994 Federal Register / Vol. 62, No. 4 / Tuesday, January 7, 1997 / Notices

1 Copies of the Minutes of the Federal Open

Market Committee meeting of November 13, 1996,

which include the domestic policy directive issued

at that meeting, are available upon request to the

Board of Governors of the Federal Reserve System,

Washington, D.C. 20551. The minutes are published

in the Federal Reserve Bulletin and in the Board’s

annual report.

The Commission will consider action

concerning closed captioning requirements for video programming.

2—Office of Engineering and

Technology—Title: Amendment of

the Commission’s Rules to Provide for

Operation of Unlicensed NII Devices

in the 5 GHZ Frequency Range (ET

Docket No. 96–102, RM–8648 & RM–

8653). Summary: The Commission

will consider action to make available

300 megahertz of spectrum in the

5.15–5.35 GHz and 5.725–5.825 GHz

bands for broadband U-NII devices.

Additional information concerning

this meeting may be obtained from

Audrey Spivack or David Fiske, Office

of Public Affairs, telephone number

(202) 418–0500.

Copies of materials adopted at this

meeting can be purchased from the

FCC’s duplicating contractor,

International Transcription Services,

Inc. (ITS, Inc.) at (202) 857–3800; fax

numbers (202) 857–3805 or (202) 857–

3184. These copies are available in

paper format and alternative media

which includes, large print/type; digital

disk; and audio tape. ITS may be

reached by e-mail: its—

inc@ix.netcom.com. Their internet

address is: http://www.itsi.com.

Audio and video tapes of this meeting

can be obtained from the Office of

Public Affairs, Television Staff,

telephone (202) 418–0460 or TTY (202)

418–1388; fax numbers (202) 418–2809

or (202) 418–7286. This meeting can be

viewed over George Mason University’s

Capitol Connection. For information on

this service call (703) 993–3100. The

meeting can be heard via telephone, for

a fee, from National Narrowcast

Network, telephone (202) 966–2211 or

fax (202) 966–1770; and from

Conference Call USA (available only

outside the Washington, DC

metropolitan area), telephone 1–800–

962–0044.

Dated January 2, 1997.

Federal Communications Commission.

William F. Caton,

Acting Secretary.

[FR Doc. 97–425 Filed 1–3–97; 2:29 pm]

BILLING CODE 6712–01–F

FEDERAL MARITIME COMMISSION

[Docket No. 96–24]

Adtranz (North America), Inc.

Individually, and as Successor in

Interest to ABB Traction, Inc. v.

UniTrans International, Inc.; Notice of

Filing of Complaint and Assignment

Notice is given that a complaint filed

by ADtranz (North America), Inc.

individually, and as successor in

interest to ABB Traction, Inc.

(‘‘Complainant’’) against UniTrans

International, Inc. (‘‘Respondent’’) was

served December 31, 1996. Complainant

alleges that Respondent has violated

sections 10(b)(1), (b)(5) and (d)(1) of the

Shipping Act of 1984, 46 U.S.C. app.

sections 1709(b)(1), (b)(5), and (d)(1), by

demanding greater or different

compensation for the transportation of

property than the rates and charges

shown in its tariff and by retaliating

against Complainant through attempting

to rerate cargo, billing a third party (i.e.,

the cargo’s manufacturer), filing a court

case and arresting and attaching cargo,

all because Complainant patronized

another carrier.

This proceeding has been assigned to

the office of Administrative Law Judges.

Hearing in this matter, if any is held,

shall commence within the time

limitations prescribed in 46 CFR 502.61,

and only after consideration has been

given by the parties and the presiding

officer to the use of alternative forms of

dispute resolution. The hearing shall

include oral testimony and crossexamination in the discretion of the

presiding officer only upon proper

showing that there are genuine issues of

material fact that cannot be resolved on

the basis of sworn statements, affidavits,

depositions, or other documents or that

the nature of the matter in issue is such

that an oral hearing and crossexamination are necessary for the

development of an adequate record.

Pursuant to the further terms of 46 CFR

502.61, the initial decision of the

presiding officer in this proceeding shall

be issued by December 31, 1997, and the

final decision of the Commission shall

be issued by April 30, 1998.

Ronald D. Murphy,

Assistant Secretary.

[FR Doc. 97–227 Filed 1–6–97; 8:45 am]

BILLING CODE 6730–01–M

FEDERAL RESERVE SYSTEM

Federal Open Market Committee;

Domestic Policy Directive of November

13, 1996

In accordance with § 271.5 of its rules

regarding availability of information (12

CFR part 271), there is set forth below

the domestic policy directive issued by

the Federal Open Market Committee at

its meeting held on November 13,

1996.1 The directive was issued to the

Federal Reserve Bank of New York as

follows:

The information reviewed at this

meeting suggests that growth in

economic activity slowed substantially

in the third quarter, and the limited

available information indicates

continued moderate expansion more

recently. Private nonfarm payroll

employment increased appreciably on

balance over September and October.

The civilian unemployment rate

remained at 5.2 percent in October.

Industrial production, which continued

to rise in the third quarter, appears to

have declined in October owing in

important measure to work stoppages in

the motor vehicles industry. Total retail

sales turned up in September after

slumping earlier in the summer.

Housing starts fell in September from

the exceptionally high level registered

in August. Outlays for business

equipment were strong in the third

quarter and new orders continued to

trend upward; business spending on

nonresidential structures posted a

moderate advance. Inventory

investment was substantial in the third

quarter, but inventory-sales ratios

remained relatively low. The nominal

deficit on U.S. trade in goods and

services widened considerably in JulyAugust from its average rate in the

second quarter. Increases in labor

compensation, though moderating in the

third quarter, have trended up this year;

consumer price inflation also has picked

up this year, owing to larger increases

in food and energy prices.

Market interest rates have moved

lower since the Committee meeting on

September 24, 1996, with the largest

declines occurring in intermediate- and

long-term maturities. In foreign

exchange markets, the trade-weighted

value of the dollar in terms of the other

G-10 currencies has depreciated slightly

over the intermeeting period.

Growth of M2 in September and

October remained below its pace in the

first half of the year, while expansion of

M3 was substantially higher over those

two months. For the year through

October, M2 is estimated to have grown

at a rate in the upper half of the

Committee’s annual range, and M3 at a

rate around the top of its range.

Expansion in total domestic

nonfinancial debt has been moderate on

balance over recent months and has

remained in the middle portion of its

range.