Reserve Requirements of Depository Institutions, 67713-67714 [E8-26727]
Download as PDF
Federal Register / Vol. 73, No. 222 / Monday, November 17, 2008 / Rules and Regulations
Monaco, the Netherlands, New Zealand,
Norway, Portugal, Republic of Korea,
San Marino, Singapore, Slovak
Republic, Slovenia, Spain, Sweden,
Switzerland, and the United Kingdom.
The United Kingdom refers only to
British citizens who have the
unrestricted right of permanent abode in
the United Kingdom (England, Scotland,
Wales, Northern Ireland, the Channel
Islands and the Isle of Man); it does not
refer to British overseas citizens, British
dependent territories’ citizens, or
citizens of British Commonwealth
countries. After May 15, 2003, citizens
of Belgium must present a machinereadable passport in order to be granted
admission under the Visa Waiver
Program.
Dated: November 7, 2008.
Michael Chertoff,
Secretary.
[FR Doc. E8–27062 Filed 11–14–08; 8:45 am]
BILLING CODE 4410–10–P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Regulation D; Docket No. R–1334]
Reserve Requirements of Depository
Institutions
Board of Governors of the
Federal Reserve System.
ACTION: Interim final rule; request for
public comment.
hsrobinson on PROD1PC76 with RULES
AGENCY:
SUMMARY: The Board is revising its
interim final rule amending Regulation
D, Reserve Requirements of Depository
Institutions, to alter the formula by
which earnings on required reserve
balances and on excess balances of
eligible institutions are calculated. The
remainder of the interim final rule,
including the period during which
comments may be submitted, is
unchanged from the interim final rule as
published on October 9, 2008.
DATES: The amendments to Regulation D
are effective on November 17, 2008. The
rate changes for earnings on required
reserve balances and on excess balances
are applicable beginning on November
6, 2008. As provided in the Federal
Register notice published on October 9,
2008, comments must be received on or
before November 21, 2008.
ADDRESSES: You may submit comments,
identified by Docket No. R–1334, by any
of the following methods:
Agency Web Site: https://
www.federalreserve.gov. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
VerDate Aug<31>2005
17:35 Nov 14, 2008
Jkt 217001
Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
E-mail:
regs.comments@federalreserve.gov.
Include the docket number in the
subject line of the message.
Fax: (202) 452–3819 or (202) 452–
3102.
Mail: Jennifer J. Johnson, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
All public comments are available
from the Board’s Web site at https://
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
unless modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information.
Public comments may also be viewed
electronically or in paper in Room MP–
500 of the Board’s Martin Building (20th
and C Streets, NW.) between 9 a.m. and
5 p.m. on weekdays.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Senior Counsel (202/
452–3565), Legal Division, or Margaret
Gillis DeBoer, Senior Financial Analyst
(202/452–3139), Division of Monetary
Affairs; for users of
Telecommunications Device for the Deaf
(TDD) only, contact (202/263–4869);
Board of Governors of the Federal
Reserve System, 20th and C Streets,
NW., Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
I. Background
On October 9, 2008, the Board
published in the Federal Register an
interim final rule amending Regulation
D (Reserve Requirements of Depository
Institutions) to direct the Federal
Reserve Banks to pay interest on
balances held at Reserve Banks to satisfy
reserve requirements (‘‘required reserve
balances’’) and balances held in excess
of required reserve balances and
clearing balances (‘‘excess balances’’)
(73 FR 59482) (Oct. 9, 2008). At that
time, the Board announced two
formulas by which the amount of
earnings payable on required reserve
balances and excess balances will be
calculated. For required reserve
balances, the Board set the initial rate of
interest to be the average federal funds
rate target established by the Federal
Open Market Committee (FOMC) over
the reserve maintenance period less 10
basis points. For excess balances, the
Board set the initial rate of interest to be
the lowest federal funds rate target
established by the FOMC in effect
during the reserve maintenance period
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
67713
minus 75 basis points. The Board stated
that it may adjust the formula for the
interest rate on excess balances in light
of experience and evolving market
conditions. The Board adjusted the rate
of interest for excess balances from the
lowest federal funds rate target in effect
during the reserve maintenance period
minus 75 basis points to the lowest
federal funds rate target minus 35 basis
points on October 21, 2008. The change
to the rate for excess balances was
effective for the reserve maintenance
periods beginning on Thursday, October
23, 2008.
The Board has judged that trading in
the federal funds market at rates closer
to the target federal funds rate will be
fostered by setting the rate on excess
balances at the lowest targeted federal
funds rate during the reserve
maintenance period. For the same
reason, the Board has judged that the
rate on required reserve balances should
be set equal to the average target rate
over the maintenance period.
Accordingly, the Board is amending
Regulation D to make the foregoing
changes. These rate changes will be
effective with the reserve maintenance
periods beginning Thursday, November
6, 2008. The Board will continue to
evaluate the appropriate setting of the
rate on excess balances in light of
evolving market conditions and make
further adjustments as needed.
Administrative Procedure Act
In accordance with the
Administrative Procedure Act (‘‘APA’’)
section 553(b) (5 U.S.C. 553(b)), the
Board finds, for good cause, that
providing notice and an opportunity for
public comment before the effective
date of this rule would be contrary to
the public interest. In addition,
pursuant to APA section 553(d) (5
U.S.C. 553(d)), the Board finds good
cause for making this amendment
effective without 30 days advance
publication. The Board has adopted this
rule in light of, and to help address, the
continuing unusual and exigent
circumstances in the financial markets.
This rule provides tools for carrying out
monetary policy more effectively. Thus,
the Board believes that any delay in
implementing the rule would prove
contrary to the public interest.
Regulatory Flexibility Act
The Regulatory Flexibility Act
requires an agency that is issuing a final
rule to prepare and make available a
regulatory flexibility analysis that
describes the impact of the final rule on
small entities. 5 U.S.C. 603(a). The
Regulatory Flexibility Act provides that
an agency is not required to prepare and
E:\FR\FM\17NOR1.SGM
17NOR1
67714
Federal Register / Vol. 73, No. 222 / Monday, November 17, 2008 / Rules and Regulations
publish a regulatory flexibility analysis
if the agency certifies that the final rule
will not have a significant economic
impact on a substantial number of small
entities. 5 U.S.C. 605(b).
Pursuant to section 605(b), the Board
certifies that this interim final rule will
not have a significant economic impact
on a substantial number of small
entities. The rule increases the interest
paid on certain balances held by eligible
institutions at the Federal Reserve
Banks and will benefit all institutions,
small and large, that receive such
interest. There are no new reporting,
record-keeping, or other compliance
requirements associated with this rule.
Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act (44 U.S.C. 3506; 5 CFR
1320 Appendix A.1), the Board has
reviewed the interim final rule under
authority delegated to the Board by the
Office of Management and Budget. The
rule contains no collections of
information pursuant to the Paperwork
Reduction Act.
List of Subjects in 12 CFR Part 204
Banks, Banking, Reporting and
recordkeeping requirements.
Authority and Issuance
For the reasons set forth in the
preamble, the Board is amending 12
CFR part 204 as follows:
■
PART 204—RESERVE
REQUIREMENTS OF DEPOSITORY
INSTITUTIONS (REGULATION D)
1. The authority citation for part 204
continues to read as follows:
■
Authority: 12 U.S.C. 248(a), 248(c), 371a,
461, 601, 611, and 3105.
2. In § 204.10, paragraphs (b)(1) and
(b)(2) are revised to read as follows:
■
§ 204.10
Payment of interest on balances.
*
*
*
*
(b) * * *
(1) For required reserve balances, at
the average targeted federal funds rate
over the reserve maintenance period;
and
(2) For excess balances, at the lowest
targeted federal funds rate during the
reserve maintenance period.
*
*
*
*
*
hsrobinson on PROD1PC76 with RULES
*
By order of the Board of Governors of the
Federal Reserve System, November 5, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E8–26727 Filed 11–14–08; 8:45 am]
BILLING CODE 6210–01–P
VerDate Aug<31>2005
17:35 Nov 14, 2008
Jkt 217001
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2008–0492; Directorate
Identifier 2008–CE–023–AD; Amendment
39–15734; AD 2008–23–13]
RIN 2120–AA64
Airworthiness Directives; Hawker
Beechcraft Corporation Model 390
Airplanes
Federal Aviation
Administration (FAA), Department of
Transportation (DOT).
ACTION: Final rule.
AGENCY:
We are adopting a new
airworthiness directive (AD) for certain
Hawker Beechcraft Corporation (HBC)
Model 390 airplanes. This AD requires
you to remove the current preformed
packing, elbow fitting, and jam nut from
the left and right hydraulic pump
pressure output port and replace with
new parts. This AD also requires you to
install a hydraulic pump case drain
check valve. This AD results from nine
occurrences of hydraulic fluid leaking
from the engine hydraulic pump output
fitting as a result of an improperly
installed elbow connecting the output
port to the pulse dampener hose. We are
issuing this AD to prevent hydraulic
fluid leaks from the left and right
hydraulic fluid pump and to prevent the
flow of hydraulic fluid into the engine
compartment. The loss of hydraulic
fluid can result in loss of airplane
hydraulic system pressure and the
consequent loss of hydraulic system
functions including gear extension/
retraction, spoiler functions, and antiskid braking system actuation. The
inability of the hydraulic installation to
isolate flow of hydraulic fluid could
result in a hazardous amount of
flammable fluid in the corresponding
engine compartment. These conditions,
if not corrected, could result in loss of
system functions and/or fire in the
engine compartment.
DATES: This AD becomes effective on
December 22, 2008.
On December 22, 2008, the Director of
the Federal Register approved the
incorporation by reference of certain
publications listed in this AD.
ADDRESSES: For service information
identified in this AD, contact Hawker
Beechcraft Corporation, 9709 East
Central, Wichita, Kansas 67201;
telephone: (316) 676–5034; fax: (316)
SUMMARY:
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
676–6614; Internet: https://
www.hawkerbeechcraft.com/
service_support/pubs/.
To view the AD docket, go to U.S.
Department of Transportation, Docket
Operations, M–30, West Building
Ground Floor, Room W12–140, 1200
New Jersey Avenue, SE., Washington,
DC 20590, or on the Internet at https://
www.regulations.gov. The docket
number is FAA–2008–0492; Directorate
Identifier 2008–CE–023–AD.
FOR FURTHER INFORMATION CONTACT:
Aaron Waters, Aerospace Engineer,
1801 Airport Road, Room 100, Wichita,
Kansas 67209; telephone: (316) 946–
4174; fax: (316) 946–4107.
SUPPLEMENTARY INFORMATION:
Discussion
On April 24, 2008, we issued a
proposal to amend part 39 of the Federal
Aviation Regulations (14 CFR part 39) to
include an AD that would apply to
certain Model 390 airplanes. This
proposal was published in the Federal
Register as a notice of proposed
rulemaking (NPRM) on May 1, 2008 (73
FR 23988). The NPRM proposed to
require you to remove the current
preformed packing, elbow fitting, and
jam nut from the left and right hydraulic
pump pressure output port and replace
with new parts. The NPRM also
proposed to require you to install a
hydraulic pump case drain check valve.
Comments
We provided the public the
opportunity to participate in developing
this AD. We received no comments on
the proposal or on the determination of
the cost to the public.
Conclusion
We have carefully reviewed the
available data and determined that air
safety and the public interest require
adopting the AD as proposed except for
minor editorial corrections. We have
determined that these minor
corrections:
• Are consistent with the intent that
was proposed in the NPRM for
correcting the unsafe condition; and
• Do not add any additional burden
upon the public than was already
proposed in the NPRM.
Costs of Compliance
We estimate that this AD affects 182
airplanes in the U.S. registry.
We estimate the following costs to do
the modifications:
E:\FR\FM\17NOR1.SGM
17NOR1
Agencies
[Federal Register Volume 73, Number 222 (Monday, November 17, 2008)]
[Rules and Regulations]
[Pages 67713-67714]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-26727]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Regulation D; Docket No. R-1334]
Reserve Requirements of Depository Institutions
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Interim final rule; request for public comment.
-----------------------------------------------------------------------
SUMMARY: The Board is revising its interim final rule amending
Regulation D, Reserve Requirements of Depository Institutions, to alter
the formula by which earnings on required reserve balances and on
excess balances of eligible institutions are calculated. The remainder
of the interim final rule, including the period during which comments
may be submitted, is unchanged from the interim final rule as published
on October 9, 2008.
DATES: The amendments to Regulation D are effective on November 17,
2008. The rate changes for earnings on required reserve balances and on
excess balances are applicable beginning on November 6, 2008. As
provided in the Federal Register notice published on October 9, 2008,
comments must be received on or before November 21, 2008.
ADDRESSES: You may submit comments, identified by Docket No. R-1334, by
any of the following methods:
Agency Web Site: https://www.federalreserve.gov. Follow the
instructions for submitting comments at https://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm. Federal eRulemaking Portal: https://
www.regulations.gov. Follow the instructions for submitting comments.
E-mail: regs.comments@federalreserve.gov. Include the docket number
in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Jennifer J. Johnson, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue, NW.,
Washington, DC 20551.
All public comments are available from the Board's Web site at
https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical reasons. Accordingly, your
comments will not be edited to remove any identifying or contact
information.
Public comments may also be viewed electronically or in paper in
Room MP-500 of the Board's Martin Building (20th and C Streets, NW.)
between 9 a.m. and 5 p.m. on weekdays.
FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Counsel
(202/452-3565), Legal Division, or Margaret Gillis DeBoer, Senior
Financial Analyst (202/452-3139), Division of Monetary Affairs; for
users of Telecommunications Device for the Deaf (TDD) only, contact
(202/263-4869); Board of Governors of the Federal Reserve System, 20th
and C Streets, NW., Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
I. Background
On October 9, 2008, the Board published in the Federal Register an
interim final rule amending Regulation D (Reserve Requirements of
Depository Institutions) to direct the Federal Reserve Banks to pay
interest on balances held at Reserve Banks to satisfy reserve
requirements (``required reserve balances'') and balances held in
excess of required reserve balances and clearing balances (``excess
balances'') (73 FR 59482) (Oct. 9, 2008). At that time, the Board
announced two formulas by which the amount of earnings payable on
required reserve balances and excess balances will be calculated. For
required reserve balances, the Board set the initial rate of interest
to be the average federal funds rate target established by the Federal
Open Market Committee (FOMC) over the reserve maintenance period less
10 basis points. For excess balances, the Board set the initial rate of
interest to be the lowest federal funds rate target established by the
FOMC in effect during the reserve maintenance period minus 75 basis
points. The Board stated that it may adjust the formula for the
interest rate on excess balances in light of experience and evolving
market conditions. The Board adjusted the rate of interest for excess
balances from the lowest federal funds rate target in effect during the
reserve maintenance period minus 75 basis points to the lowest federal
funds rate target minus 35 basis points on October 21, 2008. The change
to the rate for excess balances was effective for the reserve
maintenance periods beginning on Thursday, October 23, 2008.
The Board has judged that trading in the federal funds market at
rates closer to the target federal funds rate will be fostered by
setting the rate on excess balances at the lowest targeted federal
funds rate during the reserve maintenance period. For the same reason,
the Board has judged that the rate on required reserve balances should
be set equal to the average target rate over the maintenance period.
Accordingly, the Board is amending Regulation D to make the foregoing
changes. These rate changes will be effective with the reserve
maintenance periods beginning Thursday, November 6, 2008. The Board
will continue to evaluate the appropriate setting of the rate on excess
balances in light of evolving market conditions and make further
adjustments as needed.
Administrative Procedure Act
In accordance with the Administrative Procedure Act (``APA'')
section 553(b) (5 U.S.C. 553(b)), the Board finds, for good cause, that
providing notice and an opportunity for public comment before the
effective date of this rule would be contrary to the public interest.
In addition, pursuant to APA section 553(d) (5 U.S.C. 553(d)), the
Board finds good cause for making this amendment effective without 30
days advance publication. The Board has adopted this rule in light of,
and to help address, the continuing unusual and exigent circumstances
in the financial markets. This rule provides tools for carrying out
monetary policy more effectively. Thus, the Board believes that any
delay in implementing the rule would prove contrary to the public
interest.
Regulatory Flexibility Act
The Regulatory Flexibility Act requires an agency that is issuing a
final rule to prepare and make available a regulatory flexibility
analysis that describes the impact of the final rule on small entities.
5 U.S.C. 603(a). The Regulatory Flexibility Act provides that an agency
is not required to prepare and
[[Page 67714]]
publish a regulatory flexibility analysis if the agency certifies that
the final rule will not have a significant economic impact on a
substantial number of small entities. 5 U.S.C. 605(b).
Pursuant to section 605(b), the Board certifies that this interim
final rule will not have a significant economic impact on a substantial
number of small entities. The rule increases the interest paid on
certain balances held by eligible institutions at the Federal Reserve
Banks and will benefit all institutions, small and large, that receive
such interest. There are no new reporting, record-keeping, or other
compliance requirements associated with this rule.
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act (44 U.S.C. 3506; 5
CFR 1320 Appendix A.1), the Board has reviewed the interim final rule
under authority delegated to the Board by the Office of Management and
Budget. The rule contains no collections of information pursuant to the
Paperwork Reduction Act.
List of Subjects in 12 CFR Part 204
Banks, Banking, Reporting and recordkeeping requirements.
Authority and Issuance
0
For the reasons set forth in the preamble, the Board is amending 12 CFR
part 204 as follows:
PART 204--RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
(REGULATION D)
0
1. The authority citation for part 204 continues to read as follows:
Authority: 12 U.S.C. 248(a), 248(c), 371a, 461, 601, 611, and
3105.
0
2. In Sec. 204.10, paragraphs (b)(1) and (b)(2) are revised to read as
follows:
Sec. 204.10 Payment of interest on balances.
* * * * *
(b) * * *
(1) For required reserve balances, at the average targeted federal
funds rate over the reserve maintenance period; and
(2) For excess balances, at the lowest targeted federal funds rate
during the reserve maintenance period.
* * * * *
By order of the Board of Governors of the Federal Reserve
System, November 5, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E8-26727 Filed 11-14-08; 8:45 am]
BILLING CODE 6210-01-P