Federal Register / Vol. 62, No. 186 / Thursday, September 25, 1997 / Rules and Regulations 50247

1 is unnecessary because the guidance

provided is restated in Section 6090.5 of

the NCUA Accounting Manual.

IRPS No. 81–2, Federal Funds, 46 FR

14887, Mar. 3, 1981, authorizes certain

federal funds transactions for federal

credit unions and establishes guidelines

and accounting procedures for the same.

IRPS 81–2 is unnecessary because the

guidance provided is restated in

§ 703.100(g) of NCUA Rules and

Regulations.

IRPS No. 81–4, Developing

Government Regulations, 46 FR 29248,

June 1, 1981, sets forth NCUA’s

procedures for developing and

reviewing its regulations. IRPS 81–4 was

drafted in response to the passage of the

Financial Simplification Act of 1980,

the Regulatory Flexibility Act of 1980, 5

U.S.C. et seq., and the Paperwork

Reduction Act of 1980, 44 U.S.C. 3501

et seq. IRPS 81–4 is now outdated due

to changes in the law, including the

repeal of the Financial Simplification

Act of 1980, and is superseded by IRPS

87–2 which sets forth NCUA’s current

procedures for developing and

reviewing its regulations.

IRPS No. 81–5, Proposed Policy

Statement Release of Consumer

Examination Reports, 46 FR 29575, June

2, 1981, sets forth conditions under

which individual federal credit unions

may release consumer compliance

examination reports to third parties.

IRPS 81–5 is outdated because

consumer compliance examinations are

no longer performed as separate

examinations, but are performed in

conjunction with safety and soundness

examinations producing one

examination report. This examination

report is an exempt document. The

release of an exempt document is

addressed in Part 792 of NCUA Rules

and Regulations.

IRPS No. 81–8, Full and Fair

Disclosure Requirements, 47 FR 23685,

June 1, 1982, provides that compliance

with Section 2000 of the Accounting

Manual will place a federal credit union

in compliance with the full and fair

disclosure requirements of Part 702 of

the NCUA Regulations. IRPS 81–8 is

unnecessary because the guidance

provided is restated in § 702.3 of NCUA

Rules and Regulations and Section 1000

of the NCUA Accounting Manual.

IRPS No. 81–9, Share, Share Draft and

Share Certificate Accounts, 46 FR

57668, Nov. 25, 1981, sets forth NCUA’s

position regarding the calculation and

assessment of premature withdrawal

penalties for variable-rate and multipleaddition share certificate accounts. IRPS

81–9 is outdated because NCUA

deregulated § 701.35 of the NCUA Rules

and Regulations, 47 FR 17979, Apr. 27,

1982, giving a federal credit union’s

board of directors the responsibility for

determining the terms and conditions

governing share, share draft, and share

certificate accounts, including

premature withdrawal penalties.

IRPS No. 82–1, Membership in

Federal Credit Unions, 47 FR 16775,

Apr. 20, 1982, provides that federal

credit unions may offer membership to

borrowers whose loans have been

purchased from a liquidated credit

union and that they may serve multiple

occupational group. IRPS 82–1 is

outdated because it is superseded by

IRPS 82–3, Membership in Federal

Credit Unions, 47 FR 26808, June 22,

1982.

IRPS No. 82–3, Membership in

Federal Credit Unions, 47 FR 26808,

June 22, 1982, provides further guidance

on field of membership issues and

authorizes multiple associational group

charters. IRPS 82–3 is outdated because

it is superseded by IRPS 89–1,

Chartering and Field of Membership

Policy, 54 FR 31165, July 27, 1989.

IRPS No. 83–2, Membership in

Federal Credit Unions, 48 FR 22899,

May 23, 1983, clarified that the

definition of a ‘‘well-defined area’’

stated in IRPS 82–3 includes home

offices and branch offices for purposes

of adding additional associational and

occupational groups. IRPS 83–2 is

outdated because it is superseded by

IRPS 89–1, Chartering and Field of

Membership Policy, 54 FR 31165, July

27, 1989.

IRPS No. 84–1, Membership in

Federal Credit Unions, 49 FR 46536,

Nov. 27, 1984, combines IRPS 82–3 and

IRPS 83–2, sets out modifications made

since the two IRPS were published,

incorporates several unwritten policies,

and sets forth a new policy on service

to senior citizens and retirees. IRPS 84–

1 is outdated because it is superseded

by IRPS 89–1, Chartering and Field of

Membership Policy, 54 FR 31165, July

27, 1989.

IRPS No. 85–1, Trustees and

Custodians of Pension Plans, 50 FR

48176, Nov. 22, 1985, provides

guidelines for federal credit unions

involved with self-directed IRA and

Keogh accounts. IRPS 85–1 is

unnecessary because the guidance

provided is restated in Part 724 of

NCUA Rules and Regulations.

IRPS No. 86–2, Joint Policy Statement

on Basic Financial Services, 51 FR

42083, Nov. 21, 1986, provides that

NCUA has adopted FFIEC’s

recommendation encouraging credit

unions to offer basic financial services

accessible to low and moderate-income

members. IRPS 86–2 is unnecessary

because it restates the basic mission of

credit unions. As stated in the Federal

Credit Unions Act, 12 U.S.C. 1751, the

Act was established ‘‘to make more

available to people of small means

credit for provident purposes through a

national system of cooperative credit,

thereby helping stabilize the credit

structure of the United States.’’

IRPS No. 88–1, Policy on Selection of

Securities Dealers and Unsuitable

Investment Practices, 53 FR 18268, May

23, 1988, provides that NCUA will

adopt a modified version of the FFIEC’s

Supervisory Policy containing guidance

to federal credit unions concerning

selection of securities brokers and the

avoidance of unsound investment

practices. IRPS 88–1 is outdated because

it is superseded by IRPS 92–1,

Supervisory Policy Statement on

Securities Activities, 57 FR 22157, May

27, 1992, which provides additional

information on the development of a

portfolio policy and strategies for

securities and on securities practices

that are inappropriate for an investment

account.

IRPS No. 89–1, Chartering and Field

of Membership Policy, 54 FR 31165,

July 27, 1989, provides membership and

chartering policies. IRPS 89–1 is

outdated because it is superseded by

IRPS 94–1, Chartering and Field of

Membership Policy, 59 FR 29066, June

3, 1994, as amended by IRPS 96–1, 61

FR 11721, Mar. 22, 1996.

By the National Credit Union

Administration Board on September 17,

1997.

Becky Baker,

Secretary to the Board.

[FR Doc. 97–25261 Filed 9–24–97; 8:45 am]

BILLING CODE 7535–01–P

FEDERAL HOUSING FINANCE BOARD

12 CFR Part 950

[No. 97–57]

RIN 3069–AA57

Revision of Financing Corporation

Operations Regulation

AGENCY: Federal Housing Finance

Board.

ACTION: Final rule.

SUMMARY: The Federal Housing Finance

Board (Finance Board) is amending its

regulation on Financing Corporation

(FICO) operations to comply with new

statutory requirements, eliminate

provisions that have been rendered

obsolete by statutory changes, and

clarify the practices and procedures of

the Finance Board and FICO. The final

rule is consistent with the goals of the
50248 Federal Register / Vol. 62, No. 186 / Thursday, September 25, 1997 / Rules and Regulations

Regulatory Reinvention Initiative of the

National Performance Review.

EFFECTIVE DATE: The final rule will

become effective October 27, 1997.

FOR FURTHER INFORMATION CONTACT:

Joseph A. McKenzie, Associate Director,

Financial Analysis and Reporting

Division, Office of Policy, 202/408–

2845, or Janice A. Kaye, AttorneyAdvisor, Office of General Counsel, 202/

408–2505, Federal Housing Finance

Board, 1777 F Street, N.W., Washington,

D.C. 20006.

SUPPLEMENTARY INFORMATION:

I. Regulatory Background and Analysis

of the Final Rule

In November 1996, the Finance Board

approved an interim final rule

amending its FICO operations

regulation, 12 CFR part 950, to comply

with new statutory requirements,

eliminate provisions that were rendered

obsolete by statutory changes, and

clarify the practices and procedures of

the Finance Board and FICO. See 61 FR

59311 (Nov. 22, 1996). The 30-day

public comment period for the interim

final rule, which became effective upon

publication in the Federal Register,

closed on December 23, 1996. See id.

The Finance Board received no public

comments. Therefore, with the

exception noted below, and for the

reasons set forth in detail in the interim

final rulemaking, the Finance Board is

adopting the interim final rule as

published.

In order to accommodate the terms of

a memorandum of understanding

(MOU) signed by FICO and the Federal

Deposit Insurance Corporation (FDIC)

after publication of the interim final rule

in the Federal Register, the Finance

Board has amended § 950.8(b)(2)(i) of

the interim final rule to require FICO to

determine an assessment rate formula

rather than the actual assessment rate.

Under the MOU, the FDIC will handle

administrative tasks, such as computing

each insured depository institution’s

assessment, issuing invoices notifying

insured depository institutions of the

amount to be paid and the date of

payment, and arranging for the

collection of the assessment through the

payments system. See FICO–FDIC MOU

(Jan. 23, 1997). Among other things, the

MOU provides that the FDIC will

compute the assessment rate in

accordance with an assessment rate

formula adopted by FICO. See id. ¶ 3.

Section 950.8(b)(2)(i) of the interim final

rule required FICO to determine the

assessment rate by considering

historical data regarding assessment

collections and current information

concerning the Savings Association

Insurance Fund and Bank Insurance

Fund deposit bases and the location of

insured depository institutions that is

available only to the FDIC. For

consistency with the terms of the MOU,

§ 950.8(b)(2)(i) of the final rule requires

FICO to establish a formula the FDIC

will use to determine at least

semiannually the rate of the assessment

FICO will assess against insured

depository institutions in order to pay

its non-administrative expenses.

II. Paperwork Reduction Act

This rule does not contain any

collections of information pursuant to

the Paperwork Reduction Act of 1995.

See 44 U.S.C. 3501 et seq. Consequently,

the Finance Board has not submitted

any information to the Office of

Management and Budget for review.

III. Regulatory Flexibility Act

The Finance Board adopted the

changes to part 950 in the form of an

interim final rule and not as a proposed

rule. Therefore, the provisions of the

Regulatory Flexibility Act did not apply.

See 5 U.S.C. 601(2), 603(a).

List of Subjects in Part 950

Federal home loan banks, Securities.

Accordingly, the Federal Housing

Finance Board hereby adopts the

interim final rule adding 12 CFR part

950 that was published at 61 FR 59311

on November 22, 1996, as a final rule

and revises part 950 to read as follows:

PART 950—OPERATIONS

Sec.

950.1 Definitions.

950.2 General authority.

950.3 Authority to establish investment

policies and procedures.

950.4 Book-entry procedure for Financing

Corporation obligations.

950.5 Bank and Office of Finance

employees.

950.6 Budget and expenses.

950.7 Administrative expenses.

950.8 Non-administrative expenses;

assessments.

950.9 Reports to the Finance Board.

950.10 Review of books and records.

Authority: 12 U.S.C. 1441(b)(8), (c), and (j).

§ 950.1 Definitions.

For purposes of this part:

(a) Act means the Federal Home Loan

Bank Act, as amended (12 U.S.C. 1421

et seq.).

(b) Administrative expenses:

(1) Include general office and

operating expenses such as telephone

and photocopy charges, printing, legal,

and professional fees, postage, courier

services, and office supplies; and

(2) Do not include any form of

employee compensation, custodian fees,

issuance costs, or any interest on (and

any redemption premium with respect

to) any Financing Corporation

obligations.

(c) Bank or Banks means a Federal

Home Loan Bank or the Federal Home

Loan Banks.

(d) BIF-assessable deposit means a

deposit that is subject to assessment for

purposes of the Bank Insurance Fund

under the Federal Deposit Insurance Act

(12 U.S.C. 1811 et seq.), including a

deposit that is treated as a deposit

insured by the Bank Insurance Fund

under section 5(d)(3) of the Federal

Deposit Insurance Act.

(e) Custodian fees means any fee

incurred by the Financing Corporation

in connection with the transfer of any

security to, or maintenance of any

security in, the segregated account

established under section 21(g)(2) of the

Act, and any other expense incurred by

the Financing Corporation in

connection with the establishment or

maintenance of such account.

(f) Directorate means the board

established under section 21(b) of the

Act to manage the Financing

Corporation.

(g) Exit fees means the amounts paid

under sections 5(d)(2)(E) and (F) of the

Federal Deposit Insurance Act, and

regulations promulgated thereunder (12

CFR part 312).

(h) FDIC means the agency

established as the Federal Deposit

Insurance Corporation.

(i) Finance Board means the agency

established as the Federal Housing

Finance Board.

(j) Insured depository institution has

the same meaning as in section 3 of the

Federal Deposit Insurance Act.

(k) Issuance costs means issuance fees

and commissions incurred by the

Financing Corporation in connection

with the issuance or servicing of

Financing Corporation obligations,

including legal and accounting

expenses, trustee, fiscal, and paying

agent charges, securities processing

charges, joint collection agent charges,

advertising expenses, and costs incurred

in connection with preparing and

printing offering materials to the extent

the Financing Corporation incurs such

costs in connection with issuing any

obligations.

(l) Non-administrative expenses

means custodian fees, issuance costs,

and interest on Financing Corporation

obligations.

(m) Obligations means debentures,

bonds, and similar debt securities

issued by the Financing Corporation

under sections 21(c)(3) and (e) of the

Act.
Federal Register / Vol. 62, No. 186 / Thursday, September 25, 1997 / Rules and Regulations 50249

(n) Office of Finance means the joint

office of the Banks established under

part 941 of this chapter.

(o) Receivership proceeds means the

liquidating dividends and payments

made on claims received by the Federal

Savings and Loan Insurance Corporation

Resolution Fund established under

section 11A of the Federal Deposit

Insurance Act from receiverships, that

are not required by the Resolution

Funding Corporation to provide funds

for the Funding Corporation Principal

Fund established under section 21B of

the Act.

(p) SAIF-assessable deposit means a

deposit that is subject to assessment for

purposes of the Savings Association

Insurance Fund under the Federal

Deposit Insurance Act, including a

deposit that is treated as a deposit

insured by the Savings Association

Insurance Fund under section 5(d)(3) of

the Federal Deposit Insurance Act.

§ 950.2 General authority.

Subject to the limitations and

interpretations in this part and such

orders and directions as the Finance

Board may prescribe, the Financing

Corporation shall have authority to

exercise all powers and authorities

granted to it by the Act and by its

charter and bylaws regardless of

whether the powers and authorities are

specifically implemented in regulation.

§ 950.3 Authority to establish investment

policies and procedures.

The Directorate shall have authority

to establish investment policies and

procedures with respect to Financing

Corporation funds provided that the

investment policies and procedures are

consistent with the requirements of

section 21(g) of the Act. The Directorate

shall promptly notify the Finance Board

in writing of any changes to the

investment policies and procedures.

§ 950.4 Book-entry procedure for

Financing Corporation obligations.

(a) Authority. Any Federal Reserve

Bank shall have authority to apply bookentry procedure to Financing

Corporation obligations.

(b) Procedure. The book-entry

procedure for Financing Corporation

obligations shall be governed by the

book-entry procedure established for

Bank securities, codified at part 912 of

this chapter. Wherever the terms

‘‘Federal Home Loan Bank(s),’’ ‘‘Federal

Home Loan Bank security(ies),’’ or

‘‘Book-entry Federal Home Loan Bank

security(ies)’’ appear in part 912, the

terms shall be construed also to mean

‘‘Financing Corporation,’’ ‘‘Financing

Corporation obligation(s),’’ or ‘‘Bookentry Financing Corporation

obligation(s),’’ respectively, if

appropriate to accomplish the purposes

of this section.

§ 950.5 Bank and Office of Finance

employees.

Without further approval of the

Finance Board, the Financing

Corporation shall have authority to

utilize the officers, employees, or agents

of any Bank or the Office of Finance in

such manner as may be necessary to

carry out its functions.

§ 950.6 Budget and expenses.

(a) Directorate approval. The

Financing Corporation shall submit

annually to the Directorate for approval,

a budget of proposed expenditures for

the next calendar year that includes

administrative and non-administrative

expenses.

(b) Finance Board approval. The

Directorate shall submit annually to the

Finance Board for approval, the budget

of the Financing Corporation’s proposed

expenditures it approved pursuant to

paragraph (a) of this section.

(c) Spending limitation. The

Financing Corporation shall not exceed

the amount provided for in the annual

budget approved by the Finance Board

pursuant to paragraph (b) of this section,

or as it may be amended by the

Directorate within limits set by the

Finance Board.

(d) Amended budgets. Whenever the

Financing Corporation projects or

anticipates that it will incur

expenditures, other than interest on

Financing Corporation obligations, that

exceed the amount provided for in the

annual budget approved by the Finance

Board or the Directorate pursuant to

paragraph (b) or (c) of this section, the

Financing Corporation shall submit an

amended annual budget to the

Directorate for approval, and the

Directorate shall submit such amended

budget to the Finance Board for

approval.

§ 950.7 Administrative expenses.

(a) Payment by Banks. The Banks

shall pay all administrative expenses of

the Financing Corporation approved

pursuant to § 950.6.

(b) Amount. The Financing

Corporation shall determine the amount

of administrative expenses each Bank

shall pay in the manner provided by

section 21(b)(7)(B) of the Act. The

Financing Corporation shall bill each

Bank for such amount periodically.

(c) Adjustments. The Financing

Corporation shall adjust the amount of

administrative expenses the Banks are

required to pay in any calendar year

pursuant to paragraphs (a) and (b) of

this section, by deducting any funds

that remain from the amount paid by the

Banks for administrative expenses in the

prior calendar year.

§ 950.8 Non-administrative expenses;

assessments.

(a) Interest expenses. The Financing

Corporation shall determine anticipated

interest expenses on its obligations at

least semiannually.

(b) Assessments on insured depository

institutions—(1) Authority. To provide

sufficient funds to pay the nonadministrative expenses of the

Financing Corporation approved under

§ 950.6, the Financing Corporation shall,

with the approval of the Board of

Directors of the FDIC, assess against

each insured depository institution an

assessment in the same manner as

assessments are made by the FDIC

under section 7 of the Federal Deposit

Insurance Act.

(2) Assessment rate—(i)

Determination. The Financing

Corporation at least semiannually shall

establish an assessment rate formula,

which may include rounding

methodology, to determine the rate or

rates of the assessment it will assess

against insured depository institutions

pursuant to section 21(f)(2) of the Act

and paragraph (b)(1) of this section.

(ii) Limitation. Until the earlier of

December 31, 1999, or the date as of

which the last savings association

ceases to exist, the rate of the

assessment imposed on an insured

depository institution with respect to

any BIF-assessable deposit shall be a

rate equal to 1⁄5 of the rate of the

assessment imposed on an insured

depository institution with respect to

any SAIF-assessable deposit.

(iii) Notice. The Financing

Corporation shall notify the FDIC and

the collection agent, if any, of the

formula established under paragraph

(b)(2)(i) of this section.

(3) Collecting assessments—(i)

Collection agent. The Financing

Corporation shall have authority to

collect assessments made under section

21(f)(2) of the Act and paragraph (b)(1)

of this section through a collection agent

of its choosing.

(ii) Accounts. Each Bank shall permit

any insured depository institution

whose principal place of business is in

its district to establish and maintain at

least one demand deposit account to

facilitate collection of the assessments

made under section 21(f)(2) of the Act

and paragraph (b)(1) of this section.

(c) Receivership proceeds—(1)

Authority. To the extent the amounts

collected under paragraph (b) of this
50250 Federal Register / Vol. 62, No. 186 / Thursday, September 25, 1997 / Rules and Regulations

section are insufficient to pay the nonadministrative expenses of the

Financing Corporation approved under

§ 950.6, the Financing Corporation shall

have authority to require the FDIC to

transfer receivership proceeds to the

Financing Corporation in accordance

with section 21(f)(3) of the Act.

(2) Procedure. The Directorate shall

request in writing that the FDIC transfer

the receivership proceeds to the

Financing Corporation. Such request

shall specify the estimated amount of

funds required to pay the nonadministrative expenses of the

Financing Corporation approved under

§ 950.6.

(d) Exit fees—(1) Authority. To the

extent the amounts provided under

paragraphs (b) and (c) of this section are

insufficient to pay the interest due on

Financing Corporation obligations, the

Financing Corporation shall have

authority to request that the Secretary of

the Treasury order the transfer of exit

fees to the Financing Corporation in

accordance with section 5(d)(2)(E) of the

Federal Deposit Insurance Act or as

otherwise may be provided for by

statute.

(2) Procedure. The Directorate shall

request in writing that the Secretary of

the Treasury order that exit fees be

transferred to the Financing

Corporation. Such request shall specify

the estimated amount of funds required

to pay the interest due on Financing

Corporation obligations.

§ 950.9 Reports to the Finance Board.

The Financing Corporation shall file

such reports as the Finance Board shall

direct.

§ 950.10 Review of books and records.

The Finance Board shall examine the

Financing Corporation at least annually

to determine whether the Financing

Corporation is performing its functions

in accordance with the requirements of

section 21 of the Act and this part.

By the Board of Directors of the Federal

Housing Finance Board.

Bruce A. Morrison,

Chairperson.

[FR Doc. 97–25305 Filed 9–24–97; 8:45 am]

BILLING CODE 6725–01–U

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. 96–NM–213–AD; Amendment

39–10144; AD 97–20–06]

RIN 2120–AA64

Airworthiness Directives; Saab Model

SAAB 2000 Series Airplanes

AGENCY: Federal Aviation

Administration, DOT.

ACTION: Final rule.

SUMMARY: This amendment adopts a

new airworthiness directive (AD),

applicable to certain Saab Model SAAB

2000 series airplanes, that requires

deactivation of certain floormat heaters

in the cabin area. In addition, this

amendment provides for optional

terminating action for that deactivation.

This amendment is prompted by a

report indicating that a flight attendant’s

floormat heater became overheated as a

result of a short circuit between a

floormat heater and a floor panel that

was made of conductive material; this

condition resulted in smoke in the cabin

area. The actions specified by this AD

are intended to prevent such short

circuiting, which could cause

overheating of the floormat heater and

lead to smoke or fire in the airplane

cabin.

DATES: Effective October 30, 1997.

The incorporation by reference of

certain publications listed in the

regulations is approved by the Director

of the Federal Register as of October 30,

1997.

ADDRESSES: The service information

referenced in this AD may be obtained

from SAAB Aircraft AB, SAAB Aircraft

Product Support, S–581.88, Linko ̈ing,

Sweden. This information may be

examined at the Federal Aviation

Administration (FAA), Transport

Airplane Directorate, Rules Docket,

1601 Lind Avenue, SW., Renton,

Washington; or at the Office of the

Federal Register, 800 North Capitol

Street, NW., suite 700, Washington, DC.

FOR FURTHER INFORMATION CONTACT:

Ruth Harder, Aerospace Engineer,

Standardization Branch, ANM–113,

FAA, Transport Airplane Directorate,

1601 Lind Avenue, SW., Renton,

Washington 98055–4056; telephone

(425) 227–1721; fax (425) 227–1149.

SUPPLEMENTARY INFORMATION: A

proposal to amend part 39 of the Federal

Aviation Regulations (14 CFR part 39) to

include an airworthiness directive (AD)

that is applicable to certain Saab Model

SAAB 2000 series airplanes was

published in the Federal Register on

May 22, 1997 (62 FR 27987). That action

proposed to require deactivation of

certain floormat heaters in the cabin

area. In addition, that action proposed

to provide for optional terminating

action for that deactivation.

Interested persons have been afforded

an opportunity to participate in the

making of this amendment. Due

consideration has been given to the

single comment received.

The commenter supports the

proposed rule.

Conclusion

After careful review of the available

data, including the comment noted

above, the FAA has determined that air

safety and the public interest require the

adoption of the rule as proposed.

Cost Impact

The FAA estimates that 3 Saab Model

SAAB 2000 series airplanes of U.S.

registry will be affected by this AD, that

it will take approximately 1 work hour

per airplane to accomplish the required

deactivation, and that the average labor

rate is $60 per work hour. Based on

these figures, the cost impact of the AD

on U.S. operators is estimated to be

$180, or $60 per airplane.

The cost impact figure discussed

above is based on assumptions that no

operator has yet accomplished any of

the requirements of this AD action, and

that no operator would accomplish

those actions in the future if this AD

were not adopted.

Should an operator elect to

accomplish the optional terminating

action that would be provided by this

AD action, it would take approximately

2 work hours to accomplish it, at an

average labor rate of $60 per work hour.

Required parts would be supplied by

the manufacturer to the operators at no

cost. Based on these figures, the cost

impact of this optional terminating

action is estimated to be $120 per

airplane.

Regulatory Impact

The regulations adopted herein will

not have substantial direct effects on the

States, on the relationship between the

national government and the States, or

on the distribution of power and

responsibilities among the various

levels of government. Therefore, in

accordance with Executive Order 12612,

it is determined that this final rule does

not have sufficient federalism

implications to warrant the preparation

of a Federalism Assessment.

For the reasons discussed above, I

certify that this action (1) is not a

‘‘significant regulatory action’’ under