Regulation A: Extensions of Credit by Federal Reserve Banks, 91532-91533 [2024-26990]
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91532
Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Rules and Regulations
covered dependent who applies for
payment under this subpart.
khammond on DSK9W7S144PROD with RULES
§ 1.902 Eligibility for payments by the
Department of Agriculture.
(a) The Department of Agriculture
may provide a payment to covered
individuals, as defined in this § 1.901, if
the qualifying injury to the brain was
assessed and diagnosed in person by a
currently board-certified physician from
the American Board of Psychiatry and
Neurology (ABPN), the American
Osteopathic Board of Neurology and
Psychiatry (AOBNP), the American
Board of Physical Medicine and
Rehabilitation (ABPMR), or the
American Board of Physical Medicine
and Rehabilitation (AOBPMR); and
occurred on or after January 1, 2016,
and while the individual was a covered
employee of the Department of
Agriculture.
(b) The Department of Agriculture
may provide a payment to covered
employees, as defined in this section, if
the qualifying injury to the brain was
assessed and diagnosed in person by a
currently board-certified physician from
ABPN, AOBNP, ABPMR, or AOBPMR;
and occurred on or after January 1,
2016, and while the employee was a
covered employee of the Department.
(c) The Department of Agriculture
may provide a payment to a covered
dependent, if the qualifying injury to
the brain was assessed and diagnosed in
person by a currently board-certified
physician from the ABPN, AOBNP,
ABPMR, or AOBMR; and occurred on or
after January 1, 2016, and while the
dependent was a family member of the
covered employee of the Department.
(d) Payment for a qualifying injury to
the brain will be a non-taxable, one-time
lump sum payment.
(e) The Department will determine the
amount paid to each eligible person
based on the following factors:
(1) The responses on Form CD–350,
‘‘Eligibility Questionnaire for HAVANA
Act Payments’’; and
(2) Whether the Department of Labor
has determined that the requestor has
no reemployment potential, or the
Social Security Administration has
approved the requestor for Social
Security Disability Insurance or
Supplemental Security Insurance (SSI)
benefits; or the requestor’s ABPN,
AOBPN, ABPMR, or AOBPMR-certified
physician has certified that the
individual requires a full-time caregiver
for activities of daily living, as defined
by the Katz Index of Independence of
Daily Living.
(3) The award thresholds are based on
the Level III of the Executive Schedule:
Base payment will be 75 percent of
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18:35 Nov 19, 2024
Jkt 265001
Level III pay, and Base Plus payment
will be 100 percent of Level III pay. If
the requestor meets any of the criteria
listed in paragraph (e)(2) of this section,
the requestor will be eligible to receive
a Base Plus payment. Requestors who
are otherwise eligible for payment for a
qualifying injury to the brain (defined in
§ 3.2(e)) but do not meet any of the
criteria listed in paragraph (e)(2) of this
section will be eligible to receive a Base
payment. If a requestor who received a
Base payment later meets any of the
criteria listed in paragraph (e)(2) of this
section, the requestor may apply for an
additional payment that will be the
difference between the Base and Base
Plus payment.
(f) The Director, Office of Human
Resources Management may approve
payments under this section. The Office
of Human Resources Management will
notify individuals of the decision in
writing.
(g) An appeal of a decision made by
the Director, Office of Human Resources
Management may be directed to the
Deputy Assistant Secretary for
Administration in writing. The Deputy
Assistant Secretary for Administration
is the final appeal authority. The Office
of Human Resources Management will
notify individuals of the decision in
writing.
§ 3.4
Consultation with other agencies.
The Department may consult with the
appropriate officials in other Federal
agencies to identify their current and
former covered employees, and current
and former dependents who reported an
anomalous health incident. The
Department will not process payment
for employees, former employees, or
dependents of current or former
employees of other agencies.
Xochitl Torres Small,
Deputy Secretary, U.S. Department of
Agriculture.
[FR Doc. 2024–27112 Filed 11–19–24; 8:45 am]
BILLING CODE 3410–90–P
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R–1846]
RIN 7100 AG 86
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
SUMMARY:
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
adopted final amendments to its
Regulation A to reflect the Board’s
approval of a decrease in the rate for
primary credit at each Federal Reserve
Bank. The secondary credit rate at each
Reserve Bank automatically decreased
by formula as a result of the Board’s
primary credit rate action.
DATES: Effective date: This rule is
effective November 20, 2024.
Applicability date: The rate changes
for primary and secondary credit were
applicable on November 8, 2024.
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,
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 November 7, 2024, the Board
voted to approve a 0.25 percentage point
decrease in the primary credit rate,
thereby decreasing the primary credit
rate from 5.00 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
formula, the secondary credit rate
decreased by 0.25 percentage points as
a result of the Board’s primary credit
rate action, thereby decreasing the
secondary credit rate from 5.50 percent
to 5.25 percent. The amendments to
Regulation A reflect these rate changes.
The 0.25 percentage point decrease in
the primary credit rate was associated
with a 0.25 percentage point decrease in
the target range for the federal funds rate
(from a target range of 43⁄4 percent to 5
percent to a target range of 41⁄2 percent
to 43⁄4 percent) announced by the
Federal Open Market Committee on
November 7, 2024, as described in the
Board’s amendment of its Regulation D
E:\FR\FM\20NOR1.SGM
20NOR1
Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Rules and Regulations
published elsewhere in today’s Federal
Register.
khammond on DSK9W7S144PROD with RULES
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
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
15
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).
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Jkt 265001
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 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 4.75
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.
*
*
*
*
*
55
U.S.C. 603, 604.
U.S.C. 3506; see 5 CFR part 1320, appendix
6 44
A.1.
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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91533
By order of the Board of Governors of the
Federal Reserve System.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2024–26990 Filed 11–19–24; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Docket No. R–1847]
RIN 7100 AG 87
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
decrease 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: This rule is effective
November 20, 2024.
Applicability date: The IORB rate
change was applicable on November 8,
2024.
FOR FURTHER INFORMATION CONTACT: M.
Benjamin Snodgrass, Senior Counsel
(202–263–4877), Legal Division, or
Nicole Trachman, Financial Institution
& Policy Analyst (202–973–5055); for
users of telephone systems via text
telephone (TTY) or any TTY-based
Telecommunications Relay Services,
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:
SUMMARY:
I. Statutory and Regulatory Background
For monetary policy purposes, section
19 of the Federal Reserve Act (‘‘Act’’)
imposes reserve requirements on certain
types of deposits and other liabilities of
depository institutions.1 Regulation D,
1 12 U.S.C. 461(b). In March 2020, the Board set
all reserve requirement ratios to zero percent. See
Interim Final Rule, 85 FR 16525 (Mar. 24, 2020);
Final Rule, 86 FR 8853 (Feb. 10, 2021).
E:\FR\FM\20NOR1.SGM
20NOR1
]]>Agencies
[Federal Register Volume 89, Number 224 (Wednesday, November 20, 2024)]
[Rules and Regulations]
[Pages 91532-91533]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-26990]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R-1846]
RIN 7100 AG 86
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 a decrease in the rate for primary credit at
each Federal Reserve Bank. The secondary credit rate at each Reserve
Bank automatically decreased by formula as a result of the Board's
primary credit rate action.
DATES: Effective date: This rule is effective November 20, 2024.
Applicability date: The rate changes for primary and secondary
credit were applicable on November 8, 2024.
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, 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 November 7, 2024, the Board voted to approve a 0.25 percentage
point decrease in the primary credit rate, thereby decreasing the
primary credit rate from 5.00 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
formula, the secondary credit rate decreased by 0.25 percentage points
as a result of the Board's primary credit rate action, thereby
decreasing the secondary credit rate from 5.50 percent to 5.25 percent.
The amendments to Regulation A reflect these rate changes.
The 0.25 percentage point decrease in the primary credit rate was
associated with a 0.25 percentage point decrease in the target range
for the federal funds rate (from a target range of 4\3/4\ percent to 5
percent to a target range of 4\1/2\ percent to 4\3/4\ percent)
announced by the Federal Open Market Committee on November 7, 2024, as
described in the Board's amendment of its Regulation D
[[Page 91533]]
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).
---------------------------------------------------------------------------
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 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. 2024-26990 Filed 11-19-24; 8:45 am]
BILLING CODE 6210-01-P
