Extensions of Credit by Federal Reserve Banks, 65967-65968 [E8-26483]
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65967
Rules and Regulations
Federal Register
Vol. 73, No. 216
Thursday, November 6, 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
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
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 November 6,
2008. The rate changes for primary and
secondary credit were effective on the
dates specified in 12 CFR 201.51, as
amended.
SUMMARY:
ebenthall on PRODPC68 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
13:44 Nov 05, 2008
Jkt 217001
The Board approved requests by the
Reserve Banks to decrease by 50 basis
points the primary credit rate in effect
at each of the twelve Federal Reserve
Banks, thereby decreasing from 1.75
percent to 1.25 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 2.25 percent to 1.75
percent under the secondary credit rate
formula. The final amendments to
Regulation A reflect these rate changes.
The 50-basis-point decrease in the
primary credit rate was associated with
a similar decrease in the target for the
federal funds rate (from 1.50 percent to
1.00 percent) approved by the Federal
Open Market Committee (Committee)
and announced at the same time. A
press release announcing these actions
indicated that:
The pace of economic activity appears to
have slowed markedly, owing importantly to
a decline in consumer expenditures.
Business equipment spending and industrial
production have weakened in recent months,
and slowing economic activity in many
foreign economies is damping the prospects
for U.S. exports. Moreover, the
intensification of financial market turmoil is
likely to exert additional restraint on
spending, partly by further reducing the
ability of households and businesses to
obtain credit. In light of the declines in the
prices of energy and other commodities and
the weaker prospects for economic activity,
the Committee expects inflation to moderate
in coming quarters to levels consistent with
price stability.
Recent policy actions, including today’s
rate reduction, coordinated interest rate cuts
by central banks, extraordinary liquidity
measures, and official steps to strengthen
financial systems, should help over time to
improve credit conditions and promote a
return to moderate economic growth.
Nevertheless, downside risks to growth
remain. The Committee will monitor
economic and financial developments
carefully and will act as needed to promote
sustainable economic growth and price
stability.
The Committee will monitor economic and
financial developments carefully 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
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
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).
12 CFR Chapter II
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:
■
PART 201—EXTENSIONS OF CREDIT
BY FEDERAL RESERVE BANKS
(REGULATION A)
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.
2. In § 201.51, paragraphs (a) and (b)
are revised to read as follows:
■
§ 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 ..........
1.25
1.25
Effective
October 29, 2008.
October 29, 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.
E:\FR\FM\06NOR1.SGM
06NOR1
65968
Federal Register / Vol. 73, No. 216 / Thursday, November 6, 2008 / Rules and Regulations
Federal Reserve
Bank
Rate
Philadelphia ......
Cleveland ..........
Richmond .........
Atlanta ..............
Chicago ............
St. Louis ...........
Minneapolis ......
Kansas City ......
Dallas ................
San Francisco ..
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
October
October
October
October
October
October
October
October
October
October
30,
29,
30,
31,
29,
30,
30,
29,
30,
29,
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
Rate
Boston ..............
New York ..........
Philadelphia ......
Cleveland ..........
Richmond .........
Atlanta ..............
Chicago ............
St. Louis ...........
Minneapolis ......
Kansas City ......
Dallas ................
San Francisco ..
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
*
*
*
*
Effective
October
October
October
October
October
October
October
October
October
October
October
October
29,
29,
30,
29,
30,
31,
29,
30,
30,
29,
30,
29,
Jay
Turnberg, Engine and Propeller
Directorate Standards Staff, ANE–110,
Federal Aviation Administration, 12
New England Executive Park,
Burlington, Massachusetts 01803–5299;
telephone (781) 238–7116; facsimile
(781) 238–7199, e-mail:
jay.turnberg@faa.gov.
Issued in Washington, DC, on October 31,
2008.
Pamela Hamilton-Powell,
Director, Office of Rulemaking.
[FR Doc. E8–26392 Filed 11–5–08; 8:45 am]
We must receive your comments by
December 22, 2008.
ADDRESSES: You must mail or deliver
two copies of your comments to: Federal
Aviation Administration, Rotorcraft
Directorate, Attn: Rules Docket (ASW–
111), Docket No. SW022, 2601 Meacham
Blvd., Fort Worth, Texas 76137. You
must mark your comments: Docket No.
SW022. You may inspect comments in
the Rules Docket weekdays, except
Federal holidays, between 8:30 a.m. and
4 p.m.
FOR FURTHER INFORMATION CONTACT: Jeff
Trang, FAA, Rotorcraft Directorate,
ASW–111, Aircraft Certification Service,
2601 Meacham Blvd., Fort Worth, Texas
76137; telephone (817) 222–5135;
facsimile (817) 222–5961.
SUPPLEMENTARY INFORMATION: The FAA
has determined that notice and
opportunity for prior public comment
hereon are impracticable because these
procedures would significantly delay
issuance of the design approval and
thus delivery of the affected aircraft.
The FAA therefore finds that good cause
exists for making these special
conditions effective on issuance.
BILLING CODE 4910–13–P
Comments Invited
FOR FURTHER INFORMATION CONTACT:
Effective
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
2008.
Correction
In the final rule, Airworthiness
Standards; Propellers, published in the
Federal Register issue of Friday,
October 24, 2008, (73 FR 63339) make
the following corrections:
1. On page 63339, in the second
column, the fifth line of the heading,
‘‘Amendment No. 35–5’’ is corrected to
read, ‘‘Amendment No. 35–8.’’
2. On page 63340, in the third
column, revise the heading
‘‘Harmonization with S–P Amendment
1’’ to read ‘‘Harmonization with CS–P
Amendment 1’’.
*
DEPARTMENT OF TRANSPORTATION
By order of the Board of Governors of the
Federal Reserve System, November 3, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8–26483 Filed 11–5–08; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Parts 23, 25, 33, and 35
RIN 2120–AI95
Airworthiness Standards; Propellers;
Correction
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule; corrections.
ebenthall on PRODPC68 with RULES
AGENCY:
SUMMARY: This document corrects the
amendment number and a typographical
error in the final rule published in the
Federal Register on Friday, October 24,
2008. The final rule amends the
airworthiness standards for issuance of
original and amended type certificates
for airplane propellers.
DATES: This amendment becomes
effective December 23, 2008.
13:44 Nov 05, 2008
Jkt 217001
14 CFR Part 29
[Docket No. SW022; Special Conditions No.
29–022–SC]
Special Conditions: Eurocopter France
(ECF) Model EC225LP Helicopter,
Installation of a Search and Rescue
(SAR) Automatic Flight Control System
(AFCS)
Federal Aviation
Administration (FAA), DOT.
ACTION: Final special conditions; request
for comments.
AGENCY:
[Docket No.: FAA–2007–27310; Amendment
Nos. 23–59, 25–126, 33–28, and 35–5]
VerDate Aug<31>2005
Federal Aviation Administration
SUMMARY: These special conditions are
issued for the ECF Model EC225LP
helicopter. This helicopter will have
novel or unusual design features
associated with installing an optional
SAR AFCS. The applicable
airworthiness standards do not contain
adequate or appropriate safety
requirements for this design feature.
These special conditions contain the
additional safety standards the
Administrator considers necessary to
show a level of safety equivalent to that
established by the existing
airworthiness standards.
DATES: The effective date of these
special conditions is October 30, 2008.
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
We invite interested people to take
part in this rulemaking by sending
written comments, data, or views. The
most helpful comments reference a
specific portion of the special
conditions, explain the reason for any
recommended change, and include
supporting data. We ask that you send
us two copies of written comments.
We will file in the docket all
comments we receive, as well as a
report summarizing each substantive
public contact with FAA personnel
about these special conditions. You can
inspect the docket before and after the
comment closing date. If you wish to
review the docket in person, go to the
address in the ADDRESSES section of this
document between 8:30 a.m. and 4 p.m.,
Monday through Friday, except Federal
holidays.
We will consider all comments we
receive by the closing date for
comments. We will consider comments
filed late if it is possible to do so
without incurring additional expense or
delay. We may change these special
conditions based on the comments we
receive.
If you want us to let you know we
received your comments on these
special conditions, send us a
preaddressed, stamped postcard on
which the docket number appears. We
will stamp the date on the postcard and
mail it back to you.
E:\FR\FM\06NOR1.SGM
06NOR1
]]>Agencies
[Federal Register Volume 73, Number 216 (Thursday, November 6, 2008)]
[Rules and Regulations]
[Pages 65967-65968]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-26483]
========================================================================
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. 216 / Thursday, November 6, 2008 /
Rules and Regulations
[[Page 65967]]
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 November
6, 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 50
basis points the primary credit rate in effect at each of the twelve
Federal Reserve Banks, thereby decreasing from 1.75 percent to 1.25
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 2.25 percent to 1.75
percent under the secondary credit rate formula. The final amendments
to Regulation A reflect these rate changes.
The 50-basis-point decrease in the primary credit rate was
associated with a similar decrease in the target for the federal funds
rate (from 1.50 percent to 1.00 percent) approved by the Federal Open
Market Committee (Committee) and announced at the same time. A press
release announcing these actions indicated that:
The pace of economic activity appears to have slowed markedly,
owing importantly to a decline in consumer expenditures. Business
equipment spending and industrial production have weakened in recent
months, and slowing economic activity in many foreign economies is
damping the prospects for U.S. exports. Moreover, the
intensification of financial market turmoil is likely to exert
additional restraint on spending, partly by further reducing the
ability of households and businesses to obtain credit. In light of
the declines in the prices of energy and other commodities and the
weaker prospects for economic activity, the Committee expects
inflation to moderate in coming quarters to levels consistent with
price stability.
Recent policy actions, including today's rate reduction,
coordinated interest rate cuts by central banks, extraordinary
liquidity measures, and official steps to strengthen financial
systems, should help over time to improve credit conditions and
promote a return to moderate economic growth. Nevertheless, downside
risks to growth remain. The Committee will monitor economic and
financial developments carefully and will act as needed to promote
sustainable economic growth and price stability.
The Committee will monitor economic and financial developments
carefully 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).
12 CFR Chapter II
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:
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............................ 1.25 October 29, 2008.
New York.......................... 1.25 October 29, 2008.
[[Page 65968]]
Philadelphia...................... 1.25 October 30, 2008.
Cleveland......................... 1.25 October 29, 2008.
Richmond.......................... 1.25 October 30, 2008.
Atlanta........................... 1.25 October 31, 2008.
Chicago........................... 1.25 October 29, 2008.
St. Louis......................... 1.25 October 30, 2008.
Minneapolis....................... 1.25 October 30, 2008.
Kansas City....................... 1.25 October 29, 2008.
Dallas............................ 1.25 October 30, 2008.
San Francisco..................... 1.25 October 29, 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............................ 1.75 October 29, 2008.
New York.......................... 1.75 October 29, 2008.
Philadelphia...................... 1.75 October 30, 2008.
Cleveland......................... 1.75 October 29, 2008.
Richmond.......................... 1.75 October 30, 2008.
Atlanta........................... 1.75 October 31, 2008.
Chicago........................... 1.75 October 29, 2008.
St. Louis......................... 1.75 October 30, 2008.
Minneapolis....................... 1.75 October 30, 2008.
Kansas City....................... 1.75 October 29, 2008.
Dallas............................ 1.75 October 30, 2008.
San Francisco..................... 1.75 October 29, 2008.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, November 3, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-26483 Filed 11-5-08; 8:45 am]
BILLING CODE 6210-01-P
