Extensions of Credit by Federal Reserve Banks, 25505-25506 [E8-10021]

Download as PDF 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. 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. AGRICULTURE DEPARTMENT Animal and Plant Health Inspection 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]


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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 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