Repeal of Regulations, 74648-74649 [2011-30480]
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74648
Federal Register / Vol. 76, No. 231 / Thursday, December 1, 2011 / Rules and Regulations
accordance with the Board’s Rules of
Practice for Formal Hearings (12 CFR
part 263).
(iii) At the conclusion of the hearing,
the Board will by order approve or
disapprove the proposed capital
distribution on the basis of the record of
the hearing.
By order of the Board of Governors of the
Federal Reserve System, November 21, 2011.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2011–30665 Filed 11–28–11; 4:15 pm]
BILLING CODE 6210–01–P
FEDERAL HOUSING FINANCE
AGENCY
FEDERAL HOUSING FINANCE BOARD
12 CFR Parts 912 and 997
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
Office of Federal Housing Enterprise
Oversight
12 CFR Parts 1780 to 1799
RIN 2590–AA52
Repeal of Regulations
Federal Housing Finance
Agency; Federal Housing Finance
Board; and Office of Federal Housing
Enterprise Oversight.
ACTION: Final rule.
AGENCIES:
The Federal Housing Finance
Agency (FHFA) is repealing two
obsolete and outdated Federal Housing
Finance Board (Finance Board)
regulations, which relate to meetings of
the Board of Directors of the Finance
Board and the manner of calculating the
Resolution Funding Corporation
(RefCorp) obligations of the Federal
Home Loan Banks (Banks), respectively.
FHFA is also repealing certain parts of
the Office of Federal Housing Enterprise
Oversight (OFHEO) regulations
currently designated as reserved and an
associated subchapter, which will be
empty after the repeal of those parts.
This final rule repeals the regulations
and subchapter in their entirety.
DATES: This rule is effective on January
3, 2012.
FOR FURTHER INFORMATION CONTACT:
Michou H.M. Nguyen, Assistant General
Counsel, (202) 414–3810, Office of
General Counsel, Federal Housing
Finance Agency, Fourth Floor, 1700 G
Street NW., Washington, DC 20552. The
telephone number for the
emcdonald on DSK5VPTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
17:21 Nov 30, 2011
Jkt 226001
Telecommunications Device for the Deaf
is (800) 877–8339.
SUPPLEMENTARY INFORMATION:
I. Background and Analysis
A. Creation of the Federal Housing
Finance Agency and Recent Legislation
Effective July 30, 2008, the Housing
and Economic Recovery Act of 2008
(HERA), Public Law 110–289, 122 Stat.
2654, created FHFA as a new
independent agency of the Federal
Government, and transferred to FHFA
the supervisory and oversight
responsibilities of OFHEO over the
Federal National Mortgage Association,
and the Federal Home Loan Mortgage
Corporation (collectively, the
Enterprises), the oversight
responsibilities of the Finance Board
over the Banks and the Office of Finance
(OF) (which acts as the Banks’ fiscal
agent) and certain functions of the
Department of Housing and Urban
Development. See id. at section 1101,
122 Stat. 2661–62. FHFA is responsible
for ensuring that the Enterprises and the
Banks operate in a safe and sound
manner, including that they maintain
adequate capital and internal controls,
that their activities foster liquid,
efficient, competitive and resilient
national housing finance markets, and
that they carry out their public policy
missions through authorized activities.
See id. at section 1102, 122 Stat. 2663–
64. The Enterprises, the Banks, and the
OF continue to operate under
regulations promulgated by OFHEO and
the Finance Board, respectively, until
such regulations are superseded by
regulations issued by FHFA. See id. at
sections 1301, 1302, 1311, 1312, 122
Stat. 2794–95, 2797–98.
B. Considerations of Differences
Between the Banks and the Enterprises
Section 1201 of HERA requires the
Director, when promulgating regulations
‘‘of general applicability and future
effect’’ relating to the Banks, to consider
the differences between the Banks and
the Enterprises as they may relate to the
Banks’ cooperative ownership structure;
mission of providing liquidity to
members; affordable housing and
community development mission;
capital structure; and joint and several
liability. See section 1201, Public Law
110–289, 122 Stat. 2782–83 (amending
12 U.S.C. 4513). This final rule does not
impose any new obligations on the
Banks, but instead simply removes two
existing Finance Board regulations that,
as a result of other events, no longer
have any practical or legal effect.
Furthermore, as explained below, the
repeal of parts 912 and 997 of title 12
PO 00000
Frm 00024
Fmt 4700
Sfmt 4700
of the Code of Federal Regulations (CFR)
would not have a ‘‘future effect’’ on the
rights and responsibilities of the Banks.
For these reasons, FHFA believes that a
section 1201 analysis is not required for
this final rule.
C. Part 912 (Meetings of the Board of
Directors of the Finance Board)
Part 912 of title 12 of the CFR was
issued by the Finance Board pursuant to
the Government in the Sunshine Act
(Sunshine Act), which generally
requires that meetings of Federal
agencies that are headed by collegial
bodies be open to the public, and that
such agencies promulgate regulations to
implement the provisions of the
Sunshine Act. Section 2 of the Sunshine
Act states that the purpose of the Act is
to provide the public the ‘‘fullest
practicable information regarding the
decisionmaking processes of the Federal
Government’’ while protecting
legitimate individual privacy and ‘‘the
ability of the Government to carry out
its responsibilities.’’ Public Law 94–409,
section 2, 90 Stat. 1241 (Sept. 13, 1976)
reprinted in 5 U.S.C. 552b notes. In
order to implement the purposes of the
Sunshine Act as articulated in Article 2,
part 912 was designed to provide the
public with access to information
regarding the decision-making processes
of the Board of Directors of the Finance
Board, while protecting the privacy
rights of individuals and the ability of
the Board of Directors of the Finance
Board to carry out its responsibilities.
Part 912 accomplished these goals
through the use of various procedures
applicable to open and closed meetings
of the Board of Directors of the Finance
Board.
The Sunshine Act does not apply to
FHFA, which is not administered by a
collegial body. For purposes of 5 U.S.C.
552b, the term ‘‘agency’’ means ‘‘any
agency * * * headed by a collegial
body composed of two or more
individual members * * *.’’ FHFA is
headed by a single Director and
therefore does not fall within the scope
of this definition. Consequently, the
procedures that the Finance Board had
adopted in part 912 for its board
meetings are no longer necessary, and
should not be adopted by FHFA,
because FHFA does not have a board of
directors and is not subject to the
Sunshine Act. Therefore, FHFA is
hereby repealing part 912 in its entirety.
D. Part 997 (RefCorp Obligations of the
Banks)
In 1989, Congress established RefCorp
as a vehicle to provide funding for the
Resolution Trust Corporation to finance
resolution of the savings and loan crisis.
E:\FR\FM\01DER1.SGM
01DER1
Federal Register / Vol. 76, No. 231 / Thursday, December 1, 2011 / Rules and Regulations
emcdonald on DSK5VPTVN1PROD with RULES
12 U.S.C. 1441b(a), (b). RefCorp issued
approximately $30 billion of long-term
bonds, the last of which will mature in
April 2030. The interest due on the
RefCorp bonds is paid from several
sources, including mandatory
contributions from the Banks. As
initially enacted, the law required the
Banks to contribute $300 million
annually toward the RefCorp interest
payments. Public Law 101–73, Title V,
section 511(a), 103 Stat. 394, (August 9,
1989). In 1999, the Gramm-Leach-Bliley
Act changed the manner in which the
Banks’ RefCorp annual contributions
were to be calculated by requiring each
Bank to pay 20 percent of its annual net
earnings, rather than $300 million.
Public Law 106–102, Title VI, section
607(a), 113 Stat. 1455, (November 12,
1999), codified at 12 U.S.C.
1441b(f)(2)(C)(i). Those amendments
further provided that the Banks’
RefCorp obligation was to terminate
when the value of the contributions
made under the revised formula equaled
the value of a benchmark annuity of
$300 million per year that commenced
when the RefCorp bonds were issued
and ended on their maturity date. The
Finance Board promulgated part 997 to
implement those Gramm-Leach-Bliley
Act amendments, and the regulations
specified the method to be used for
making the present value calculations
required to determine the value of the
Banks’ payments, relative to the
benchmark annuity, and for adjusting
the termination date for the payments.
This year, after consulting with the
Department of the Treasury and
conducting the calculations in
accordance with part 997, FHFA
determined that the RefCorp payment
made by the Banks on July 15, 2011,
caused the value of all RefCorp
payments made by the Banks to that
date to equal the value of the benchmark
annuity, which terminated the
obligation of the Banks to make any
further contributions toward the debt
service for the RefCorp bonds. See 76 FR
49477 (August 10, 2011). The
termination of the Banks’ required
RefCorp payments made part 997,
which relates solely to the calculation of
the aggregate value of, and end date, for
those payments, unnecessary and of no
effect. Therefore, FHFA is hereby
repealing part 997 in its entirety.
E. Parts 1781 to 1799 and Subchapter D
Currently, parts 1781 to 1799 of title
12 of the CFR, which are OFHEO
regulations, are designated as
‘‘reserved.’’ These reserved parts are
also currently the only items under
subchapter D (Rules of Practice and
Procedure) of chapter 17 of title 12.
VerDate Mar<15>2010
17:21 Nov 30, 2011
Jkt 226001
Because these parts contain no
substantive provisions, there is nothing
to revise and relocate to the FHFA
regulations, as is the case with other
OFHEO and Finance Board regulations.
Nonetheless, unless FHFA affirmatively
removes the reference to those parts as
being reserved and removes subchapter
D, those references and an empty
subchapter D will remain in the CFR
after FHFA has removed or relocated all
of the other substantive OFHEO
regulations. Therefore, in the interest of
ensuring that all OFHEO regulations
that will not be carried forward into the
FHFA regulations are removed, FHFA is
hereby repealing parts 1781 to 1799 and
subchapter D in their entirety.
II. Notice and Public Participation
FHFA finds that good cause exists for
adopting these rule changes as a final
rule without public notice and comment
under 5 U.S.C. 553(b)(B) because the
subject regulations currently have no
legal or practical effect and thus their
removal would not alter the rights or
responsibilities of any party. The
provisions of part 912 relate solely to
the operations of the Board of Directors
of the Finance Board, which no longer
exists. The provisions of part 997 relate
solely to the manner in which the
Finance Board and FHFA calculate the
Banks’ RefCorp obligation, which has
been terminated. The references to the
‘‘reserved’’ parts of the OFHEO
regulations in subchapter D have no
substantive effect on any party. None of
these regulations includes provisions
that are appropriate for FHFA to carry
over and incorporate into its own
regulations, and thus they should be
removed from the CFR. For these
reasons, FHFA believes that public
comments are unnecessary and would
serve no purpose.
III. Paperwork Reduction Act
IV. Regulatory Flexibility Act
The final rule applies only to the
Banks and Enterprises, which do not
come within the meaning of small
entities as defined in the Regulatory
Flexibility Act (RFA). See 5 U.S.C.
601(6). Therefore in accordance with
section 605(b) of the RFA, FHFA
certifies that this final rule will not have
a significant economic impact on a
substantial number of small entities.
Frm 00025
Fmt 4700
Sfmt 4700
List of Subjects
12 CFR Part 912
Sunshine Act.
12 CFR Part 997
Federal home loan banks.
Accordingly, for reasons stated in the
preamble and under the authority of 12
U.S.C. 4511, 4512, 4513, and 4526,
FHFA is amending subchapters B and L
of chapter IX and subchapter D of
chapter XVII of title 12 of the Code of
Federal Regulations as follows:
CHAPTER IX—FEDERAL HOUSING
FINANCE BOARD
SUBCHAPTER B—FEDERAL HOUSING
FINANCE BOARD ORGANIZATION AND
OPERATIONS
PART 912—[REMOVED]
■
1. Remove part 912.
SUBCHAPTER L—NON-BANK SYSTEM
ENTITIES
PART 997—[REMOVED]
■
2. Remove part 997.
CHAPTER XVII—OFFICE OF FEDERAL
HOUSING ENTERPRISE OVERSIGHT,
DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT
SUBCHAPTER D—RULES OF PRACTICE
AND PROCEDURE—[REMOVED]
3. Remove subchapter D, consisting of
reserved parts 1780 to 1799.
■
Dated: November 17, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance
Agency.
[FR Doc. 2011–30480 Filed 11–30–11; 8:45 am]
BILLING CODE 8070–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
The final rule does not contain any
collections of information pursuant to
the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.). Therefore,
FHFA has not submitted any
information to the Office of
Management and Budget for review.
PO 00000
74649
14 CFR Part 25
[Docket No. FAA–2010–0310; Amdt. No. 25–
135]
RIN 2120–AJ72
Harmonization of Various
Airworthiness Standards for Transport
Category Airplanes—Flight Rules
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
This rule amends the
regulations governing various
airworthiness standards for transport
category airplanes. This action
harmonizes the requirements for takeoff
SUMMARY:
E:\FR\FM\01DER1.SGM
01DER1
Agencies
[Federal Register Volume 76, Number 231 (Thursday, December 1, 2011)]
[Rules and Regulations]
[Pages 74648-74649]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-30480]
=======================================================================
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE AGENCY
FEDERAL HOUSING FINANCE BOARD
12 CFR Parts 912 and 997
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of Federal Housing Enterprise Oversight
12 CFR Parts 1780 to 1799
RIN 2590-AA52
Repeal of Regulations
AGENCIES: Federal Housing Finance Agency; Federal Housing Finance
Board; and Office of Federal Housing Enterprise Oversight.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Federal Housing Finance Agency (FHFA) is repealing two
obsolete and outdated Federal Housing Finance Board (Finance Board)
regulations, which relate to meetings of the Board of Directors of the
Finance Board and the manner of calculating the Resolution Funding
Corporation (RefCorp) obligations of the Federal Home Loan Banks
(Banks), respectively. FHFA is also repealing certain parts of the
Office of Federal Housing Enterprise Oversight (OFHEO) regulations
currently designated as reserved and an associated subchapter, which
will be empty after the repeal of those parts. This final rule repeals
the regulations and subchapter in their entirety.
DATES: This rule is effective on January 3, 2012.
FOR FURTHER INFORMATION CONTACT: Michou H.M. Nguyen, Assistant General
Counsel, (202) 414-3810, Office of General Counsel, Federal Housing
Finance Agency, Fourth Floor, 1700 G Street NW., Washington, DC 20552.
The telephone number for the Telecommunications Device for the Deaf is
(800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Background and Analysis
A. Creation of the Federal Housing Finance Agency and Recent
Legislation
Effective July 30, 2008, the Housing and Economic Recovery Act of
2008 (HERA), Public Law 110-289, 122 Stat. 2654, created FHFA as a new
independent agency of the Federal Government, and transferred to FHFA
the supervisory and oversight responsibilities of OFHEO over the
Federal National Mortgage Association, and the Federal Home Loan
Mortgage Corporation (collectively, the Enterprises), the oversight
responsibilities of the Finance Board over the Banks and the Office of
Finance (OF) (which acts as the Banks' fiscal agent) and certain
functions of the Department of Housing and Urban Development. See id.
at section 1101, 122 Stat. 2661-62. FHFA is responsible for ensuring
that the Enterprises and the Banks operate in a safe and sound manner,
including that they maintain adequate capital and internal controls,
that their activities foster liquid, efficient, competitive and
resilient national housing finance markets, and that they carry out
their public policy missions through authorized activities. See id. at
section 1102, 122 Stat. 2663-64. The Enterprises, the Banks, and the OF
continue to operate under regulations promulgated by OFHEO and the
Finance Board, respectively, until such regulations are superseded by
regulations issued by FHFA. See id. at sections 1301, 1302, 1311, 1312,
122 Stat. 2794-95, 2797-98.
B. Considerations of Differences Between the Banks and the Enterprises
Section 1201 of HERA requires the Director, when promulgating
regulations ``of general applicability and future effect'' relating to
the Banks, to consider the differences between the Banks and the
Enterprises as they may relate to the Banks' cooperative ownership
structure; mission of providing liquidity to members; affordable
housing and community development mission; capital structure; and joint
and several liability. See section 1201, Public Law 110-289, 122 Stat.
2782-83 (amending 12 U.S.C. 4513). This final rule does not impose any
new obligations on the Banks, but instead simply removes two existing
Finance Board regulations that, as a result of other events, no longer
have any practical or legal effect. Furthermore, as explained below,
the repeal of parts 912 and 997 of title 12 of the Code of Federal
Regulations (CFR) would not have a ``future effect'' on the rights and
responsibilities of the Banks. For these reasons, FHFA believes that a
section 1201 analysis is not required for this final rule.
C. Part 912 (Meetings of the Board of Directors of the Finance Board)
Part 912 of title 12 of the CFR was issued by the Finance Board
pursuant to the Government in the Sunshine Act (Sunshine Act), which
generally requires that meetings of Federal agencies that are headed by
collegial bodies be open to the public, and that such agencies
promulgate regulations to implement the provisions of the Sunshine Act.
Section 2 of the Sunshine Act states that the purpose of the Act is to
provide the public the ``fullest practicable information regarding the
decisionmaking processes of the Federal Government'' while protecting
legitimate individual privacy and ``the ability of the Government to
carry out its responsibilities.'' Public Law 94-409, section 2, 90
Stat. 1241 (Sept. 13, 1976) reprinted in 5 U.S.C. 552b notes. In order
to implement the purposes of the Sunshine Act as articulated in Article
2, part 912 was designed to provide the public with access to
information regarding the decision-making processes of the Board of
Directors of the Finance Board, while protecting the privacy rights of
individuals and the ability of the Board of Directors of the Finance
Board to carry out its responsibilities. Part 912 accomplished these
goals through the use of various procedures applicable to open and
closed meetings of the Board of Directors of the Finance Board.
The Sunshine Act does not apply to FHFA, which is not administered
by a collegial body. For purposes of 5 U.S.C. 552b, the term ``agency''
means ``any agency * * * headed by a collegial body composed of two or
more individual members * * *.'' FHFA is headed by a single Director
and therefore does not fall within the scope of this definition.
Consequently, the procedures that the Finance Board had adopted in part
912 for its board meetings are no longer necessary, and should not be
adopted by FHFA, because FHFA does not have a board of directors and is
not subject to the Sunshine Act. Therefore, FHFA is hereby repealing
part 912 in its entirety.
D. Part 997 (RefCorp Obligations of the Banks)
In 1989, Congress established RefCorp as a vehicle to provide
funding for the Resolution Trust Corporation to finance resolution of
the savings and loan crisis.
[[Page 74649]]
12 U.S.C. 1441b(a), (b). RefCorp issued approximately $30 billion of
long-term bonds, the last of which will mature in April 2030. The
interest due on the RefCorp bonds is paid from several sources,
including mandatory contributions from the Banks. As initially enacted,
the law required the Banks to contribute $300 million annually toward
the RefCorp interest payments. Public Law 101-73, Title V, section
511(a), 103 Stat. 394, (August 9, 1989). In 1999, the Gramm-Leach-
Bliley Act changed the manner in which the Banks' RefCorp annual
contributions were to be calculated by requiring each Bank to pay 20
percent of its annual net earnings, rather than $300 million. Public
Law 106-102, Title VI, section 607(a), 113 Stat. 1455, (November 12,
1999), codified at 12 U.S.C. 1441b(f)(2)(C)(i). Those amendments
further provided that the Banks' RefCorp obligation was to terminate
when the value of the contributions made under the revised formula
equaled the value of a benchmark annuity of $300 million per year that
commenced when the RefCorp bonds were issued and ended on their
maturity date. The Finance Board promulgated part 997 to implement
those Gramm-Leach-Bliley Act amendments, and the regulations specified
the method to be used for making the present value calculations
required to determine the value of the Banks' payments, relative to the
benchmark annuity, and for adjusting the termination date for the
payments.
This year, after consulting with the Department of the Treasury and
conducting the calculations in accordance with part 997, FHFA
determined that the RefCorp payment made by the Banks on July 15, 2011,
caused the value of all RefCorp payments made by the Banks to that date
to equal the value of the benchmark annuity, which terminated the
obligation of the Banks to make any further contributions toward the
debt service for the RefCorp bonds. See 76 FR 49477 (August 10, 2011).
The termination of the Banks' required RefCorp payments made part 997,
which relates solely to the calculation of the aggregate value of, and
end date, for those payments, unnecessary and of no effect. Therefore,
FHFA is hereby repealing part 997 in its entirety.
E. Parts 1781 to 1799 and Subchapter D
Currently, parts 1781 to 1799 of title 12 of the CFR, which are
OFHEO regulations, are designated as ``reserved.'' These reserved parts
are also currently the only items under subchapter D (Rules of Practice
and Procedure) of chapter 17 of title 12. Because these parts contain
no substantive provisions, there is nothing to revise and relocate to
the FHFA regulations, as is the case with other OFHEO and Finance Board
regulations. Nonetheless, unless FHFA affirmatively removes the
reference to those parts as being reserved and removes subchapter D,
those references and an empty subchapter D will remain in the CFR after
FHFA has removed or relocated all of the other substantive OFHEO
regulations. Therefore, in the interest of ensuring that all OFHEO
regulations that will not be carried forward into the FHFA regulations
are removed, FHFA is hereby repealing parts 1781 to 1799 and subchapter
D in their entirety.
II. Notice and Public Participation
FHFA finds that good cause exists for adopting these rule changes
as a final rule without public notice and comment under 5 U.S.C.
553(b)(B) because the subject regulations currently have no legal or
practical effect and thus their removal would not alter the rights or
responsibilities of any party. The provisions of part 912 relate solely
to the operations of the Board of Directors of the Finance Board, which
no longer exists. The provisions of part 997 relate solely to the
manner in which the Finance Board and FHFA calculate the Banks' RefCorp
obligation, which has been terminated. The references to the
``reserved'' parts of the OFHEO regulations in subchapter D have no
substantive effect on any party. None of these regulations includes
provisions that are appropriate for FHFA to carry over and incorporate
into its own regulations, and thus they should be removed from the CFR.
For these reasons, FHFA believes that public comments are unnecessary
and would serve no purpose.
III. Paperwork Reduction Act
The final rule does not contain any collections of information
pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et
seq.). Therefore, FHFA has not submitted any information to the Office
of Management and Budget for review.
IV. Regulatory Flexibility Act
The final rule applies only to the Banks and Enterprises, which do
not come within the meaning of small entities as defined in the
Regulatory Flexibility Act (RFA). See 5 U.S.C. 601(6). Therefore in
accordance with section 605(b) of the RFA, FHFA certifies that this
final rule will not have a significant economic impact on a substantial
number of small entities.
List of Subjects
12 CFR Part 912
Sunshine Act.
12 CFR Part 997
Federal home loan banks.
Accordingly, for reasons stated in the preamble and under the
authority of 12 U.S.C. 4511, 4512, 4513, and 4526, FHFA is amending
subchapters B and L of chapter IX and subchapter D of chapter XVII of
title 12 of the Code of Federal Regulations as follows:
CHAPTER IX--FEDERAL HOUSING FINANCE BOARD
SUBCHAPTER B--FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND OPERATIONS
PART 912--[REMOVED]
0
1. Remove part 912.
SUBCHAPTER L--NON-BANK SYSTEM ENTITIES
PART 997--[REMOVED]
0
2. Remove part 997.
CHAPTER XVII--OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT,
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
SUBCHAPTER D--RULES OF PRACTICE AND PROCEDURE--[REMOVED]
0
3. Remove subchapter D, consisting of reserved parts 1780 to 1799.
Dated: November 17, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2011-30480 Filed 11-30-11; 8:45 am]
BILLING CODE 8070-01-P