Regulation A: Extensions of Credit by Federal Reserve Banks, 48441-48442 [2022-17018]
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Federal Register / Vol. 87, No. 152 / Tuesday, August 9, 2022 / Rules and Regulations
information security, the quality and
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administration of proceedings when
establishing the method and location of
oral argument.
(c) A TSOB Review Panel has
discretion to structure and establish
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order served on the parties. Such rules
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and the order in which parties present
argument.
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other protected information may not be
disclosed during oral argument. A TSOB
Review Panel may hold ex parte
proceedings to allow for the
presentation of classified information,
SSI, or other protected information.
jspears on DSK121TN23PROD with RULES
§ 126.27
Deliberations and action.
(a) Deliberations. TSOB Review Panel
deliberations are closed proceedings.
Any materials created by Review Panel
members, the TSOB Docket Clerk, and
the Review Panel’s appointed counsel
for use in deliberations are not part of
the final administrative record.
(b) Action. A TSOB Review Panel may
affirm, modify, or reverse the ALJ’s
decision. It may also remand the matter
to the ALJ with instructions to address
particular issues or consider additional
testimony or evidence.
(1) A TSOB Review Panel requires a
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(2) In case of a disagreement among
TSOB Review Panel members, a
dissenting report may be served with
the written explanation of the Review
Panel’s action. A dissenting report must
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requirements for the Review Panel’s
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(c) Written explanation. A TSOB
Review Panel will explain its action in
writing to the maximum extent
permitted by prudent concern for the
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regulations governing information
disclosure. If necessary, the Review
Panel may prepare its written
explanation in both a protected format
(which may contain classified
information, SSI, and other protected
information) and a non-protected format
(which must not contain classified
information, SSI, and other protected
information). The Review Panel serves
non-government parties with the nonprotected written explanation and
government parties with the protected
written explanation. The Review Panel
is prohibited from providing the
protected written explanation to nongovernment parties. The protected
written explanation is part of the final
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administrative record that TSA must
submit to a U.S. Court of Appeals in the
event that a party seeks judicial review
of the Review Panel’s action.
(d) Timing. A TSOB Review Panel
endeavors to resolve an appeal and
issue a written explanation of its action
to the parties no later than 60 calendar
days after the last of the following
events:
(1) Receipt of a timely filed appellant
brief;
(2) Receipt of a timely filed appellee
brief; or
(3) Oral argument.
§ 126.29
action.
Effect of TSOB Review Panel
(a) Any person substantially affected
by a TSOB Review Panel’s action, or the
TSA Administrator when he decides
that the Panel’s action will have a
significant adverse impact on carrying
out 49 U.S.C. Subt. VII, Pt. A, may
obtain judicial review in an appropriate
U.S. Court of Appeals. The
Administrators of the FAA and TSA
must be made parties to any civil action
filed in a U.S. Court of Appeals seeking
review of a TSOB Review Panel action.
(b) If judicial review is not obtained,
the action of the TSOB Review Panel is
final and binding on the parties for the
purpose of resolving the particular
decision under review.
§ 126.31
Administration of proceedings.
(a) A TSOB Review Panel has
authority to govern the conduct of its
proceedings and internal operations by
establishing any additional rules or
procedures that are not inconsistent
with this part.
(b) If TSA withdraws its
Determination of Security Threat at any
time after a notice of appeal has been
filed pursuant to § 126.13(a), the
proceedings before the TSOB Review
Panel are rendered moot and closed.
TSA must file a notice of withdrawal of
the Determination of Security Threat
with the TSOB Docket Clerk within five
calendar days of such withdrawal.
(c) TSOB Review Panel proceedings
will generally be closed to the public. A
TSOB Review Panel may, in its
discretion, open its proceedings to the
public. Classified information, SSI, or
other protected information shall not be
disclosed during administrative
proceedings, in accordance with
§ 126.25(d).
Alejandro N. Mayorkas,
Secretary, U.S. Department of Homeland
Security.
[FR Doc. 2022–17079 Filed 8–4–22; 4:15 pm]
BILLING CODE 9110–9B–P
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48441
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R–1776; RIN 7100–AG35]
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 an increase in the rate for
primary credit at each Federal Reserve
Bank. The secondary credit rate at each
Reserve Bank automatically increased
by formula as a result of the Board’s
primary credit rate action.
DATES:
Effective date: The amendments to
part 201 (Regulation A) are effective
August 9, 2022.
Applicability date: The rate changes
for primary and secondary credit were
applicable on July 28, 2022.
FOR FURTHER INFORMATION CONTACT: M.
Benjamin Snodgrass, Senior Counsel
(202–263–4877), Legal Division, or Lyle
Kumasaka, Lead Financial Institution &
Policy Analyst (202–452–2382), or
Margaret DeBoer, Senior Associate
Director (202–452–3139), Division of
Monetary Affairs; for users of telephone
systems via text telephone (TTY) or any
TTY-based Telecommunications Relay
Services (TRS), please call 711 from any
telephone, anywhere in the United
States; Board of Governors of the
Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551.
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
review and determination of the Board.
On July 27, 2022, the Board voted to
approve a 0.75 percentage point
increase in the primary credit rate in
effect at each of the twelve Federal
Reserve Banks, thereby increasing from
1.75 percent to 2.50 percent the rate that
each Reserve Bank charges for
extensions of primary credit. In
addition, the Board had previously
SUMMARY:
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09AUR1
48442
Federal Register / Vol. 87, No. 152 / Tuesday, August 9, 2022 / Rules and Regulations
jspears on DSK121TN23PROD with RULES
approved the renewal of the secondary
credit rate formula, the primary credit
rate plus 50 basis points. Under the
formula, the secondary credit rate in
effect at each of the twelve Federal
Reserve Banks increased by 0.75
percentage points as a result of the
Board’s primary credit rate action,
thereby increasing from 2.25 percent to
3.00 percent the rate that each Reserve
Bank charges for extensions of
secondary credit. The amendments to
Regulation A reflect these rate changes.
The 0.75 percentage point increase in
the primary credit rate was associated
with a 0.75 percentage point increase in
the target range for the federal funds rate
(from a target range of 11⁄2 percent to 13⁄4
percent to a target range of 21⁄4 percent
to 21⁄2 percent) announced by the
Federal Open Market Committee on July
27, 2022, as described in the Board’s
amendment of its Regulation D
published elsewhere in today’s issue of
the Federal Register.
Administrative Procedure Act
In general, the Administrative
Procedure Act (‘‘APA’’) 1 imposes three
principal requirements when an agency
promulgates legislative rules (rules
made pursuant to Congressionallydelegated authority): (1) publication
with adequate notice of a proposed rule;
(2) followed by a meaningful
opportunity for the public to comment
on the rule’s content; and (3)
publication of the final rule not less
than 30 days before its effective date.
The APA provides that notice and
comment procedures do not apply if the
agency for good cause finds them to be
‘‘unnecessary, impracticable, or contrary
to the public interest.’’ 2 Section 553(d)
of the APA also provides that
publication at least 30 days prior to a
rule’s effective date is not required for
(1) a substantive rule which grants or
recognizes an exemption or relieves a
restriction; (2) interpretive rules and
statements of policy; or (3) a rule for
which the agency finds good cause for
shortened notice and publishes its
reasoning with the rule.3 The APA
further provides that the notice, public
comment, and delayed effective date
requirements of 5 U.S.C. 553 do not
apply ‘‘to the extent that there is
involved . . . a matter relating to agency
management or personnel or to public
property, loans, grants, benefits, or
contracts.’’ 4
Regulation A establishes the interest
rates that the twelve Reserve Banks
U.S.C. 551 et seq.
U.S.C. 553(b)(3)(A).
3 5 U.S.C. 553(d).
4 5 U.S.C. 553(a)(2) (emphasis added).
charge for extensions of primary credit
and secondary credit. The Board has
determined that the notice, public
comment, and delayed effective date
requirements of the APA do not apply
to these final amendments to Regulation
A. The amendments involve a matter
relating to loans and are therefore
exempt under the terms of the APA.
Furthermore, because delay would
undermine the Board’s action in
responding to economic data and
conditions, the Board has determined
that ‘‘good cause’’ exists within the
meaning of the APA to dispense with
the notice, public comment, and
delayed effective date procedures of the
APA with respect to the final
amendments to Regulation A.
Regulatory Flexibility Analysis
The Regulatory Flexibility Act
(‘‘RFA’’) does not apply to a rulemaking
where a general notice of proposed
rulemaking is not required.5 As noted
previously, a general notice of proposed
rulemaking is not required if the final
rule involves a matter relating to loans.
Furthermore, the Board has determined
that it is unnecessary and contrary to
the public interest to publish a general
notice of proposed rulemaking for this
final rule. Accordingly, the RFA’s
requirements relating to an initial and
final regulatory flexibility analysis do
not apply.
Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act (‘‘PRA’’) of 1995,6 the
Board reviewed the final rule under the
authority delegated to the Board by the
Office of Management and Budget. The
final rule contains no requirements
subject to the PRA.
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 part 201 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:
■
15
25
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55
U.S.C. 603, 604.
U.S.C. 3506; see 5 CFR part 1320 Appendix
6 44
A.1.
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§ 201.51 Interest rates applicable to credit
extended by a Federal Reserve Bank.3
(a) Primary credit. The interest rate at
each Federal Reserve Bank for primary
credit provided to depository
institutions under § 201.4(a) is 2.50
percent.
(b) Secondary credit. The interest rate
at each Federal Reserve Bank for
secondary credit provided to depository
institutions under § 201.4(b) is 3.00
percent.
*
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2022–17018 Filed 8–8–22; 8:45 am]
BILLING CODE 6210–02–P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Docket No. R–1777; RIN 7100–AG36]
Regulation D: Reserve Requirements
of Depository Institutions
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 D to revise the rate of
interest paid on balances (‘‘IORB’’)
maintained at Federal Reserve Banks by
or on behalf of eligible institutions. The
final amendments specify that IORB is
2.40 percent, a 0.75 percentage point
increase from its prior level. The
amendment is intended to enhance the
role of IORB in maintaining the federal
funds rate in the target range established
by the Federal Open Market Committee
(‘‘FOMC’’ or ‘‘Committee’’).
DATES:
Effective date: The amendments to
part 204 (Regulation D) are effective
August 9, 2022.
Applicability date: The IORB rate
change was applicable on July 28, 2022.
FOR FURTHER INFORMATION CONTACT: M.
Benjamin Snodgrass, Senior Counsel
(202–263–4877), Legal Division, or Lyle
Kumasaka, Lead Financial Institution &
Policy Analyst (202–452–2382), or
Margaret DeBoer, Senior Associate
Director (202–452–3139), Division of
Monetary Affairs; for users of telephone
systems via text telephone (TTY) or any
SUMMARY:
3 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\09AUR1.SGM
09AUR1
Agencies
[Federal Register Volume 87, Number 152 (Tuesday, August 9, 2022)]
[Rules and Regulations]
[Pages 48441-48442]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17018]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R-1776; RIN 7100-AG35]
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 an increase in the rate for primary credit at
each Federal Reserve Bank. The secondary credit rate at each Reserve
Bank automatically increased by formula as a result of the Board's
primary credit rate action.
DATES:
Effective date: The amendments to part 201 (Regulation A) are
effective August 9, 2022.
Applicability date: The rate changes for primary and secondary
credit were applicable on July 28, 2022.
FOR FURTHER INFORMATION CONTACT: M. Benjamin Snodgrass, Senior Counsel
(202-263-4877), Legal Division, or Lyle Kumasaka, Lead Financial
Institution & Policy Analyst (202-452-2382), or Margaret DeBoer, Senior
Associate Director (202-452-3139), Division of Monetary Affairs; for
users of telephone systems via text telephone (TTY) or any TTY-based
Telecommunications Relay Services (TRS), please call 711 from any
telephone, anywhere in the United States; Board of Governors of the
Federal Reserve System, 20th and C Streets NW, Washington, DC 20551.
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 review and determination of the
Board.
On July 27, 2022, the Board voted to approve a 0.75 percentage
point increase in the primary credit rate in effect at each of the
twelve Federal Reserve Banks, thereby increasing from 1.75 percent to
2.50 percent the rate that each Reserve Bank charges for extensions of
primary credit. In addition, the Board had previously
[[Page 48442]]
approved the renewal of the secondary credit rate formula, the primary
credit rate plus 50 basis points. Under the formula, the secondary
credit rate in effect at each of the twelve Federal Reserve Banks
increased by 0.75 percentage points as a result of the Board's primary
credit rate action, thereby increasing from 2.25 percent to 3.00
percent the rate that each Reserve Bank charges for extensions of
secondary credit. The amendments to Regulation A reflect these rate
changes.
The 0.75 percentage point increase in the primary credit rate was
associated with a 0.75 percentage point increase in the target range
for the federal funds rate (from a target range of 1\1/2\ percent to
1\3/4\ percent to a target range of 2\1/4\ percent to 2\1/2\ percent)
announced by the Federal Open Market Committee on July 27, 2022, as
described in the Board's amendment of its Regulation D published
elsewhere in today's issue of the Federal Register.
Administrative Procedure Act
In general, the Administrative Procedure Act (``APA'') \1\ imposes
three principal requirements when an agency promulgates legislative
rules (rules made pursuant to Congressionally-delegated authority): (1)
publication with adequate notice of a proposed rule; (2) followed by a
meaningful opportunity for the public to comment on the rule's content;
and (3) publication of the final rule not less than 30 days before its
effective date. The APA provides that notice and comment procedures do
not apply if the agency for good cause finds them to be ``unnecessary,
impracticable, or contrary to the public interest.'' \2\ Section 553(d)
of the APA also provides that publication at least 30 days prior to a
rule's effective date is not required for (1) a substantive rule which
grants or recognizes an exemption or relieves a restriction; (2)
interpretive rules and statements of policy; or (3) a rule for which
the agency finds good cause for shortened notice and publishes its
reasoning with the rule.\3\ The APA further provides that the notice,
public comment, and delayed effective date requirements of 5 U.S.C. 553
do not apply ``to the extent that there is involved . . . a matter
relating to agency management or personnel or to public property,
loans, grants, benefits, or contracts.'' \4\
---------------------------------------------------------------------------
\1\ 5 U.S.C. 551 et seq.
\2\ 5 U.S.C. 553(b)(3)(A).
\3\ 5 U.S.C. 553(d).
\4\ 5 U.S.C. 553(a)(2) (emphasis added).
---------------------------------------------------------------------------
Regulation A establishes the interest rates that the twelve Reserve
Banks charge for extensions of primary credit and secondary credit. The
Board has determined that the notice, public comment, and delayed
effective date requirements of the APA do not apply to these final
amendments to Regulation A. The amendments involve a matter relating to
loans and are therefore exempt under the terms of the APA. Furthermore,
because delay would undermine the Board's action in responding to
economic data and conditions, the Board has determined that ``good
cause'' exists within the meaning of the APA to dispense with the
notice, public comment, and delayed effective date procedures of the
APA with respect to the final amendments to Regulation A.
Regulatory Flexibility Analysis
The Regulatory Flexibility Act (``RFA'') does not apply to a
rulemaking where a general notice of proposed rulemaking is not
required.\5\ As noted previously, a general notice of proposed
rulemaking is not required if the final rule involves a matter relating
to loans. Furthermore, the Board has determined that it is unnecessary
and contrary to the public interest to publish a general notice of
proposed rulemaking for this final rule. Accordingly, the RFA's
requirements relating to an initial and final regulatory flexibility
analysis do not apply.
---------------------------------------------------------------------------
\5\ 5 U.S.C. 603, 604.
---------------------------------------------------------------------------
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act (``PRA'') of
1995,\6\ the Board reviewed the final rule under the authority
delegated to the Board by the Office of Management and Budget. The
final rule contains no requirements subject to the PRA.
---------------------------------------------------------------------------
\6\ 44 U.S.C. 3506; see 5 CFR part 1320 Appendix A.1.
---------------------------------------------------------------------------
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 part 201 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.\3\
---------------------------------------------------------------------------
\3\ 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 rate at each Federal Reserve Bank
for primary credit provided to depository institutions under Sec.
201.4(a) is 2.50 percent.
(b) Secondary credit. The interest rate at each Federal Reserve
Bank for secondary credit provided to depository institutions under
Sec. 201.4(b) is 3.00 percent.
* * * * *
By order of the Board of Governors of the Federal Reserve
System.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2022-17018 Filed 8-8-22; 8:45 am]
BILLING CODE 6210-02-P