Federal Register / Vol. 69, No. 184 / Thursday, September 23, 2004 / Proposed Rules 56967

AGL IN E5 Mount Comfort, IN [Revised] 

Mount Comfort Airport, IN 

(Lat. 39°50′37′′ N., long. 85°53′49′′ W.) 

Indianapolis Metropolitan Airport, IN 

(Lat. 39°56′7′′ N., long. 86°2′42′′ W.)

That airspace extending upward from 700 

feet above the surface within a 6.9-mile 

radius of the Mount Comfort Airport, and 

within a 6.3-mile radius of the Indianapolis 

Metropolitan Airport, excluding that airspace 

within the Indianapolis Executive Airport, 

IN, Class E airspace area.

* * * * *

Issued in Des Plaines, Illinois on 

September 9, 2004. 

Keith A. Thompson, 

Area Staff Manager, Central Terminal 

Operations.

[FR Doc. 04–21397 Filed 9–22–04; 8:45 am] 

BILLING CODE 4910–13–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration 

14 CFR Part 71

[Docket No. FAA–2004–18533; Airspace 

Docket No. 04–AGL–16] 

Proposed Revocation of Class E 

Airspace; Findlay, OH

AGENCY: Federal Aviation 

Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking.

SUMMARY: This document proposes to 

revoke Class E airspace at Findlay, OH. 

The weather observations at Findlay 

Airport have become automated, and 

there is no longer a weather observer 

located there. The Class E airspace area 

extending upward from the surface of 

the earth is no longer needed. This 

action would revoke the existing Class 

E surface area for Findlay, OH.

DATES: Comments must be received on 

or before November 25, 2004.

ADDRESSES: Send comments on the 

proposal to the Docket Management 

System, U.S. Department of 

Transportation, Room Plaza 401, 400 

Seventh Street, SW., Washington, DC 

20590–0001. You must identify the 

docket Number FAA–2004–18533/

Airspace Docket No. 04–AGL–16, at the 

beginning of your comments. You may 

also submit comments on the Internet at 

http://dms.dot.gov. You may review the 

public docket containing the proposal, 

any comments received, and any final 

disposition in person in the Dockets 

Office between 9 a.m. and 5 p.m., 

Monday through Friday, except Federal 

holidays. The Docket Office (telephone 

1–800–647–5527) is on the plaza level at 

the Department of Transportation 

NASSIF Building at the above address. 

An informal docket may also be 

examined during normal business hours 

at the FAA, Terminal Operations, 

Central Service Area Office, 2300 East 

Devon Avenue, Des Plains, Illinois 

60018.

FOR FURTHER INFORMATION CONTACT: J. 

Mark Reeves, FAA, Terminal 

Operations, Central Service Office, 

Airspace Branch, AGL–520, 2300 East 

Devon Avenue, Des Plaines, Illinois 

60018, telephone (847) 294–7477.

SUPPLEMENTARY INFORMATION: 

Comments Invited 

Interested parties are invited to 

participate in this proposed rulemaking 

by submitting such written data, views, 

or arguments as they may desire. 

Comments that provide the factual basis 

supporting the views and suggestions 

presented are particularly helpful in 

developing reasoned regulatory 

decisions on the proposal. Comments 

are specifically invited on the overall 

regulatory, aeronautical, economic, 

environmental, and energy-related 

aspects of the proposal. 

Communications should identify both 

docket numbers and be submitted in 

triplicate to the address listed above. 

Commenters wishing the FAA to 

acknowledge receipt of their comments 

on this document must submit with 

those comments a self-addressed, 

stamped postcard on which the 

following statment is made: ‘‘Comments 

to Docket No. FAA–2004–18533/

Airspace Docket No. 04–AGL–16.’’ The 

postcard will be date/time stamped and 

returned to the commenter. All 

communications received on or before 

the specified closing date for comments 

will be considered before taking action 

on the proposed rule. The proposal 

contained in this action may be changed 

in light of comments received. All 

comments submitted will be available 

for examination in the Rules Docket, 

FAA, Great Lakes Region, Office of the 

Regional Counsel, 2300 East Devon 

Avenue, Des Plains, Illinois, both before 

and after the closing date for comments. 

A report summarizing each substantive 

public contact with FAA personnel 

concerned with this rulemaking will be 

filed in the docket. 

Availability of NPRM’s 

An electronic copy of this document 

may be downloaded through the 

Internet at http://dms.dot.gov. Recently 

published rulemaking documents can 

also be accessed through the FAA’s Web 

page at http://www.faa.gov or the 

Superintendent of Document’s Web 

page at http://www.access.gpo.gov/nara.

Additionally, any person may otain a 

copy of this notice by submitting a 

request to the Federal Aviation 

Administration, Office of Air Traffic 

Airspace Management, ATA–400, 800 

Independence Avenue, SW., 

Washington, DC 20591, or by calling 

(202) 267–8783. Communications must 

identify both docket numbers for this 

notice. Persons interested in being 

placed on a mailing list for future 

NPRMs should contact the FAA’s Office 

of Rulemaking, (202) 267–9677, to 

request a copy of Advisory Circular No. 

11–2A, Notice of Proposed Rulemaking 

Distribution System, which describes 

the application procedure. 

The Proposal 

The FAA is considering an 

amendment to 14 CFR part 71 to revoke 

Class E airspace at Findlay, OH, for 

Findlay Airport. Class E airspace areas 

extending upward from the surface of 

the earth are published in paragraph 

6002 of FAA Order 7400.9L dated 

September 2, 2003, and effective 

September 16, 2003, which is 

incorporated by reference in 14 CFR 

71.1. The Class E designations listed in 

this document would be published 

subsequently in the Order. 

The FAA has determined that this 

proposed regulation only involves an 

establishment body of technical 

regulations for which frequent and 

routine amendments are necessary to 

keep them operationally current. 

Therefore, this proposed regulation—(1) 

Is not a ‘‘significant regulatory action’’

under Executive Order 12866; (2) is not 

a ‘‘significant rule’’ under DOT 

Regulatory Policies and Procedures (44 

FR 11034; February 26, 1979); and (3) 

does not warrant preparation of a 

Regulatory Evaluation as the anticipated 

impact is so minimal. Since this is a 

routine matter that will only affect air 

traffic procedures and air navigation, it 

is certified that this proposed rule will 

not have a significant economic impact 

on a substantial number of small entities 

under the criteria of the Regulatory 

Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference, 

Navigation (air).

The Proposed Amendment 

Accordingly, pursuant to the 

authority delegated to me, the Federal 

Aviation Administration proposes to 

amend CFR part 71 as follows:

56968 Federal Register / Vol. 69, No. 184 / Thursday, September 23, 2004 / Proposed Rules 

1Pub. L. 99–571, 100 Stat. 3208 (1986).

2 31 U.S.C. 3121(h)(4) & 9110(d).

3The GSA implementing regulations were 

published as a final rule on July 24, 1987 (52 FR 

27901). The regulations, as amended, are codified 

at 17 CFR Chapter IV. The requirements for 

depository institutions that hold government 

securities as a fiduciary, custodian, or otherwise are 

set out in Subchapter B (17 CFR Part 450).

4See 17 CFR 450.2(a).

5 52 FR 5677 (February 25, 1987).

6See 17 CFR 450.2(c). The GSA regulations at 

§ 450.2(c) define ‘‘depository institution’’ as having 

the meaning stated in clauses (i) through (vi) of 

§ 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 

461(b)(1)(A) (i)–(vi)). Savings associations are 

included in the definition of depository institutions 

at 12 U.S.C. 461(b)(1)(A)(vi).

7See 17 CFR 403.5(a)(2) & 401.4(b)(1)(ii).

PART 71—DESIGNATION OF CLASS A, 

CLASS B, CLASS C, CLASS D, AND 

CLASS E AIRSPACE AREAS; 

AIRWAYS; ROUTES; AND REPORTING 

POINTS 

1. The authority citation for part 71 

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40103, 40113, 

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389.

§ 71. [Amended] 

2. The incorporation by reference in 

14 CFR 71.1 of the Federal Aviation 

Administration Order 7400.9L, Airspace 

Designations and Reporting Points, 

dated September 2, 2003, and effective 

September 16, 2003, is amended as 

follows:

* * * * *

Paragraph 6002 Class E airspace designated 

as surface areas.

* * * * *

AGL OH E2 Findlay, OH [Revoked]

* * * * *

Issued in Des Plaines, Illinois, On 

September 9, 2004. 

Keith A. Thompson, 

Area Staff Manager, Central Terminal 

Operations. 

[FR Doc. 04–21394 Filed 9–22–04; 8:45 am]

BILLING CODE 4910–13–M

DEPARTMENT OF THE TREASURY

17 CFR Part 450 

RIN 1505–AB06 

[Docket No. BPD GSRS 04–02] 

Government Securities Act 

Regulations: Custodial Holdings of 

Government Securities

AGENCY: Office of the Assistant 

Secretary for Financial Markets, 

Treasury.

ACTION: Proposed rule.

SUMMARY: The Department of the 

Treasury (‘‘Treasury,’’ ‘‘We,’’ or ‘‘Us’’) is 

issuing this proposed rule to solicit 

comments on a proposed amendment to 

the regulations issued under the 

Government Securities Act of 1986, as 

amended (‘‘GSA’’), that are applicable to 

depository institutions that hold 

government securities as fiduciary, 

custodian, or otherwise for the account 

of customers. The provisions of the GSA 

regulations for custodial holding of 

government securities held by 

depository institutions generally 

provide an exemption from these rules 

for a depository institution’s holdings of 

such government securities that are 

subject to fiduciary standards of the 

Board of Governors of the Federal 

Reserve System (‘‘the Board’’), the 

Federal Deposit Insurance Corporation 

(‘‘FDIC’’), or the Office of the 

Comptroller of the Currency (‘‘OCC’’). 

This proposed amendment would 

modify the exemption to include 

savings associations subject to the 

fiduciary standards of the Office of 

Thrift Supervision (‘‘OTS’’).

DATES: Submit comments on or before 

October 25, 2004.

ADDRESSES: You may send comments to: 

Bureau of the Public Debt, Government 

Securities Regulations Staff, 799 9th 

Street NW., Washington, DC 20239–

0001. You also may e-mail us comments 

at either govsecreg@bpd.treas.gov, or 

through the Federal eRulemaking portal 

at http://www.regulations.gov and 

follow the instructions for submitting 

comments. When sending comments by 

e-mail, please provide your full name, 

mailing address, and docket number 

BPD GSRS 04–02 or RIN 1505–AB06. 

You may download this proposed 

amendment from http://

www.regulations.gov or the Bureau of 

the Public Debt’s Web site at http://

www.publicdebt.treas.gov. The 

comments we receive will be available 

on Public Debt’s web site. The proposed 

amendment and comments received 

will also be available for public 

inspection and copying at the Treasury 

Department Library, Room 1428, Main 

Treasury Building, 1500 Pennsylvania 

Avenue, NW., Washington, DC 20220. 

To visit the library, call (202) 622–0990 

for an appointment.

FOR FURTHER INFORMATION CONTACT: Lori 

Santamorena (Executive Director), Lee 

Grandy (Associate Director), or Deidere 

Brewer (Government Securities 

Specialist), Bureau of the Public Debt, 

Government Securities Regulations 

Staff, (202) 504–3632 or e-mail us at 

govsecreg@bpd.treas.gov. 

I. Background 

A. GSA Regulations 

Title II of the GSA 1 requires Treasury 

to prescribe, by regulation, standards for 

the safeguarding and use of government 

securities. The standards apply to 

depository institutions that hold 

government securities as fiduciary, 

custodian, or otherwise for the account 

of a customer. The regulations are to 

provide for the adequate segregation of 

government securities, including 

government securities subject to 

repurchase transactions. Prior to the 

adoption of regulations, Treasury is 

required to determine with respect to 

each appropriate regulatory agency, 

whether its ‘‘rules and standards 

adequately meet the purposes of the 

regulations’’ 2 to be issued, and if 

Treasury so determines, it must exempt 

any depository institution subject to 

those rules or standards from the 

regulations.

Treasury issued regulations under 

Title II of the GSA in l987 at 17 CFR Part 

450.3 Based on the information 

provided by the appropriate regulatory 

agencies 4 and Treasury’s own analysis, 

Treasury determined in 1987 that the 

rules and standards of the OCC, the 

FDIC, and the Board adequately met the 

purposes of the regulations.5

Consequently, Treasury provided an 

exemption in § 450.3 for depository 

institutions 6 subject to these standards 

with respect to their holdings in a 

fiduciary capacity. The exemption also 

extends to government securities held in 

a custodial capacity, provided the 

institutions have adopted policies and 

procedures that would apply to such 

custodial holdings all of the 

requirements imposed by their 

appropriate regulatory agency on 

government securities held in a 

fiduciary capacity, and the custodial 

holdings are subject to examination by 

the appropriate regulatory agency for 

compliance with such fiduciary 

requirements.

Whether or not they are exempt under 

450.3, however, depository institutions 

that retain custody of government 

securities subject to a repurchase 

agreement are required to comply with 

the confirmation requirements for holdin-custody repurchase agreements in the 

regulations under Title I of the GSA at 

403.5(d).7 Although Treasury initially 

provided an exception from the hold-incustody repurchase agreement 

requirements for financial institutions 

that held customer securities in 

safekeeping and that did not retain the 

right to substitute securities, Treasury