Federal Open Market Committee; Domestic Policy Directive of April 28 and 29, 2009, 25748 [E9-12478]

Download as PDF 25748 Federal Register / Vol. 74, No. 102 / Friday, May 29, 2009 / Notices [FR Doc. E9–12400 Filed 5–28–09; 8:45 am] BILLING CODE C FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Acquisition of Shares of Bank or Bank Holding Companies The notificants listed below have applied under the Change in Bank Control Act (12 U.S.C. 1817(j)) and § 225.41 of the Board’s Regulation Y (12 CFR 225.41) to acquire a bank or bank holding company. The factors that are considered in acting on the notices are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). The notices are available for immediate inspection at the Federal Reserve Bank indicated. The notices also will be available for inspection at the office of the Board of Governors. Interested persons may express their views in writing to the Reserve Bank indicated for that notice or to the offices of the Board of Governors. Comments must be received not later than June 15, 2009. A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant Vice President) 230 South LaSalle Street, Chicago, Illinois 60690–1414: 1. Charles A. Adams, individually, Holly A. Bailey; Howell Paving, Inc.; and Howell–Adams Foundation, all of Mattoon, Illinois; as a group acting in concert, to acquire voting shares of First Mid Illinois Bancshares, Inc., and thereby indirectly acquire voting shares of First Mid Illinois Bank & Trust, National Association, both of Mattoon, Illinois. Board of Governors of the Federal Reserve System, May 26, 2009. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. E9–12544 Filed 5–28–09; 8:45 am] BILLING CODE 6210–01–S mstockstill on PROD1PC66 with NOTICES Federal Open Market Committee; Domestic Policy Directive of April 28 and 29, 2009 BILLING CODE 6210–01–S In accordance with § 271.25 of its rules regarding availability of information (12 CFR part 271), there is set forth below the domestic policy directive issued by the Federal Open Market Committee at its meeting held on April 28 and 29, 2009.1 1 Copies of the Minutes of the Federal Open Market Committee at its meeting held on April 28 and 29, 2009, which includes the domestic policy directive issued at the meeting, are available upon 17:24 May 28, 2009 Jkt 217001 By order of the Federal Open Market Committee, May 21, 2009. Brian F. Madigan, Secretary, Federal Open Market Committee. [FR Doc. E9–12478 Filed 5–28–09; 8:45 am] FEDERAL RESERVE SYSTEM VerDate Nov<24>2008 The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long–run objectives, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range of 0 to 1⁄4 percent. The Committee directs the Desk to purchase GSE debt GSE–guaranteed MBS, and longer–term Treasury securities during the intermeeting period with the aim of providing support to private credit markets and economic activity. The timing and pace of these purchases should depend on conditions in the markets for such securities and on a broader assessment of private credit market conditions. The Committee anticipates that the combination of outright purchases and various liquidity facilities outstanding will cause the size of the Federal Reserve’s balance sheet to expand significantly in coming months. The Desk is expected to purchase up to $200 billion in housing–related GSE debt by the end of this year. The Desk is expected to purchase at least $500 billion in GSE–guaranteed MBS by the end of the second quarter of this year and is expected to purchase up to $1.25 trillion of these securities by the end of this year. The Committee also directs the Desk to purchase longer–term Treasury securities during the intermeeting period. Over the next six months, the Desk is expected to purchase up to $300 billion of longer– term Treasury securities. The System Open Market Account Manager and the Secretary will keep the Committee informed of ongoing developments regarding the System’s balance sheet that could affect the attainment over time of the Committee’s objectives of maximum employment and price stability. FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company request to the Board of Governors of the Federal Reserve System, Washington, D.C. 20551. The minutes are published in the Federal Reserve Bulletin and in the Board’s annual report. PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below. The applications listed below, as well as other related filings required by the Board, are available for immediate inspection at the Federal Reserve Bank indicated. The applications also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted, nonbanking activities will be conducted throughout the United States. Additional information on all bank holding companies may be obtained from the National Information Center website at www.ffiec.gov/nic/. Unless otherwise noted, comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than June 25, 2009. A. Federal Reserve Bank of Kansas City (Todd Offenbacker, Assistant Vice President) 1 Memorial Drive, Kansas City, Missouri 64198–0001: 1. International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers, Kansas City, Kansas; to acquire up to 51 percent of the voting shares of Brotherhood Bancshares, Inc., and thereby indirectly acquire voting shares of The Brotherhood Bank & Trust Company, both in Kansas City, Kansas. B. Federal Reserve Bank of San Francisco (Kenneth Binning, Vice President, Applications and Enforcement) 101 Market Street, San Francisco, California 94105–1579: 1. Franklin Resources, Inc., San Mateo, California; to acquire 9.90 percent of the voting shares of Black River BancVenture, Inc., Memphis, Tennessee, and thereby indirectly acquire voting shares of Allegiance Bank of North America, Bala Cynwyd, Pennsylvania; Bay Commercial Bank, Walnut Creek, California; Community Shores Bank, Muskegon, Michigan; Cornerstone Bank, Moorestown, New Jersey; Lakeside Community Bank, Sterling Heights, Michigan; and Quaint E:\FR\FM\29MYN1.SGM 29MYN1

Agencies

[Federal Register Volume 74, Number 102 (Friday, May 29, 2009)]
[Notices]
[Page 25748]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-12478]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of April 
28 and 29, 2009

    In accordance with Sec.  271.25 of its rules regarding availability 
of information (12 CFR part 271), there is set forth below the domestic 
policy directive issued by the Federal Open Market Committee at its 
meeting held on April 28 and 29, 2009.\1\
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    \1\[thinsp]Copies of the Minutes of the Federal Open Market 
Committee at its meeting held on April 28 and 29, 2009, which 
includes the domestic policy directive issued at the meeting, are 
available upon request to the Board of Governors of the Federal 
Reserve System, Washington, D.C. 20551. The minutes are published in 
the Federal Reserve Bulletin and in the Board's annual report.
---------------------------------------------------------------------------

    The Federal Open Market Committee seeks monetary and financial 
conditions that will foster price stability and promote sustainable 
growth in output. To further its long-run objectives, the Committee 
seeks conditions in reserve markets consistent with federal funds 
trading in a range of 0 to \1/4\ percent. The Committee directs the 
Desk to purchase GSE debt GSE-guaranteed MBS, and longer-term Treasury 
securities during the intermeeting period with the aim of providing 
support to private credit markets and economic activity. The timing and 
pace of these purchases should depend on conditions in the markets for 
such securities and on a broader assessment of private credit market 
conditions. The Committee anticipates that the combination of outright 
purchases and various liquidity facilities outstanding will cause the 
size of the Federal Reserve's balance sheet to expand significantly in 
coming months. The Desk is expected to purchase up to $200 billion in 
housing-related GSE debt by the end of this year. The Desk is expected 
to purchase at least $500 billion in GSE-guaranteed MBS by the end of 
the second quarter of this year and is expected to purchase up to $1.25 
trillion of these securities by the end of this year. The Committee 
also directs the Desk to purchase longer-term Treasury securities 
during the intermeeting period. Over the next six months, the Desk is 
expected to purchase up to $300 billion of longer-term Treasury 
securities. The System Open Market Account Manager and the Secretary 
will keep the Committee informed of ongoing developments regarding the 
System's balance sheet that could affect the attainment over time of 
the Committee's objectives of maximum employment and price stability.
    By order of the Federal Open Market Committee, May 21, 2009.

Brian F. Madigan,
Secretary, Federal Open Market Committee.
[FR Doc. E9-12478 Filed 5-28-09; 8:45 am]
BILLING CODE 6210-01-S