Foreign Quarantine Notices, 25505 [E8-9962]
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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.
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
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Fmt 4700
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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
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07MYR1
]]>Agencies
[Federal Register Volume 73, Number 89 (Wednesday, May 7, 2008)]
[Rules and Regulations]
[Page 25505]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-9962]
========================================================================
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. 89 / Wednesday, May 7, 2008 / Rules
and Regulations
[[Page 25505]]
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 Sec. 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
