Extensions of Credit by Federal Reserve Banks, 65967-65968 [E8-26483]

Download as PDF 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