65 with RULES
AGENCY:
Final rule, confirmation of
effective date.
ACTION:
This action confirms the
effective date of a direct final rule
published in the Federal Register (73
FR 9451) that establishes Class E
Airspace at Fort Kent, ME to support a
new Area Navigation (RNAV) Global
Positioning System (GPS) Special
Instrument Approach Procedure (IAP)
that has been developed for medical
flight operations into the Northern
Maine Medical Center.
SUMMARY:
Effective 0901 UTC, June 5,
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.
DATES:
FOR FURTHER INFORMATION CONTACT:
Melinda Giddens, System Support
Group, Eastern Service Center, Federal
Aviation Administration, P.O. Box
20636, Atlanta, Georgia 30320;
telephone (404) 305–5610.
SUPPLEMENTARY INFORMATION:
The FAA published this direct final
rule with a request for comments in the
Federal Register on February 21, 2008
(73 FR 9451), Docket No. FAA–2008–
0059; Airspace Docket No. 08–ANE–90.
The FAA uses the direct final
rulemaking procedure for a noncontroversial rule where the FAA
believes that there will be no adverse
public comment. This direct final rule
advised the public that no adverse
comments were anticipated, and that
unless a written adverse comment, or a
written notice of intent to submit such
an adverse comment, were received
within the comment period, the
regulation would become effective on
June 5, 2008. No adverse comments
were received, and thus this notice
confirms that effective date.
Issued in College Park, Georgia, on April
18, 2008.
John D. Haley,
Acting Manager, System Support Group,
Eastern Service Center, Air Traffic
Organization.
[FR Doc. E8–9831 Filed 5–6–08; 8:45 am]
Jkt 214001
Crewmember and Dispatcher Training
Programs
Federal Aviation
Administration (FAA), DOT.
AGENCY:
Final rule; technical
amendment.
ACTION:
SUMMARY: The FAA is issuing this
technical amendment to reserve
subparts BB and CC in 14 CFR part 121.
The FAA is engaged in rulemaking and
anticipates codifying the new
regulations in part 121 subparts BB and
CC.
DATES:
This rule is effective on May 7,
2008.
FOR FURTHER INFORMATION CONTACT:
Cindy Nordlie, Office of Rulemaking,
Federal Aviation Administration, 800
Independence Avenue, SW.,
Washington, DC 20591; telephone: (202)
267–9677.
SUPPLEMENTARY INFORMATION:
The FAA is engaged in rulemaking to
revise regulations for crewmember and
dispatcher training programs in
domestic, flag, and supplemental
operations. The FAA anticipates
codifying the revised training
regulations for crewmembers in subpart
BB of part 121 and regulations for
dispatchers in subpart CC of part 121.
The FAA is issuing this technical
amendment to reserve subparts BB and
CC in 14 CFR part 121 to ensure that
these subparts will be available for this
future rulemaking.
List of Subjects 14 CFR Part 121
Air carriers, Aircraft, Aviation safety,
Reporting and recordkeeping
requirements, Safety, Transportation.
The Amendment
In consideration of the foregoing, the
Federal Aviation Administration
amends part 121 of Title 14, Code of
Federal Regulations, as follows:
I
PART 121—OPERATING
REQUIREMENTS: DOMESTIC, FLAG,
AND SUPPLEMENTAL OPERATIONS
1. The authority citation for part 121
continues to read as follows:
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.
16:44 May 06, 2008
14 CFR Part 121
I
1 The
VerDate Aug<31>2005
Federal Aviation Administration
Discussion
Confirmation of Effective Date
BILLING CODE 4910–13–M
DEPARTMENT OF TRANSPORTATION
Authority: 49 U.S.C. 106(g), 40113, 40119,
41706, 44101, 44701–44702, 44705, 44709–
44711, 44713, 44716–44717, 44722, 46105.
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
E:\FR\FM\07MYR1.SGM
07MYR1
]]>Agencies
[Federal Register Volume 73, Number 89 (Wednesday, May 7, 2008)]
[Rules and Regulations]
[Pages 25505-25506]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10021]
=======================================================================
-----------------------------------------------------------------------
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 May 7,
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 25
basis points the primary credit rate in effect at each of the twelve
Federal Reserve Banks, thereby decreasing from 2.50 percent to 2.25
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 3.00 percent to 2.75
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 2.25 percent to 2.00 percent) approved by the Federal Open
Market Committee (Committee) and announced at the same time. A press
release announcing these actions indicated that:
Recent information indicates that economic activity remains
weak. Household and business spending has been subdued and labor
markets have softened further. Financial markets remain under
considerable stress, and tight credit conditions and the deepening
housing contraction are likely to weigh on economic growth over the
next few quarters.
Although readings on core inflation have improved somewhat,
energy and other commodity prices have increased, and some
indicators of inflation expectations have risen in recent months.
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 remains high. It will be
necessary to continue to monitor inflation developments carefully.
The substantial easing of monetary policy to date, combined with
ongoing measures to foster market liquidity, should help to promote
moderate growth over time and to mitigate risks to economic
activity. The Committee will continue to monitor economic and
financial developments and will act 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 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 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:
[[Page 25506]]
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.............................. 2.25 May 1, 2008.
New York............................ 2.25 April 30, 2008.
Philadelphia........................ 2.25 May 1, 2008.
Cleveland........................... 2.25 April 30, 2008.
Richmond............................ 2.25 May 1, 2008.
Atlanta............................. 2.25 April 30, 2008.
Chicago............................. 2.25 April 30, 2008.
St. Louis........................... 2.25 May 1, 2008.
Minneapolis......................... 2.25 May 1, 2008.
Kansas City......................... 2.25 April 30, 2008.
Dallas.............................. 2.25 May 1, 2008.
San Francisco....................... 2.25 April 30, 2008.
------------------------------------------------------------------------
(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.............................. 2.75 May 1, 2008.
New York............................ 2.75 April 30, 2008.
Philadelphia........................ 2.75 May 1, 2008.
Cleveland........................... 2.75 April 30, 2008.
Richmond............................ 2.75 May 1, 2008.
Atlanta............................. 2.75 April 30, 2008.
Chicago............................. 2.75 April 30, 2008.
St. Louis........................... 2.75 May 1, 2008.
Minneapolis......................... 2.75 May 1, 2008.
Kansas City......................... 2.75 April 30, 2008.
Dallas.............................. 2.75 May 1, 2008.
San Francisco....................... 2.75 April 30, 2008.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, May 1, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-10021 Filed 5-6-08; 8:45 am]
BILLING CODE 6210-01-P
