Regulation A: Extensions of Credit by Federal Reserve Banks, 2194-2195 [2023-00416]
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2194
Federal Register / Vol. 88, No. 9 / Friday, January 13, 2023 / Rules and Regulations
(or whose employee violates) any
applicable rule, regulations in this
chapter, or order under the Act relating
to the security or safeguarding of
Restricted Data or other classified
information, shall be subject to a civil
penalty not to exceed $177,174 for each
violation. * * *
■ 20. Section 824.4 is amended by
revising paragraph (c) to read as follows:
§ 824.4
Civil penalties.
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*
(c) The Director may propose
imposition of a civil penalty for
violation of a requirement of a
regulation or rule under paragraph (a) of
this section or a compliance order
issued under paragraph (b) of this
section, not to exceed $177,174 for each
violation.
*
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PART 1050—FOREIGN GIFTS AND
DECORATIONS
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1. Notice of Violation
*
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(e) * * *
(1) DOE may assess civil penalties of up to
$115,061 per violation per day on contractors
(and their subcontractors and suppliers) that
are indemnified by the Price-Anderson Act,
42 U.S.C. 2210(d). See 10 CFR 851.5(a).
*
*
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21. The authority citation for part 851
continues to read as follows:
■
Authority: 42 U.S.C. 2201(i)(3), (p); 42
U.S.C. 2282c; 42 U.S.C. 5801 et seq.; 42
U.S.C. 7101 et seq.; 50 U.S.C. 2401 et seq.;
28 U.S.C. 2461 note.
22. Section 851.5 is amended by
revising the first sentence of paragraph
(a) to read as follows:
■
Enforcement.
(a) A contractor that is indemnified
under section 170d. of the AEA (or any
subcontractor or supplier thereto) and
that violates (or whose employee
violates) any requirement of this part
shall be subject to a civil penalty of up
to $115,061 for each such violation.
* * *
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■ 23. Appendix B to part 851 is
amended by:
■ a. Revising the last sentences of
paragraphs (b)(1) and (2) in section VI;
and
■ b. Revising paragraph 1.(e)(1) in
section IX.
The revisions read as follows:
*
PART 1013—PROGRAM FRAUD CIVIL
REMEDIES AND PROCEDURES
24. The authority citation for part
1013 continues to read as follows:
■
Authority: 31 U.S.C. 3801–3812; 28 U.S.C.
2461 note.
25. Section 1013.3 is amended by
revising paragraphs (a)(1)(iv) and
(b)(1)(ii) to read as follows:
■
(a) * * *
(1) * * *
(iv) Is for payment for the provision
of property or services which the person
has not provided as claimed, shall be
subject, in addition to any other remedy
that may be prescribed by law, to a civil
penalty of not more than $13,508 for
each such claim.
*
*
*
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*
(b) * * *
(1) * * *
(ii) Contains or is accompanied by an
express certification or affirmation of
the truthfulness and accuracy of the
contents of the statement, shall be
subject, in addition to any other remedy
that may be prescribed by law, to a civil
penalty of not more than $13,508 for
each such statement.
*
*
*
*
*
PART 1017—IDENTIFICATION AND
PROTECTION OF UNCLASSIFIED
CONTROLLED NUCLEAR
INFORMATION
26. The authority citation for part
1017 continues to read as follows:
■
Appendix B to Part 851—General
Statement of Enforcement Policy
Authority: 42 U.S.C. 7101 et seq.; 50
U.S.C. 2401 et seq.; 42 U.S.C. 2168; 28 U.S.C.
2461 note.
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27. Section 1017.29 is amended by
revising paragraph (c) to read as follows:
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VI. Severity of Violations
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§ 1017.29
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(b) * * *
(1) * * * A Severity Level I violation
would be subject to a base civil penalty of up
to 100% of the maximum base civil penalty
of $115,061.
(2) * * * A Severity Level II violation
would be subject to a base civil penalty up
to 50% of the maximum base civil penalty
($57,530).
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16:24 Jan 12, 2023
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Civil penalty.
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(c) Amount of penalty. The Director
may propose imposition of a civil
penalty for violation of a requirement of
a regulation under paragraph (a) of this
section or a compliance order issued
under paragraph (b) of this section, not
to exceed $319,067 for each violation.
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28. The authority citation for part
1050 continues to read as follows:
■
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§ 1013.3 Basis for civil penalties and
assessments.
PART 851—WORKER SAFETY AND
HEALTH PROGRAM
lotter on DSK11XQN23PROD with RULES1
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§ 851.5
IX. Enforcement Actions
Authority: The Constitution of the United
States, Article I, Section 9; 5 U.S.C. 7342; 22
U.S.C. 2694; 42 U.S.C. 7254 and 7262; 28
U.S.C. 2461 note.
29. Section 1050.303 is amended by
revising the last sentence in paragraph
(d) to read as follows:
■
§ 1050.303
Enforcement.
*
*
*
*
*
(d) * * * The court in which such
action is brought may assess a civil
penalty against such employee in any
amount not to exceed the retail value of
the gift improperly solicited or received
plus $24,189.
[FR Doc. 2023–00401 Filed 1–12–23; 8:45 am]
BILLING CODE 6450–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R–1797; RIN 7100–AG 50]
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
January 13, 2023.
Applicability date: The rate changes
for primary and secondary credit were
applicable on December 15, 2022.
FOR FURTHER INFORMATION CONTACT: M.
Benjamin Snodgrass, Senior Counsel
(202–263–4877), Legal Division, or
Kristen Payne, Lead Financial
Institution & Policy Analyst (202–452–
2872), 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.
SUMMARY:
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Federal Register / Vol. 88, No. 9 / Friday, January 13, 2023 / Rules and Regulations
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 December 14, 2022, the Board
voted to approve a 0.50 percentage point
increase in the primary credit rate,
thereby increasing the primary credit
rate from 4.00 percent to 4.50 percent.
In addition, the Board had previously
approved the renewal of the secondary
credit rate formula, the primary credit
rate plus 50 basis points. Under the
formula, the secondary credit rate
increased by 0.50 percentage points as
a result of the Board’s primary credit
rate action, thereby increasing the
secondary credit rate from 4.50 percent
to 5.00 percent. The amendments to
Regulation A reflect these rate changes.
The 0.50 percentage point increase in
the primary credit rate was associated
with a 0.50 percentage point increase in
the target range for the federal funds rate
(from a target range of 33⁄4 percent to 4
percent to a target range of 41⁄4 percent
to 41⁄2 percent) announced by the
Federal Open Market Committee on
December 14, 2022, as described in the
Board’s amendment of its Regulation D
published elsewhere in today’s Federal
Register.
lotter on DSK11XQN23PROD with RULES1
SUPPLEMENTARY INFORMATION:
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
15
25
U.S.C. 551 et seq.
U.S.C. 553(b)(3)(A).
VerDate Sep<11>2014
16:24 Jan 12, 2023
Jkt 259001
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
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
U.S.C. 553(d).
U.S.C. 553(a)(2) (emphasis added).
5 5 U.S.C. 603, 604.
6 44 U.S.C. 3506; see 5 CFR part 1320 Appendix
A.1.
45
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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 Chapter II to read 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:
■
§ 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 4.50
percent.
(b) Secondary credit. The interest rate
at each Federal Reserve Bank for
secondary credit provided to depository
institutions under § 201.4(b) is 5.00
percent.
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*
By order of the Board of Governors of the
Federal Reserve System.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023–00416 Filed 1–12–23; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Docket No. R–1798; RIN 7100–AG 51]
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
4.40 percent, a 0.50 percentage point
SUMMARY:
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.
35
2195
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\13JAR1.SGM
13JAR1
]]>Agencies
[Federal Register Volume 88, Number 9 (Friday, January 13, 2023)]
[Rules and Regulations]
[Pages 2194-2195]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-00416]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R-1797; RIN 7100-AG 50]
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 January 13, 2023.
Applicability date: The rate changes for primary and secondary
credit were applicable on December 15, 2022.
FOR FURTHER INFORMATION CONTACT: M. Benjamin Snodgrass, Senior Counsel
(202-263-4877), Legal Division, or Kristen Payne, Lead Financial
Institution & Policy Analyst (202-452-2872), 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.
[[Page 2195]]
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 December 14, 2022, the Board voted to approve a 0.50 percentage
point increase in the primary credit rate, thereby increasing the
primary credit rate from 4.00 percent to 4.50 percent. In addition, the
Board had previously approved the renewal of the secondary credit rate
formula, the primary credit rate plus 50 basis points. Under the
formula, the secondary credit rate increased by 0.50 percentage points
as a result of the Board's primary credit rate action, thereby
increasing the secondary credit rate from 4.50 percent to 5.00 percent.
The amendments to Regulation A reflect these rate changes.
The 0.50 percentage point increase in the primary credit rate was
associated with a 0.50 percentage point increase in the target range
for the federal funds rate (from a target range of 3\3/4\ percent to 4
percent to a target range of 4\1/4\ percent to 4\1/2\ percent)
announced by the Federal Open Market Committee on December 14, 2022, as
described in the Board's amendment of its Regulation D published
elsewhere in today's 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 Chapter II to read 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 4.50 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 5.00 percent.
* * * * *
By order of the Board of Governors of the Federal Reserve
System.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-00416 Filed 1-12-23; 8:45 am]
BILLING CODE 6210-01-P
