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

25505 

Vol. 73, No. 89 

Wednesday, May 7, 2008 

AGRICULTURE DEPARTMENT 

Animal and Plant Health Inspection 

Service 

7 CFR Part 319 

Foreign Quarantine Notices 

CFR Correction 

In title 7 of the Code of Federal 

Regulations, parts 300 to 399, revised as 

of January 1, 2008, on page 401, in 

§ 319.56–13, in the table in paragraph 

(a), under Thailand, the entries for 

Litchi and Longan are removed. 

[FR Doc. E8–9962 Filed 5–6–08; 8:45 am] 

BILLING CODE 1505–01–D 

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 a decrease in the primary 

credit rate 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: The amendments to part 201 

(Regulation A) are effective May 7, 2008. 

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 decrease by 25 basis 

points the primary credit rate in effect 

at each of the twelve Federal Reserve 

Banks, thereby decreasing from 2.50 

percent to 2.25 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 

decreased from 3.00 percent to 2.75 

percent under the secondary credit rate 

formula. The final amendments to 

Regulation A reflect these rate changes. 

The 25-basis-point decrease in the 

primary credit rate was associated with 

a similar decrease in the target for the 

federal funds rate (from 2.25 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: 

Recent information indicates that 

economic activity remains weak. Household 

and business spending has been subdued and 

labor markets have softened further. 

Financial markets remain under considerable 

stress, and tight credit conditions and the 

deepening housing contraction are likely to 

weigh on economic growth over the next few 

quarters. 

Although readings on core inflation have 

improved somewhat, energy and other 

commodity prices have increased, and some 

indicators of inflation expectations have 

risen in recent months. The Committee 

expects inflation to moderate in coming 

quarters, reflecting a projected leveling-out of 

energy and other commodity prices and an 

easing of pressures on resource utilization. 

Still, uncertainty about the inflation outlook 

remains high. It will be necessary to continue 

to monitor inflation developments carefully. 

The substantial easing of monetary policy 

to date, combined with ongoing measures to 

foster market liquidity, should help to 

promote moderate growth over time and to 

mitigate risks to economic activity. The 

Committee will continue to monitor 

economic and financial developments and 

will act as needed to promote sustainable 

economic growth and 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). 

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: 


jlentini on PROD1PC65 with RULES
25506 Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Rules and Regulations 

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. 

§ 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 .................... 2.25 May 1, 2008. 

New York ............... 2.25 April 30, 2008. 

Philadelphia ........... 2.25 May 1, 2008. 

Cleveland ............... 2.25 April 30, 2008. 

Richmond ............... 2.25 May 1, 2008. 

Atlanta .................... 2.25 April 30, 2008. 

Chicago .................. 2.25 April 30, 2008. 

St. Louis ................. 2.25 May 1, 2008. 

Minneapolis ............ 2.25 May 1, 2008. 

Kansas City ........... 2.25 April 30, 2008. 

Dallas ..................... 2.25 May 1, 2008. 

San Francisco ........ 2.25 April 30, 2008. 

(b) Secondary credit. The interest 

rates for secondary credit provided to 

depository institutions under § 201.4(b) 

are: 

Federal Reserve 

Bank Rate Effective 

Boston .................... 2.75 May 1, 2008. 

New York ............... 2.75 April 30, 2008. 

Philadelphia ........... 2.75 May 1, 2008. 

Cleveland ............... 2.75 April 30, 2008. 

Richmond ............... 2.75 May 1, 2008. 

Atlanta .................... 2.75 April 30, 2008. 

Chicago .................. 2.75 April 30, 2008. 

St. Louis ................. 2.75 May 1, 2008. 

Minneapolis ............ 2.75 May 1, 2008. 

Kansas City ........... 2.75 April 30, 2008. 

Dallas ..................... 2.75 May 1, 2008. 

San Francisco ........ 2.75 April 30, 2008. 

* * * * * 

By order of the Board of Governors of the 

Federal Reserve System, May 1, 2008. 

Jennifer J. Johnson, 

Secretary of the Board. 

[FR Doc. E8–10021 Filed 5–6–08; 8:45 am] 

BILLING CODE 6210–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 71 

[Docket No. FAA–2008–0059; Airspace 

Docket No. 08–ANE–90] 

Establishment of Class E Airspace; 

Fort Kent, ME 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule, confirmation of 

effective date. 

SUMMARY: This action confirms the 

effective date of a direct final rule 

published in the Federal Register (73 

FR 9451) that establishes Class E 

Airspace at Fort Kent, ME to support a 

new Area Navigation (RNAV) Global 

Positioning System (GPS) Special 

Instrument Approach Procedure (IAP) 

that has been developed for medical 

flight operations into the Northern 

Maine Medical Center. 

DATES: Effective 0901 UTC, June 5, 

2008. The Director of the Federal 

Register approves this incorporation by 

reference action under title 1, Code of 

Federal Regulations, part 51, subject to 

the annual revision of FAA Order 

7400.9 and publication of conforming 

amendments. 

FOR FURTHER INFORMATION CONTACT: 

Melinda Giddens, System Support 

Group, Eastern Service Center, Federal 

Aviation Administration, P.O. Box 

20636, Atlanta, Georgia 30320; 

telephone (404) 305–5610. 

SUPPLEMENTARY INFORMATION: 

Confirmation of Effective Date 

The FAA published this direct final 

rule with a request for comments in the 

Federal Register on February 21, 2008 

(73 FR 9451), Docket No. FAA–2008–

0059; Airspace Docket No. 08–ANE–90. 

The FAA uses the direct final 

rulemaking procedure for a noncontroversial rule where the FAA 

believes that there will be no adverse 

public comment. This direct final rule 

advised the public that no adverse 

comments were anticipated, and that 

unless a written adverse comment, or a 

written notice of intent to submit such 

an adverse comment, were received 

within the comment period, the 

regulation would become effective on 

June 5, 2008. No adverse comments 

were received, and thus this notice 

confirms that effective date. 

Issued in College Park, Georgia, on April 

18, 2008. 

John D. Haley, 

Acting Manager, System Support Group, 

Eastern Service Center, Air Traffic 

Organization. 

[FR Doc. E8–9831 Filed 5–6–08; 8:45 am] 

BILLING CODE 4910–13–M 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 121 

Crewmember and Dispatcher Training 

Programs 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule; technical 

amendment. 

SUMMARY: The FAA is issuing this 

technical amendment to reserve 

subparts BB and CC in 14 CFR part 121. 

The FAA is engaged in rulemaking and 

anticipates codifying the new 

regulations in part 121 subparts BB and 

CC. 

DATES: This rule is effective on May 7, 

2008. 

FOR FURTHER INFORMATION CONTACT: 

Cindy Nordlie, Office of Rulemaking, 

Federal Aviation Administration, 800 

Independence Avenue, SW., 

Washington, DC 20591; telephone: (202) 

267–9677. 

SUPPLEMENTARY INFORMATION: 

Discussion 

The FAA is engaged in rulemaking to 

revise regulations for crewmember and 

dispatcher training programs in 

domestic, flag, and supplemental 

operations. The FAA anticipates 

codifying the revised training 

regulations for crewmembers in subpart 

BB of part 121 and regulations for 

dispatchers in subpart CC of part 121. 

The FAA is issuing this technical 

amendment to reserve subparts BB and 

CC in 14 CFR part 121 to ensure that 

these subparts will be available for this 

future rulemaking. 

List of Subjects 14 CFR Part 121 

Air carriers, Aircraft, Aviation safety, 

Reporting and recordkeeping 

requirements, Safety, Transportation. 

The Amendment 

■ In consideration of the foregoing, the 

Federal Aviation Administration 

amends part 121 of Title 14, Code of 

Federal Regulations, as follows: 

PART 121—OPERATING 

REQUIREMENTS: DOMESTIC, FLAG, 

AND SUPPLEMENTAL OPERATIONS 

■ 1. The authority citation for part 121 

continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40113, 40119, 

41706, 44101, 44701–44702, 44705, 44709–

44711, 44713, 44716–44717, 44722, 46105. 


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