Revision of Delegation of Authority, 56705-56706 [E8-22959]
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56705
Rules and Regulations
Federal Register
Vol. 73, No. 190
Tuesday, September 30, 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.
DEPARTMENT OF AGRICULTURE
Office of the Secretary
7 CFR Part 2
Revision of Delegation of Authority
Office of the Secretary,
Department of Agriculture (USDA).
ACTION: Final rule.
AGENCY:
This document delegates to
the Assistant Secretary for
Administration the authority vested in
the Secretary of Agriculture under the
National Agriculture Research,
Extension, and Teaching Policy Act of
1977 to enter into cooperative
agreements and under the Farm Security
and Rural Investment Act of 2002 to
implement programs for the Federal
procurement and voluntary labeling of
biobased products. It also rescinds the
delegation of authority to the Chief
Economist to implement the biobased
procurement and voluntary labeling
programs.
SUMMARY:
These interim regulations are
effective September 30, 2008. Comments
are invited and should be received by
October 30, 2008.
ADDRESSES: USDA, Departmental
Administration, Room 209–A Whitten
Building, 1400 Independence Avenue,
SW., Washington, DC 20250–0103.
FOR FURTHER INFORMATION CONTACT: Mrs.
Shana Love, Departmental
Administration, Room 209–A Whitten
Building, 1400 Independence Avenue,
SW., Washington, DC 20250–0103;
telephone: (202) 205–4008; fax: (202)
720–2191; e-mail:
biopreferred@usda.gov. Information
regarding the BioPreferred Program is
available on the Internet at https://
www.biopreferred.gov.
ebenthall on PROD1PC60 with RULES
DATES:
Section
9002 of the Farm Security and Rural
Investment Act of 2002 (FSRIA), Public
SUPPLEMENTARY INFORMATION:
VerDate Aug<31>2005
13:34 Sep 29, 2008
Jkt 214001
Law 107–171 established a program for
the procurement of biobased products
by Federal agencies and a voluntary
program for labeling of biobased
products. The Food, Conservation, and
Energy Act of 2008, Public Law 110–246
continues the biobased markets program
and adds provisions related to the
program. USDA refers to the program for
the Federal procurement of biobased
products and the voluntary program for
labeling of biobased products,
collectively, as the BioPreferred
Program (Program).
In an effort to make sure the Program
continues to move forward and build
demand for biobased products within
the Federal government and
commercially, management of the
Program has been transferred from
Office of the Chief Economist to
Departmental Administration to
enhance and strengthen the Program, as
well as increase resources for research
and analyses of emerging global energy
issues and the necessary economic
analysis of biobased products (that is,
market identification, comparative costs
with fossil energy derived product
alternatives, and supply and demand
estimations).
Section 1472 of the National
Agriculture Research, Extension and
Teaching Policy Act of 1977, Public Law
99–113 (7 U.S.C. 3318), grants the
Secretary of Agriculture the authority to
enter into cooperative agreements with
Federal and State agencies and private
organizations, to further research,
extension, or teaching programs in the
food and agricultural sciences of USDA.
Because this authority does not extend
to the Assistant Secretary for
Administration, a delegation of the
Secretary’s authority is necessary. This
document sets forth that delegation, as
well as delegations to the Assistant
Secretary for Administration relating to
the biobased procurement and labeling
programs included in the Farm Security
and Rural Investment Act of 2002.
This rule relates to internal agency
management. Therefore, pursuant to 5
U.S.C. 553, notice of proposed rule
making and opportunity for comment
are not required, and this rule may be
made effective less than 30 days after
publication in the Federal Register.
Further, since this rule relates to
internal agency management, it is
exempt from the provisions of Executive
Order 12988 and Executive Order
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
12866, amended by Executive Order
13258. In addition, this action is not a
rule as defined by the Regulatory
Flexibility Act, (5 U.S.C. 601 et seq.),
and thus, is exempt from the provisions
of that Act. Finally, this action is not a
rule as defined in the Small Business
Regulatory Fairness Enforcement Act, (5
U.S.C. 801 et seq.), and thus does not
require review by Congress.
List of Subjects in 7 CFR Part 2
Authority delegations (government
agencies).
■ Accordingly, 7 CFR part 2 is amended
as follows:
PART 2—DELEGATIONS OF
AUTHORITY BY THE SECRETARY OF
AGRICULTURE AND GENERAL
OFFICERS OF THE DEPARTMENT
1. The authority citation for part 2
continues to read as follows:
■
Authority: 7 U.S.C. 6912(a)(1), 5 U.S.C.
301; Reorganization Plan No. 2 of 1953, 3
CFR, 1949–1953 Comp., p. 1024.
Subpart C—Delegations of Authority to
the Deputy Secretary, the Under
Secretaries and Assistant Secretaries
2. Amend § 2.24 to add new
paragraphs (a)(7)(i)(J) and (a)(7)(i)(K), to
read as follows:
■
§ 2.24 Assistant Secretary for
Administration.
(a) * * *
(7) * * *
(i) * * *
(J) Implementation of a program for
the Federal procurement of biobased
products in consultation with the
Administrators of the Environmental
Protection Agency and General Services
Administration and the Director,
National Institute of Standards and
Technology; and establishment, in
consultation with the Administrator of
the Environmental Protection Agency,
of a voluntary ‘‘USDA Certified
Biobased Product’’ labeling program (7
U.S.C. 8102).
(K) Entering into cooperative
agreements to further research programs
in the food and agricultural sciences,
related to establishing and
implementing Federal biobased
procurement and voluntary biobased
labeling programs (7 U.S.C. 3318).
*
*
*
*
*
E:\FR\FM\30SER1.SGM
30SER1
56706
Federal Register / Vol. 73, No. 190 / Tuesday, September 30, 2008 / Rules and Regulations
Subpart D—Delegations of Authority to
Other General Officers and Agency
Heads
§ 2.29
[Amended]
3. Amend § 2.29 as follows:
a. Remove paragraph (a)(11)(vii),
b. Redesignate paragraphs (a)(11)(viii)
through (a)(11)(ix) as paragraphs
(a)(11)(vii) through (a)(11)(xiii).
■
■
■
Dated: September 24, 2008.
Edward T. Schafer,
Secretary of Agriculture.
[FR Doc. E8–22959 Filed 9–29–08; 8:45 am]
BILLING CODE 3410–93–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 330
RIN 3064–AD33
Deposit Insurance Regulations;
Revocable Trust Accounts
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Interim rule with request for
comments.
ebenthall on PROD1PC60 with RULES
AGENCY:
SUMMARY: The FDIC is adopting an
interim rule to simplify and modernize
its deposit insurance rules for revocable
trust accounts. The FDIC’s main goal in
implementing these revisions is to make
the rules easier to understand and
apply, without decreasing coverage
currently available for revocable trust
account owners. The FDIC believes that
the interim rule will result in faster
deposit insurance determinations after
depository institution closings and will
help improve public confidence in the
banking system. The interim rule
eliminates the concept of qualifying
beneficiaries. Also, for account owners
with revocable trust accounts totaling
no more than $500,000, coverage will be
determined without regard to the
beneficial interest of each beneficiary in
the trust.
Under the new rules, a trust account
owner with up to five different
beneficiaries named in all his or her
revocable trust accounts at one FDICinsured institution will be insured up to
$100,000 per beneficiary. Revocable
trust account owners with more than
$500,000 and more than five different
beneficiaries named in the trust(s) will
be insured for the greater of either:
$500,000 or the aggregate amount of all
the beneficiaries’ interests in the
trust(s), limited to $100,000 per
beneficiary.
DATES: The effective date of the interim
rule is September 26, 2008. Written
VerDate Aug<31>2005
13:34 Sep 29, 2008
Jkt 214001
comments must be received by the FDIC
not later than December 1, 2008.
ADDRESSES: You may submit comments
by any of the following methods:
• Agency Web Site: https://
www.fdic.gov/regulations/laws/federal.
Follow instructions for submitting
comments on the Agency Web Site.
• E-mail: Comments@FDIC.gov.
Include ‘‘Revocable Trust Accounts’’ in
the subject line of the message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
• Hand Delivery/Courier: Guard
station at the rear of the 550 17th Street
Building (located on F Street) on
business days between 7 a.m. and 5 p.m.
(EST).
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Public Inspection: All comments
received will be posted without change
to https://www.fdic.gov/regulations/laws/
federal including any personal
information provided. Paper copies of
public comments may be ordered from
the Public Information Center by
telephone at (877) 275–3342 or (703)
562–2200.
FOR FURTHER INFORMATION CONTACT:
Joseph A. DiNuzzo, Counsel, Legal
Division (202) 898–7349; Christopher
Hencke, Counsel, Legal Division (202)
898–8839; James V. Deveney, Section
Chief, Deposit Insurance Section,
Division of Supervision and Compliance
(202) 898–6687; or Kathleen G. Nagle,
Associate Director, Division of
Supervision and Consumer Protection
(202) 898–6541, Federal Deposit
Insurance Corporation, Washington, DC
20429.
SUPPLEMENTARY INFORMATION:
I. Background
One of the FDIC’s fundamental goals
is to ensure that depositors and insured
depository institution employees
understand the FDIC’s deposit
insurance rules. That goal is essential in
carrying out the FDIC’s combined
mission of helping to maintain public
confidence and stability in the United
States banking system and protecting
insured depositors.
Despite the FDIC’s efforts to simplify
deposit insurance rules in recent years,
there is still significant public and
industry confusion about the insurance
coverage of revocable trust accounts—
particularly living trust accounts, one of
the two types of revocable trust
accounts. This continuing confusion
about the insurance coverage of
revocable trust accounts is evidenced by
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
the tens of thousands of deposit
insurance inquiries the FDIC has
received following recent depository
institution failures.
Current Rules for Revocable Trust
Accounts
There are two types of revocable trust
accounts insured under the FDIC’s
coverage rules: Informal trust accounts
and formal trust accounts. Informal trust
accounts are comprised simply of a
signature card on which the owner
designates the beneficiaries to whom the
funds in the account will pass upon the
owner’s death. These are the most
common type of revocable trust
accounts and generally are referred to as
‘‘payable-on-death’’ (‘‘POD’’) accounts
or in-trust-for (‘‘ITF’’) accounts or
Totten Trust accounts. For purposes of
this rulemaking, we will refer to all
informal trust accounts as POD
accounts.
The other type of revocable trust
accounts are accounts established in
connection with formal revocable trusts.
Formal revocable trusts are trusts
created for estate planning purposes.
They are often referred to as: living
trusts, family trusts, marital trusts,
survivor’s trusts, by-pass trusts,
generation-skipping trusts, AB trusts or
special needs trusts. For purposes of
this rulemaking, we will refer to all
formal revocable trusts as living trusts.
Like an informal revocable trust, a living
trust is a trust created by an owner (also
known as a grantor or settlor) over
which the owner retains control during
his or her lifetime. Upon the owner’s
death, the trust generally becomes
irrevocable. A living trust is an
increasingly popular estate planning
tool. Like a POD account, a deposit
account held in connection with a living
trust account at an FDIC-insured
institution is insured under the FDIC’s
coverage rules for revocable trust
accounts.
The FDIC’s rules provide that all
revocable trust accounts (both POD
accounts and living trust accounts) are
insured up to $100,000 per ‘‘qualifying
beneficiary’’ designated by the owner of
the account.1 If there are multiple
owners of a revocable trust account,
coverage is available separately for each
owner, per qualifying beneficiary as to
each owner. Qualifying beneficiaries are
defined as the owner’s spouse, children,
grandchildren, parents and siblings.2
The per-qualifying beneficiary
coverage available on revocable trust
accounts is separate from the insurance
coverage afforded to depositors in
1 12
2 Id.
E:\FR\FM\30SER1.SGM
CFR 330.10.
at 330.10(a).
30SER1
Agencies
[Federal Register Volume 73, Number 190 (Tuesday, September 30, 2008)]
[Rules and Regulations]
[Pages 56705-56706]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-22959]
========================================================================
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. 190 / Tuesday, September 30, 2008 /
Rules and Regulations
[[Page 56705]]
DEPARTMENT OF AGRICULTURE
Office of the Secretary
7 CFR Part 2
Revision of Delegation of Authority
AGENCY: Office of the Secretary, Department of Agriculture (USDA).
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This document delegates to the Assistant Secretary for
Administration the authority vested in the Secretary of Agriculture
under the National Agriculture Research, Extension, and Teaching Policy
Act of 1977 to enter into cooperative agreements and under the Farm
Security and Rural Investment Act of 2002 to implement programs for the
Federal procurement and voluntary labeling of biobased products. It
also rescinds the delegation of authority to the Chief Economist to
implement the biobased procurement and voluntary labeling programs.
DATES: These interim regulations are effective September 30, 2008.
Comments are invited and should be received by October 30, 2008.
ADDRESSES: USDA, Departmental Administration, Room 209-A Whitten
Building, 1400 Independence Avenue, SW., Washington, DC 20250-0103.
FOR FURTHER INFORMATION CONTACT: Mrs. Shana Love, Departmental
Administration, Room 209-A Whitten Building, 1400 Independence Avenue,
SW., Washington, DC 20250-0103; telephone: (202) 205-4008; fax: (202)
720-2191; e-mail: biopreferred@usda.gov. Information regarding the
BioPreferred Program is available on the Internet at https://
www.biopreferred.gov.
SUPPLEMENTARY INFORMATION: Section 9002 of the Farm Security and Rural
Investment Act of 2002 (FSRIA), Public Law 107-171 established a
program for the procurement of biobased products by Federal agencies
and a voluntary program for labeling of biobased products. The Food,
Conservation, and Energy Act of 2008, Public Law 110-246 continues the
biobased markets program and adds provisions related to the program.
USDA refers to the program for the Federal procurement of biobased
products and the voluntary program for labeling of biobased products,
collectively, as the BioPreferred Program (Program).
In an effort to make sure the Program continues to move forward and
build demand for biobased products within the Federal government and
commercially, management of the Program has been transferred from
Office of the Chief Economist to Departmental Administration to enhance
and strengthen the Program, as well as increase resources for research
and analyses of emerging global energy issues and the necessary
economic analysis of biobased products (that is, market identification,
comparative costs with fossil energy derived product alternatives, and
supply and demand estimations).
Section 1472 of the National Agriculture Research, Extension and
Teaching Policy Act of 1977, Public Law 99-113 (7 U.S.C. 3318), grants
the Secretary of Agriculture the authority to enter into cooperative
agreements with Federal and State agencies and private organizations,
to further research, extension, or teaching programs in the food and
agricultural sciences of USDA. Because this authority does not extend
to the Assistant Secretary for Administration, a delegation of the
Secretary's authority is necessary. This document sets forth that
delegation, as well as delegations to the Assistant Secretary for
Administration relating to the biobased procurement and labeling
programs included in the Farm Security and Rural Investment Act of
2002.
This rule relates to internal agency management. Therefore,
pursuant to 5 U.S.C. 553, notice of proposed rule making and
opportunity for comment are not required, and this rule may be made
effective less than 30 days after publication in the Federal Register.
Further, since this rule relates to internal agency management, it is
exempt from the provisions of Executive Order 12988 and Executive Order
12866, amended by Executive Order 13258. In addition, this action is
not a rule as defined by the Regulatory Flexibility Act, (5 U.S.C. 601
et seq.), and thus, is exempt from the provisions of that Act. Finally,
this action is not a rule as defined in the Small Business Regulatory
Fairness Enforcement Act, (5 U.S.C. 801 et seq.), and thus does not
require review by Congress.
List of Subjects in 7 CFR Part 2
Authority delegations (government agencies).
0
Accordingly, 7 CFR part 2 is amended as follows:
PART 2--DELEGATIONS OF AUTHORITY BY THE SECRETARY OF AGRICULTURE
AND GENERAL OFFICERS OF THE DEPARTMENT
0
1. The authority citation for part 2 continues to read as follows:
Authority: 7 U.S.C. 6912(a)(1), 5 U.S.C. 301; Reorganization
Plan No. 2 of 1953, 3 CFR, 1949-1953 Comp., p. 1024.
Subpart C--Delegations of Authority to the Deputy Secretary, the
Under Secretaries and Assistant Secretaries
0
2. Amend Sec. 2.24 to add new paragraphs (a)(7)(i)(J) and
(a)(7)(i)(K), to read as follows:
Sec. 2.24 Assistant Secretary for Administration.
(a) * * *
(7) * * *
(i) * * *
(J) Implementation of a program for the Federal procurement of
biobased products in consultation with the Administrators of the
Environmental Protection Agency and General Services Administration and
the Director, National Institute of Standards and Technology; and
establishment, in consultation with the Administrator of the
Environmental Protection Agency, of a voluntary ``USDA Certified
Biobased Product'' labeling program (7 U.S.C. 8102).
(K) Entering into cooperative agreements to further research
programs in the food and agricultural sciences, related to establishing
and implementing Federal biobased procurement and voluntary biobased
labeling programs (7 U.S.C. 3318).
* * * * *
[[Page 56706]]
Subpart D--Delegations of Authority to Other General Officers and
Agency Heads
Sec. 2.29 [Amended]
0
3. Amend Sec. 2.29 as follows:
0
a. Remove paragraph (a)(11)(vii),
0
b. Redesignate paragraphs (a)(11)(viii) through (a)(11)(ix) as
paragraphs (a)(11)(vii) through (a)(11)(xiii).
Dated: September 24, 2008.
Edward T. Schafer,
Secretary of Agriculture.
[FR Doc. E8-22959 Filed 9-29-08; 8:45 am]
BILLING CODE 3410-93-P