Regulation A: Extensions of Credit by Federal Reserve Banks, 8219-8220 [2023-02650]
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Federal Register / Vol. 88, No. 26 / Wednesday, February 8, 2023 / Rules and Regulations
22, 2001) requires Federal agencies to
prepare and submit to OMB a Statement
of Energy Effects for any significant
energy action. A ‘‘significant energy
action’’ is defined as any action by an
agency that promulgated or is expected
to lead to promulgation of a final rule,
and that: (1) is a significant regulatory
action under Executive Order 12866, or
any successor order; and (2) is likely to
have a significant adverse effect on the
supply, distribution, or use of energy; or
(3) is designated by the Administrator of
OIRA as a significant energy action. For
any proposed significant energy action,
the agency must give a detailed
statement of any adverse effects on
energy supply, distribution, or use
should the proposal be implemented,
and of reasonable alternatives to the
action and their expected benefits on
energy supply, distribution, and use.
This regulatory action would not have a
significant adverse effect on the supply,
distribution, or use of energy and is
therefore not a significant energy action.
Accordingly, DOE has not prepared a
Statement of Energy Effects.
I. Treasury and General Government
Appropriations Act, 2001
The Treasury and General
Government Appropriations Act, 2001
(44 U.S.C. 3516 note) provides for
agencies to review most disseminations
of information to the public under
guidelines established by each agency
pursuant to general guidelines issued by
OMB. OMB’s guidelines were published
at 67 FR 8452 (February 22, 2002), and
DOE’s guidelines were published at 67
FR 62446 (October 7, 2002). DOE has
reviewed this rule under the OMB and
DOE guidelines and has concluded that
it is consistent with applicable policies
in those guidelines.
J. Congressional Notification
As required by 5 U.S.C. 801, DOE will
submit to Congress a report regarding
the issuance of this final rule prior to
the effective date set forth at the outset
of this rulemaking. The report will state
that it has been determined that the rule
is not a ‘‘major rule’’ as defined by 5
U.S.C. 801(2).
lotter on DSK11XQN23PROD with RULES1
IV. Approval of the Office of the
Secretary
The Secretary of Energy has approved
publication of this final rule.
List of Subjects in 10 CFR Part 810
Signing Authority
FEDERAL RESERVE SYSTEM
This document of the Department of
Energy was signed on December 29,
2022, by Jennifer Granholm, Secretary of
Energy. That document with the original
signature and date is maintained by
DOE. For administrative purposes only,
and in compliance with requirements of
the Office of the Federal Register, the
undersigned DOE Federal Register
Liaison Officer has been authorized to
sign and submit the document in
electronic format for publication, as an
official document of the Department of
Energy. This administrative process in
no way alters the legal effect of this
document upon publication in the
Federal Register.
12 CFR Part 201
Signed in Washington, DC, on February 1,
2023.
Treena V. Garrett,
Federal Register Liaison Officer, U.S.
Department of Energy.
For the reasons set forth in the
preamble, the Department of Energy
amends part 810 of chapter III of title 10
of the Code of Federal Regulations as set
forth below.
PART 810—ASSISTANCE TO FOREIGN
ATOMIC ENERGY ACTIVITIES
1. The authority citation for part 810
continues to read as follows:
■
Authority: Secs. 57, 127, 128, 129, 161,
222, and 232 Atomic Energy Act of 1954, as
amended by the Nuclear Nonproliferation
Act of 1978, Pub. L. 95–242, 68 Stat. 932,
948, 950, 958, 92 Stat. 126, 136, 137, 138 (42
U.S.C. 2077, 2156, 2157, 2158, 2201, 2272,
2280), and the Intelligence Reform and
Terrorism Prevention Act of 2004, Pub. L.
108–458, 118 Stat. 3768; Sec. 104 of the
Energy Reorganization Act of 1974, Pub. L.
93–438; Sec. 301, Department of Energy
Organization Act, Pub. L. 95–91; National
Nuclear Security Administration Act, Pub. L.
106–65, 50 U.S.C. 2401 et seq., as amended.
Appendix A to Part 810 [Amended]
2. Appendix A to part 810 is amended
by:
■ a. Removing ‘‘Colombia’’ and ‘‘Egypt’’;
and
■ b. Removing the text ‘‘(For all
activities related to INFCIRC/203 Parts 1
and 2 and INFCIRC/825 only)’’ after
‘‘Mexico’’.
■
[FR Doc. 2023–02456 Filed 2–7–23; 8:45 am]
BILLING CODE 6450–01–P
Foreign relations, Nuclear energy,
Reporting and recordkeeping
requirements.
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8219
[Docket No. R–1801]
RIN 7100–AG54
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
February 8, 2023.
Applicability date: The rate changes
for primary and secondary credit were
applicable on February 2, 2023.
FOR FURTHER INFORMATION CONTACT: M.
Benjamin Snodgrass, Senior Counsel
(202–263–4877), Legal Division, or
Nicole Trachman, Financial Institution
& Policy Analyst (202–973–5055),
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 February 1, 2023, the Board voted
to approve a 0.25 percentage point
increase in the primary credit rate,
thereby increasing the primary credit
rate from 4.50 percent to 4.75 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
SUMMARY:
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8220
Federal Register / Vol. 88, No. 26 / Wednesday, February 8, 2023 / Rules and Regulations
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formula, the secondary credit rate
increased by 0.25 percentage points as
a result of the Board’s primary credit
rate action, thereby increasing the
secondary credit rate from 5.00 percent
to 5.25 percent. The amendments to
Regulation A reflect these rate changes.
The 0.25 percentage point increase in
the primary credit rate was associated
with a 0.25 percentage point increase in
the target range for the federal funds rate
(from a target range of 41⁄4 percent to 41⁄2
percent to a target range of 41⁄2 percent
to 43⁄4 percent) announced by the
Federal Open Market Committee on
February 1, 2023, as described in the
Board’s amendment of its Regulation D
published elsewhere in this 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
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
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).
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 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:
■
15
25
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U.S.C. 603, 604.
U.S.C. 3506; see 5 CFR part 1320 Appendix
6 44
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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 4.75
percent.
(b) Secondary credit. The interest rate
at each Federal Reserve Bank for
secondary credit provided to depository
institutions under § 201.4(b) is 5.25
percent.
*
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2023–02650 Filed 2–7–23; 8:45 am]
BILLING CODE 6210–02–P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Docket No. R–1802]
RIN 7100–AG55
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
4.65 percent, a 0.25 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
February 8, 2023.
Applicability date: The IORB rate
change was applicable on February 2,
2023.
SUMMARY:
M.
Benjamin Snodgrass, Senior Counsel
(202–263–4877), Legal Division, or
Nicole Trachman, Financial Institution
& Policy Analyst (202–973–5055),
Division of Monetary Affairs; for users
FOR FURTHER INFORMATION CONTACT:
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.
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08FER1
]]>Agencies
[Federal Register Volume 88, Number 26 (Wednesday, February 8, 2023)]
[Rules and Regulations]
[Pages 8219-8220]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02650]
=======================================================================
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FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R-1801]
RIN 7100-AG54
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 February 8, 2023.
Applicability date: The rate changes for primary and secondary
credit were applicable on February 2, 2023.
FOR FURTHER INFORMATION CONTACT: M. Benjamin Snodgrass, Senior Counsel
(202-263-4877), Legal Division, or Nicole Trachman, Financial
Institution & Policy Analyst (202-973-5055), 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 February 1, 2023, the Board voted to approve a 0.25 percentage
point increase in the primary credit rate, thereby increasing the
primary credit rate from 4.50 percent to 4.75 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
[[Page 8220]]
formula, the secondary credit rate increased by 0.25 percentage points
as a result of the Board's primary credit rate action, thereby
increasing the secondary credit rate from 5.00 percent to 5.25 percent.
The amendments to Regulation A reflect these rate changes.
The 0.25 percentage point increase in the primary credit rate was
associated with a 0.25 percentage point increase in the target range
for the federal funds rate (from a target range of 4\1/4\ percent to
4\1/2\ percent to a target range of 4\1/2\ percent to 4\3/4\ percent)
announced by the Federal Open Market Committee on February 1, 2023, as
described in the Board's amendment of its Regulation D published
elsewhere in this 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 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 4.75 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 5.25 percent.
* * * * *
By order of the Board of Governors of the Federal Reserve
System.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2023-02650 Filed 2-7-23; 8:45 am]
BILLING CODE 6210-02-P
