60672 Federal Register / Vol. 62, No. 218 / Wednesday, November 12, 1997 / Proposed Rules

5While weekly reporters that are Edge or

Agreement corporations or U.S. branches or

agencies of a foreign bank may have deposits of less

than $75 million, the deposits of these entities

represent only a portion of the total deposits of the

larger organizations to which they belong.

made most easily after completion of the

changeover of software used by the

Federal Reserve to process most data

flows, currently projected for March

1998, and prior to the annual deposit

panel shifts that will take place in

September 1998.

Initial Regulatory Flexibility Analysis

The Regulatory Flexibility Act (5

U.S.C. 601–612) requires an agency to

publish an initial regulatory flexibility

analysis with any notice of proposed

rulemaking. An initial regulatory

flexibility analysis must include: (1) A

description of the reasons why action by

the agency is being considered; (2) a

statement of the objectives of, and legal

basis for, the proposed rule; (3) a

description of and, where feasible, an

estimate of the number of small entities

to which the proposed rule will apply;

(4) a description of the projected

reporting, recordkeeping, and other

compliance requirements of the

proposed rule; and (5) an identification,

to the extent practicable, of all relevant

Federal rules that may duplicate,

overlap, or conflict with the proposed

rules. 5 U.S.C. 603(b).

As discussed above, the Board is

considering this action to improve the

ability of the Federal Reserve to estimate

accurately the need for reserves on a

timely basis, with the objective of

ensuring greater effectiveness of the

Federal Reserve’s open market

operations. Under section 19 of the

Federal Reserve Act, the Board is

authorized to promulgate rules

concerning the maintenance of reserves.

12 U.S.C. 461(c). The Board does not

believe that there are any Federal rules

that duplicate, overlap, or conflict with

the proposed rule.

The proposal will affect only

institutions that are weekly deposit

reporters, which generally include

depository institutions that have total

deposits of $75 million or greater, as

only these institutions currently are

required to maintain reserves on a

contemporaneous basis.5 The proposed

amendments will not increase reporting

or recordkeeping requirements

associated with Regulation D for

institutions that are weekly reporters,

but will significantly simplify

compliance with the rule for these

institutions. The proposal therefore will

not increase regulatory burden on small

institutions generally and will reduce

regulatory burden for those small

institutions that are affected.

List of Subjects in 12 CFR Part 204

Banks, banking, Federal Reserve

System, Reporting and recordkeeping

requirements.

For the reasons set out in the

preamble, the Board proposes to amend

part 204 of chapter II of title 12 of the

Code of Federal Regulations as follows:

PART 204—RESERVE

REQUIREMENTS OF DEPOSITORY

INSTITUTIONS (REGULATION D)

1. The authority citation for part 204

continues to read as follows:

Authority: 12 U.S.C. 248(a), 248(c), 371a,

461, 601, 611, and 3105.

2. In § 204.3, paragraph (c) is revised

to read as follows:

§ 204.3 Computation and maintenance.

* * * * *

(c) Computation of required reserves

for institutions that report on a weekly

basis. (1) Required reserves are

computed on the basis of daily average

balances of deposits and Eurocurrency

liabilities during a 14-day period ending

every second Monday (the

‘‘computation period’’). Reserve

requirements are computed by applying

the ratios prescribed in § 204.9 to the

classes of deposits and Eurocurrency

liabilities of the institution. In

determining the reserve balance that is

required to be maintained with the

Federal Reserve, the average daily vault

cash held during the computation

period is deducted from the amount of

the institution’s required reserves.

(2) The reserve balance that is

required to be maintained with the

Federal Reserve shall be maintained

during a 14-day period (the

‘‘maintenance period’’) that begins on

the third Thursday following the end of

a given computation period.

* * * * *

By order of the Board of Governors of the

Federal Reserve System, November 6, 1997.

William W. Wiles,

Secretary of the Board.

[FR Doc. 97–29761 Filed 11–10–97; 8:45 am]

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SOCIAL SECURITY ADMINISTRATION

20 CFR Part 404

[Regulations No. 4]

RIN 0960–AE35

Reduction of Disability Benefits—

Workers’ Compensation and Public

Disability Benefits and Payments

AGENCY: Social Security Administration.

ACTION: Proposed rules; extension of

comment period.

SUMMARY: On September 4, 1997, in the

Federal Register (62 FR 46682), we

published a proposal to revise our rules

on the reduction of Social Security

benefits based on disability on account

of receipt of workers’ compensation

and/or public disability benefits and

payments provided under Federal (other

than Social Security), State, or local

laws or plans to clarify our existing

policies. To allow the public additional

time to send us comments, we are

extending the comment period. We are

also making a few changes in the

address and contact information.

DATES: To be sure that your comments

are considered, we must receive them

no later than January 5, 1998.

ADDRESSES: Comments should be

submitted in writing to the

Commissioner of Social Security, P.O.

Box 1585, Baltimore, MD 21235, sent by

telefax to (410) 966–2830, sent by E-mail

to ‘‘regulations@ssa.gov’’, or delivered

to the Office of Process and Innovation

Management, Social Security

Administration, L2109 West Low Rise

Building, 6401 Security Boulevard,

Baltimore, MD 21235–0001, between

8:00 a.m. and 4:30 p.m. on regular

business days. Comments may be

inspected during these same hours by

making arrangements with the contact

person shown below.

FOR FURTHER INFORMATION CONTACT:

Daniel T. Bridgewater, Legal Assistant,

Office of Process and Innovation

Management, Social Security

Administration, L2109 West Low Rise

Building, 6401 Security Boulevard,

Baltimore, MD 21235, (410) 965–3298

for information about these rules.

Dated: November 6, 1997.

Kenneth S. Apfel,

Commissioner of Social Security.

[FR Doc. 97–29842 Filed 11–10–97; 8:45 am]

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