Fisheries of the Caribbean, Gulf of Mexico, and South Atlantic; Spiny Lobster Trap Fishery of the U.S. Virgin Islands (USVI); Control Date, 55900-55901 [2019-22780]
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Federal Register / Vol. 84, No. 202 / Friday, October 18, 2019 / Proposed Rules
operating changes have not
demonstrated similar issues in the costof-equity estimates produced by CAPM
as they have for Morningstar/Ibbotson
MSDCF. Accordingly, the Board
proposes that to reduce the impact of
short-term operating changes on the cost
of capital, it is not necessary for the
Board to modify CAPM.
CAPM, generally, is a backwardlooking model while MSDCF is more
forward-looking, each looking at
different market data. R.R. Cost of
Capital—2018, EP 558 (Sub-No. 22), slip
op. at 3. To maintain an equal balance
between forward-looking and backwardlooking models, the Board proposes to
use a weighted average of the three
models in its cost-of-equity calculation,
with CAPM weighted at 50%,
Morningstar/Ibbotson MSDCF weighted
at 25%, and Step MSDCF weighted at
25%. Furthermore, because the Board
has not found that MSDCF is superior
to CAPM, or vice versa, it is reasonable
to use a weighted average of the three
models that allows both model types to
continue to contribute equally to the
cost of equity.
When applied over a 10-year
historical analysis period, the weighted
average of the three models results in a
lower variance than a forecast relying on
the average of CAPM and Morningstar/
Ibbotson MSDCF alone. For the period
2009 through 2018, the average of
CAPM and Morningstar/Ibbotson
MSDCF produces a cost of equity
ranging from 10.31% to 13.86% with a
standard deviation of 1.18. Over the
same period, the weighted average of
the three models produces estimates
between 10.25% and 13.45% with a
standard deviation of 1.09. See
Appendix B.
Adding Step MSDCF to the Board’s
current methodology for calculating the
cost of capital is consistent with the Rail
Transportation Policy. 49 U.S.C. 10101.
For instance, having a methodology that
more robustly estimates the cost-ofequity component of the cost of capital
would better ensure that rail carriers are
allowed to earn adequate revenues.
section 10101(3); see also Standards for
R.R. Revenue Adequacy, 364 I.C.C. 803,
811 (1981), aff’d sub nom. Bessemer &
Lake Erie R.R. v. ICC, 691 F.2d 1104 (3d
Cir. 1982) (concluding that ‘‘the only
revenue adequacy standard consistent
with the requirements of [The Staggers
Rail Act of 1980] is one that uses a rate
of return equal to the cost of capital’’).
As noted, Morningstar/Ibbotson MSDCF
is more sensitive to growth rate changes
in the short term relative to Step
MSDCF, and Step MSDCF may be better
suited for some periods, or even over
the long run.
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16:07 Oct 17, 2019
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Interested parties are invited to
comment on the proposed use of Step
MSDCF described above in conjunction
with CAPM and Morningstar/Ibbotson
MSDCF currently used by the Board.
Parties are encouraged to address issues
such as the most appropriate way to
integrate the three models into the costof-capital calculation, including the
particular weighting that each model
should have.
Regulatory Flexibility Act
The Regulatory Flexibility Act of 1980
(RFA), 5 U.S.C. 601–612, generally
requires a description and analysis of
new rules that would have a significant
economic impact on a substantial
number of small entities. In drafting a
rule, an agency is required to: (1) Assess
the effect that its regulation will have on
small entities, (2) analyze effective
alternatives that may minimize a
regulation’s impact, and (3) make the
analysis available for public comment.
Section 601–604. In its notice of
proposed rulemaking, the agency must
either include an initial regulatory
flexibility analysis, section 603(a), or
certify that the proposed rule would not
have a ‘‘significant impact on a
substantial number of small entities,’’
section 605(b). Because the goal of the
RFA is to reduce the cost to small
entities of complying with federal
regulations, the RFA requires an agency
to perform a regulatory flexibility
analysis of small entity impacts only
when a rule directly regulates those
entities. In other words, the impact must
be a direct impact on small entities
‘‘whose conduct is circumscribed or
mandated’’ by the proposed rule. White
Eagle Coop. v. Conner, 553 F.3d 467,
480 (7th Cir. 2009).
The Board certifies under 5 U.S.C.
605(b) that this rule would not have a
significant economic impact on a
substantial number of small entities as
defined by the RFA. Cost of capital is
calculated for those Class I carriers that
meet certain criteria developed in
Railroad Cost of Capital—1984, 1
I.C.C.2d 989 (1985), and modified in
Revisions to the Cost-of-Capital
Composite Railroad Criteria, EP 664
(Sub-No. 3) (STB served Oct. 25, 2017).
Therefore, the Board’s proposed
methodology will apply only to Class I
rail carriers, and there will be no impact
on small railroads. A copy of this
decision will be served upon the Chief
Counsel for Advocacy, Office of
Advocacy, U.S. Small Business
Administration, Washington, DC 20416.
Additional information supporting
the Board’s revised proposal is
contained in the Board’s decision
(including appendices) served on
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Frm 00035
Fmt 4702
Sfmt 4702
October 11, 2019. To obtain a copy of
this decision, visit the Board’s website
at https://www.stb.gov.
It is ordered:
1. The Board proposes to revise its
methodology for determining the
railroad industry’s cost of capital as set
forth in this decision. Notice of this
decision will be published in the
Federal Register.
2. Comments are due by November 5,
2019. Reply comments are due by
December 4, 2019.
3. A copy of this decision will be
served upon the Chief Counsel for
Advocacy, Office of Advocacy, U.S.
Small Business Administration.
4. This decision is effective on its
service date.
Decided: October 11, 2019.
By the Board, Board Member Begeman,
Fuchs, and Oberman.
Kenyatta Clay,
Clearance Clerk.
[FR Doc. 2019–22748 Filed 10–17–19; 8:45 am]
BILLING CODE 4915–01–P
DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric
Administration
50 CFR Part 622
[Docket No. 191011–0061]
RIN 0648–BJ01
Fisheries of the Caribbean, Gulf of
Mexico, and South Atlantic; Spiny
Lobster Trap Fishery of the U.S. Virgin
Islands (USVI); Control Date
National Marine Fisheries
Service (NMFS), National Oceanic and
Atmospheric Administration (NOAA),
Commerce.
ACTION: Advance notice of proposed
rulemaking; consideration of a control
date.
AGENCY:
This notice announces the
establishment of a control date of
September 1, 2017, that the Caribbean
Fishery Management Council (Council)
may use if it decides to create
restrictions limiting participation in the
spiny lobster trap fishery in the
exclusive economic zone (EEZ) off St.
Thomas and St. John, or St. Croix, U.S.
Virgin Islands (USVI). Persons entering
the fishery in either area after the
control date will not be assured of
future access should a management
regime that limits participation in the
fishery be prepared and implemented.
NMFS invites comments on the
establishment of this control date.
SUMMARY:
E:\FR\FM\18OCP1.SGM
18OCP1
Federal Register / Vol. 84, No. 202 / Friday, October 18, 2019 / Proposed Rules
Written comments must be
received by November 18, 2019.
ADDRESSES: You may submit comments
identified by ‘‘NOAA–NMFS–2019–
0070’’ by either of the following
methods:
• Electronic Submission: Submit all
electronic public comments via the
Federal e-Rulemaking Portal. Go to
www.regulations.gov/
#!docketDetail;D=NOAA-NMFS-20190070, click the ‘‘Comment Now!’’ icon,
complete the required fields, and enter
or attach your comments.
• Mail: Submit written comments to
Sarah Stephenson, NMFS Southeast
Regional Office, 263 13th Avenue
South, St. Petersburg, FL 33701.
Instructions: Comments sent by any
other method, to any other address or
individual, or received after the end of
the comment period, may not be
considered by NMFS. All comments
received are a part of the public record
and will generally be posted for public
viewing on www.regulations.gov
without change. All personal identifying
information (e.g., name, address, etc.),
confidential business information, or
otherwise sensitive information
submitted voluntarily by the sender will
be publicly accessible. NMFS will
accept anonymous comments (enter ‘‘N/
A’’ in the required fields if you wish to
remain anonymous).
FOR FURTHER INFORMATION CONTACT:
Sarah Stephenson, NMFS Southeast
Regional Office, telephone: 727–824–
5305, or email: sarah.stephenson@
noaa.gov.
DATES:
The spiny
lobster trap fishery is managed under
the Fishery Management Plan (FMP) for
the Spiny Lobster Fishery of Puerto Rico
and the USVI. However, NMFS notes
that the Council is in the process of
transitioning Federal fisheries
management in the U.S. Caribbean from
four species-based FMPs for Puerto Rico
and the USVI to three island-based
FMPs (Puerto Rico FMP, St. Thomas
and St. John FMP, and St. Croix FMP).
The island-based FMPs would manage
multiple species, including spiny
lobster, within the EEZ defined for each
island management area (appendix E to
part 622).
Currently in the U.S. Caribbean,
which includes Puerto Rico and the
USVI, there is no Federal permit for the
SUPPLEMENTARY INFORMATION:
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16:07 Oct 17, 2019
Jkt 250001
spiny lobster trap fishery. However, the
territorial governments of Puerto Rico,
St. Thomas and St. John, and St. Croix
issue commercial fishing licenses for
their territorial waters.
At their August 2018 meeting, the
Council recommended a control date of
September 1, 2017, for the spiny lobster
trap fishery off the USVI. The control
date would apply to persons who have
entered or are contemplating entering
this fishery after September 1, 2017. The
control date would be applicable under
the current FMP and it is the Council’s
intent that is would also be applicable
under the island-based FMPs, if
approved.
Previously, the Council established a
control date of February 10, 2011 (78 FR
20496, April 5, 2013), for the
commercial spiny lobster trap fishery in
the U.S. Caribbean operating in Federal
waters off Puerto Rico and the USVI. At
their August 2018 meeting, the Council
discussed modifying the previous
control date for the spiny lobster trap
fishery off the USVI to address more
recent concerns presented at that
meeting by spiny lobster trap fishermen
and the USVI government. Specifically,
with the planned implementation of the
island-based FMPs, potential increases
in annual catch limits for spiny lobster
in the EEZ off the USVI could increase
fishing effort that would affect the
fishery, which historically has been
small-scale and market-driven. Both
spiny lobster trap fishermen and the
USVI government were concerned that,
in the future, new participants may
establish large-scale operations for
harvesting spiny lobster that would
impact the ecosystem (i.e., more traps
deployed), historical participants, and
fishing communities.
In order to preserve and protect the
economically and culturally important
spiny lobster trap fishery in the USVI,
the Council decided to update the
previous control date of February 10,
2011, and establish a September 1, 2017,
control date for the spiny lobster trap
fishery around the USVI. The Council
selected September 1, 2017, as the
control date because, soon thereafter,
Hurricanes Maria and Irma severely
curtailed fishing activities in the USVI.
Therefore, the Council determined the
period prior to September 1, 2017, best
represents historic participation in the
spiny lobster trap fishery in the USVI.
PO 00000
Frm 00036
Fmt 4702
Sfmt 9990
55901
The control date enables the Council to
inform current and potential
participants that it may consider
creating restrictions to limit
participation or other measures in the
spiny lobster trap fishery around St.
Thomas and St. John, or St. Croix, USVI.
The Council requested that this
control date be published in the Federal
Register to notify fishermen that if they
entered the fishery after September 1,
2017, they may not be assured of future
access if the Council or NMFS decide to
limit entry or impose other measures to
manage the spiny lobster trap fishery
around St. Thomas and St. John, or St.
Croix, USVI.
Establishment of this control date
does not commit the Council or NMFS
to any particular management regime or
criteria for entry into the spiny lobster
trap fishery around St. Thomas and St.
John, or St. Croix, USVI. Fishermen are
not guaranteed future participation in
the trap fishery regardless of their level
of participation before or after the
control date. The Council may
recommend a different control date or it
may recommend a management regime
that does not involve a control date.
Other criteria, such as documentation of
landings or fishing effort, may be used
to determine eligibility for participation
in a limited access fishery. The Council
or NMFS also may choose to take no
further action to control entry or access
to the fishery, in which case the control
date may be rescinded. Any action by
the Council will be taken pursuant to
the requirements for fishery
management plan and amendment
development established under the
Magnuson-Stevens Fishery
Conservation and Management Act.
This notification also gives the public
notice that interested participants
should locate and preserve records that
substantiate and verify their
participation in the spiny lobster trap
fishery in the EEZ off St. Thomas and
St. John, and St. Croix, USVI.
Authority: 16 U.S.C. 1801 et seq.
Dated: October 15, 2019.
Samuel D. Rauch, III,
Deputy Assistant Administrator for
Regulatory Programs, National Marine
Fisheries Service.
[FR Doc. 2019–22780 Filed 10–17–19; 8:45 am]
BILLING CODE 3510–22–P
E:\FR\FM\18OCP1.SGM
18OCP1
]]>Agencies
[Federal Register Volume 84, Number 202 (Friday, October 18, 2019)]
[Proposed Rules]
[Pages 55900-55901]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-22780]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric Administration
50 CFR Part 622
[Docket No. 191011-0061]
RIN 0648-BJ01
Fisheries of the Caribbean, Gulf of Mexico, and South Atlantic;
Spiny Lobster Trap Fishery of the U.S. Virgin Islands (USVI); Control
Date
AGENCY: National Marine Fisheries Service (NMFS), National Oceanic and
Atmospheric Administration (NOAA), Commerce.
ACTION: Advance notice of proposed rulemaking; consideration of a
control date.
-----------------------------------------------------------------------
SUMMARY: This notice announces the establishment of a control date of
September 1, 2017, that the Caribbean Fishery Management Council
(Council) may use if it decides to create restrictions limiting
participation in the spiny lobster trap fishery in the exclusive
economic zone (EEZ) off St. Thomas and St. John, or St. Croix, U.S.
Virgin Islands (USVI). Persons entering the fishery in either area
after the control date will not be assured of future access should a
management regime that limits participation in the fishery be prepared
and implemented. NMFS invites comments on the establishment of this
control date.
[[Page 55901]]
DATES: Written comments must be received by November 18, 2019.
ADDRESSES: You may submit comments identified by ``NOAA-NMFS-2019-
0070'' by either of the following methods:
Electronic Submission: Submit all electronic public
comments via the Federal e-Rulemaking Portal. Go to
www.regulations.gov/#!docketDetail;D=NOAA-NMFS-2019-0070, click the
``Comment Now!'' icon, complete the required fields, and enter or
attach your comments.
Mail: Submit written comments to Sarah Stephenson, NMFS
Southeast Regional Office, 263 13th Avenue South, St. Petersburg, FL
33701.
Instructions: Comments sent by any other method, to any other
address or individual, or received after the end of the comment period,
may not be considered by NMFS. All comments received are a part of the
public record and will generally be posted for public viewing on
www.regulations.gov without change. All personal identifying
information (e.g., name, address, etc.), confidential business
information, or otherwise sensitive information submitted voluntarily
by the sender will be publicly accessible. NMFS will accept anonymous
comments (enter ``N/A'' in the required fields if you wish to remain
anonymous).
FOR FURTHER INFORMATION CONTACT: Sarah Stephenson, NMFS Southeast
Regional Office, telephone: 727-824-5305, or email:
[email protected].
SUPPLEMENTARY INFORMATION: The spiny lobster trap fishery is managed
under the Fishery Management Plan (FMP) for the Spiny Lobster Fishery
of Puerto Rico and the USVI. However, NMFS notes that the Council is in
the process of transitioning Federal fisheries management in the U.S.
Caribbean from four species-based FMPs for Puerto Rico and the USVI to
three island-based FMPs (Puerto Rico FMP, St. Thomas and St. John FMP,
and St. Croix FMP). The island-based FMPs would manage multiple
species, including spiny lobster, within the EEZ defined for each
island management area (appendix E to part 622).
Currently in the U.S. Caribbean, which includes Puerto Rico and the
USVI, there is no Federal permit for the spiny lobster trap fishery.
However, the territorial governments of Puerto Rico, St. Thomas and St.
John, and St. Croix issue commercial fishing licenses for their
territorial waters.
At their August 2018 meeting, the Council recommended a control
date of September 1, 2017, for the spiny lobster trap fishery off the
USVI. The control date would apply to persons who have entered or are
contemplating entering this fishery after September 1, 2017. The
control date would be applicable under the current FMP and it is the
Council's intent that is would also be applicable under the island-
based FMPs, if approved.
Previously, the Council established a control date of February 10,
2011 (78 FR 20496, April 5, 2013), for the commercial spiny lobster
trap fishery in the U.S. Caribbean operating in Federal waters off
Puerto Rico and the USVI. At their August 2018 meeting, the Council
discussed modifying the previous control date for the spiny lobster
trap fishery off the USVI to address more recent concerns presented at
that meeting by spiny lobster trap fishermen and the USVI government.
Specifically, with the planned implementation of the island-based FMPs,
potential increases in annual catch limits for spiny lobster in the EEZ
off the USVI could increase fishing effort that would affect the
fishery, which historically has been small-scale and market-driven.
Both spiny lobster trap fishermen and the USVI government were
concerned that, in the future, new participants may establish large-
scale operations for harvesting spiny lobster that would impact the
ecosystem (i.e., more traps deployed), historical participants, and
fishing communities.
In order to preserve and protect the economically and culturally
important spiny lobster trap fishery in the USVI, the Council decided
to update the previous control date of February 10, 2011, and establish
a September 1, 2017, control date for the spiny lobster trap fishery
around the USVI. The Council selected September 1, 2017, as the control
date because, soon thereafter, Hurricanes Maria and Irma severely
curtailed fishing activities in the USVI. Therefore, the Council
determined the period prior to September 1, 2017, best represents
historic participation in the spiny lobster trap fishery in the USVI.
The control date enables the Council to inform current and potential
participants that it may consider creating restrictions to limit
participation or other measures in the spiny lobster trap fishery
around St. Thomas and St. John, or St. Croix, USVI.
The Council requested that this control date be published in the
Federal Register to notify fishermen that if they entered the fishery
after September 1, 2017, they may not be assured of future access if
the Council or NMFS decide to limit entry or impose other measures to
manage the spiny lobster trap fishery around St. Thomas and St. John,
or St. Croix, USVI.
Establishment of this control date does not commit the Council or
NMFS to any particular management regime or criteria for entry into the
spiny lobster trap fishery around St. Thomas and St. John, or St.
Croix, USVI. Fishermen are not guaranteed future participation in the
trap fishery regardless of their level of participation before or after
the control date. The Council may recommend a different control date or
it may recommend a management regime that does not involve a control
date. Other criteria, such as documentation of landings or fishing
effort, may be used to determine eligibility for participation in a
limited access fishery. The Council or NMFS also may choose to take no
further action to control entry or access to the fishery, in which case
the control date may be rescinded. Any action by the Council will be
taken pursuant to the requirements for fishery management plan and
amendment development established under the Magnuson-Stevens Fishery
Conservation and Management Act.
This notification also gives the public notice that interested
participants should locate and preserve records that substantiate and
verify their participation in the spiny lobster trap fishery in the EEZ
off St. Thomas and St. John, and St. Croix, USVI.
Authority: 16 U.S.C. 1801 et seq.
Dated: October 15, 2019.
Samuel D. Rauch, III,
Deputy Assistant Administrator for Regulatory Programs, National Marine
Fisheries Service.
[FR Doc. 2019-22780 Filed 10-17-19; 8:45 am]
BILLING CODE 3510-22-P
