This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents. Prices of

new books are listed in the first FEDERAL

REGISTER issue of each week.

Rules and Regulations Federal Register

67635

Vol. 69, No. 223

Friday, November 19, 2004

1The 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.

FEDERAL RESERVE SYSTEM 

12 CFR Part 201

[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 primary 

credit rate 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: The amendments to part 201 

(Regulation A) are effective November 

19, 2004. The rate changes for primary 

and secondary credit were effective on 

the dates specified in 12 CFR 201.51, as 

amended.

FOR FURTHER INFORMATION CONTACT:

Jennifer J. Johnson, Secretary of the 

Board (202) 452–3259; for users of 

Telecommunication Devices for the Deaf 

(TDD) only, contact (202) 263–4869.

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 

the review and determination of the 

Board. 

The Board approved requests by the 

Reserve Banks to increase by 25 basis 

points the primary credit rate in effect 

at each of the twelve Federal Reserve 

Banks, thereby increasing from 2.75 

percent to 3.00 percent the rate that 

each Reserve Bank charges for 

extensions of primary credit. As a result 

of the Board’s action on the primary 

credit rate, the rate that each Reserve 

Bank charges for extensions of 

secondary credit automatically 

increased from 3.25 percent to 3.50 

percent under the secondary credit rate 

formula. The final amendments to 

Regulation A reflect these rate changes. 

The 25-basis-point increase in the 

primary credit rate was associated with 

a similar increase in the target for the 

federal funds rate (from 1.75 percent to 

2.00 percent) approved by the Federal 

Open Market Committee (Committee) 

and announced at the same time. A 

press release announcing these actions 

indicated that:

The Committee believes that, even after 

this action, the stance of monetary policy 

remains accommodative and, coupled with 

robust underlying growth in productivity, is 

providing ongoing support to economic 

activity. Output appears to be growing at a 

moderate pace despite the rise in energy 

prices, and labor market conditions have 

improved. Inflation and longer-term inflation 

expectations remain well contained. 

The Committee perceives the upside and 

downside risks to the attainment of both 

sustainable growth and price stability for the 

next few quarters to be roughly equal. With 

underlying inflation expected to be relatively 

low, the Committee believes that policy 

accommodation can be removed at a pace 

that is likely to be measured. Nonetheless, 

the Committee will respond to changes in 

economic prospects as needed to fulfill its 

obligation to maintain price stability.

Regulatory Flexibility Act Certification 

Pursuant to the Regulatory Flexibility 

Act (5 U.S.C. 605(b)), the Board certifies 

that the new primary and secondary 

credit rates will not have a significantly 

adverse economic impact on a 

substantial number of small entities 

because the final rule does not impose 

any additional requirements on entities 

affected by the regulation. 

Administrative Procedure Act 

The Board did not follow the 

provisions of 5 U.S.C. 553(b) relating to 

notice and public participation in 

connection with the adoption of these 

amendments because the Board for good 

cause determined that delaying 

implementation of the new primary and 

secondary credit rates in order to allow 

notice and public comment would be 

unnecessary and contrary to the public 

interest in fostering price stability and 

sustainable economic growth. For these 

same reasons, the Board also has not 

provided 30 days prior notice of the 

effective date of the rule under section 

553(d). 

12 CFR Chapter II

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.1

(a) Primary credit. The interest rates 

for primary credit provided to 

depository institutions under § 201.4(a) 

are:

Federal

Reserve Bank Rate Effective 

Boston ................ 3.00 Nov. 10, 2004. 

New York ........... 3.00 Nov. 10, 2004. 

Philadelphia ....... 3.00 Nov. 10, 2004. 

Cleveland ........... 3.00 Nov. 10, 2004. 

Richmond ........... 3.00 Nov. 10, 2004. 

Atlanta ................ 3.00 Nov. 10, 2004. 

Chicago .............. 3.00 Nov. 10, 2004. 

St. Louis ............. 3.00 Nov. 12, 2004. 

Minneapolis ........ 3.00 Nov. 10, 2004. 

Kansas City ........ 3.00 Nov. 10, 2004. 

Dallas ................. 3.00 Nov. 12, 2004. 

San Francisco .... 3.00 Nov. 10, 2004. 

(b) Secondary credit. The interest 

rates for secondary credit provided to 

depository institutions under 201.4(b) 

are:

67636 Federal Register / Vol. 69, No. 223 / Friday, November 19, 2004 / Rules and Regulations 

Federal

Reserve Bank Rate Effective 

Boston ................ 3.50 Nov. 10, 2004. 

New York ........... 3.50 Nov. 10, 2004. 

Philadelphia ....... 3.50 Nov. 10, 2004. 

Cleveland ........... 3.50 Nov. 10, 2004. 

Richmond ........... 3.50 Nov. 10, 2004. 

Atlanta ................ 3.50 Nov. 10, 2004. 

Chicago .............. 3.50 Nov. 10, 2004. 

St. Louis ............. 3.50 Nov. 12, 2004. 

Minneapolis ........ 3.50 Nov. 10, 2004. 

Kansas City ........ 3.50 Nov. 10, 2004. 

Dallas ................. 3.50 Nov. 12, 2004. 

San Francisco .... 3.50 Nov. 10, 2004. 

* * * * *

By order of the Board of Governors of the 

Federal Reserve System, November 15, 2004. 

Jennifer J. Johnson, 

Secretary of the Board.

[FR Doc. 04–25658 Filed 11–18–04; 8:45 am] 

BILLING CODE 6210–01–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration 

14 CFR Part 23

[Docket No. CE213; Special Conditions No. 

23–152–SC] 

Special Conditions: Thielert Aircraft 

Engines; Cessna Model 172 K, L, M, N, 

P, R, and S Series Airplanes; 

Installation of Thielert TAE–125–01 

Aircraft Diesel Engine for Full 

Authority Digital Engine Control 

(FADEC) System and the Protection of 

the System From the Effects of High 

Intensity Radiated Fields (HIRF)

AGENCY: Federal Aviation 

Administration (FAA), DOT.

ACTION: Final special conditions; request 

for comments. 

SUMMARY: These special conditions are 

issued to Thielert Aircraft Engines, 

GmbH, Lichtenstein, Germany for a 

supplemental type certificate for the 

Cessna Model 172 series airplanes. The 

supplemental type certificate for these 

airplanes will have a novel or unusual 

design feature associated with the 

installation of an aircraft diesel engine 

that uses an electronic engine control 

system instead of a mechanical control 

system. The applicable airworthiness 

regulations do not contain adequate or 

appropriate safety standards for this 

design feature. These special conditions 

contain the additional safety standards 

that the Administrator considers 

necessary to establish a level of safety 

equivalent to that established by the 

existing airworthiness standards.

DATES: The effective date of these 

special conditions is: November 1, 2004. 

Comments must be received on or 

before December 20, 2004.

ADDRESSES: Comments on this proposal 

may be mailed in duplicate to: Federal 

Aviation Administration (FAA), 

Regional Counsel, ACE–7, Attention: 

Rules Docket, Docket No. CE213, 901 

Locust, Room 506, Kansas City, 

Missouri 64106, or delivered in 

duplicate to the Regional Counsel at the 

above address. Comments must be 

marked: Docket No. CE213. Comments 

may be inspected in the Rules Docket 

weekdays, except Federal holidays, 

between 7:30 a.m. and 4 p.m.

FOR FURTHER INFORMATION CONTACT: Pete 

Rouse, Federal Aviation Administration, 

Aircraft Certification Service, Small 

Airplane Directorate, ACE–111, 901 

Locust, Room 301, Kansas City, 

Missouri 64106; telephone: (816) 329–

4135, fax: (816) 329–4090.

SUPPLEMENTARY INFORMATION: The FAA 

has determined that notice and 

opportunity for prior public comment 

hereon are impracticable because these 

procedures would significantly delay 

issuance of the design approval and 

thus delivery of the affected aircraft. In 

addition, the substance of these special 

conditions has been subject to the 

public comment process in several prior 

instances with no substantive comments 

received. The FAA, therefore, finds that 

good cause exists for making these 

special conditions effective upon 

issuance. 

Comments Invited 

Interested persons are invited to 

submit such written data, views, or 

arguments as they may desire. 

Communications should identify the 

regulatory docket or special condition 

number and be submitted in duplicate 

to the address specified above. All 

communications received on or before 

the closing date for comments will be 

considered by the Administrator. The 

special conditions may be changed in 

light of the comments received. All 

comments received will be available in 

the Rules Docket for examination by 

interested persons, both before and after 

the closing date for comments. A report 

summarizing each substantive public 

contact with FAA personnel concerning 

this rulemaking will be filed in the 

docket. Commenters wishing the FAA to 

acknowledge receipt of their comments 

submitted in response to this notice 

must include a self-addressed, stamped 

postcard on which the following 

statement is made: ‘‘Comments to 

Docket No. CE213.’’ The postcard will 

be date stamped and returned to the 

commenter. 

Background 

On February 11, 2002, Thielert 

Aircraft Engines applied for a 

supplemental type certificate for the 

Cessna Model 172 series airplanes. The 

supplemental type certificate will allow 

Thielert Aircraft Engines to install a 

Thielert Aircraft engine (TAE 125–01 

aircraft diesel engine (ADE)) that is 

equipped with an electronic engine 

control system with full authority 

capability in these airplanes. 

Type Certification Basis 

Under the provisions of 14 CFR, part 

21, § 21.101, Thielert Aircraft Engines 

must show that the Cessna Model 172 

meets the applicable provisions of the 

original certification basis of the Cessna 

Model 172, as listed on Type Certificate 

No. 3A12, issued on November 4, 1955; 

exemptions, if any; and the special 

conditions adopted by this rulemaking 

action. The Cessna Model 172 was 

originally certified under part 3 of the 

Civil Air Regulations. 

If the Administrator finds that the 

applicable airworthiness regulations 

(i.e., CAR 3; 14 CFR, part 23) do not 

contain adequate or appropriate safety 

standards for the Cessna 172 because of 

a novel or unusual design feature, 

special conditions are prescribed under 

the provisions of § 21.16. 

Special conditions, as appropriate, as 

defined in § 11.19, are issued in 

accordance with § 11.38, and become 

part of the certification basis for the 

supplemental type certification basis in 

accordance with § 21.101. Special 

conditions are initially applicable to the 

model for which they are issued. Should 

the applicant apply for a supplemental 

type certificate to modify any other 

models that are listed on the same type 

certificate to incorporate the same novel 

or unusual design features, the special 

conditions would also apply under the 

provisions of § 21.101. 

Novel or Unusual Design Features 

The Thielert Aircraft Engines 

modified Cessna Model 172 will 

incorporate a novel or unusual design 

feature, an engine that includes an 

electronic control system with full 

authority digital engine control (FADEC) 

capability. 

Many advanced electronic systems are 

prone to either upsets or damage, or 

both, at energy levels lower than analog 

systems. The increasing use of high 

power radio frequency emitters 

mandates requirements for improved 

high intensity radiated fields (HIRF) 

protection for electrical and electronic 

equipment. Since the electronic engine 

control system used on the Thielert