91532 Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Rules and Regulations 

covered dependent who applies for 

payment under this subpart. 

§ 1.902 Eligibility for payments by the 

Department of Agriculture. 

(a) The Department of Agriculture 

may provide a payment to covered 

individuals, as defined in this § 1.901, if 

the qualifying injury to the brain was 

assessed and diagnosed in person by a 

currently board-certified physician from 

the American Board of Psychiatry and 

Neurology (ABPN), the American 

Osteopathic Board of Neurology and 

Psychiatry (AOBNP), the American 

Board of Physical Medicine and 

Rehabilitation (ABPMR), or the 

American Board of Physical Medicine 

and Rehabilitation (AOBPMR); and 

occurred on or after January 1, 2016, 

and while the individual was a covered 

employee of the Department of 

Agriculture. 

(b) The Department of Agriculture 

may provide a payment to covered 

employees, as defined in this section, if 

the qualifying injury to the brain was 

assessed and diagnosed in person by a 

currently board-certified physician from 

ABPN, AOBNP, ABPMR, or AOBPMR; 

and occurred on or after January 1, 

2016, and while the employee was a 

covered employee of the Department. 

(c) The Department of Agriculture 

may provide a payment to a covered 

dependent, if the qualifying injury to 

the brain was assessed and diagnosed in 

person by a currently board-certified 

physician from the ABPN, AOBNP, 

ABPMR, or AOBMR; and occurred on or 

after January 1, 2016, and while the 

dependent was a family member of the 

covered employee of the Department. 

(d) Payment for a qualifying injury to 

the brain will be a non-taxable, one-time 

lump sum payment. 

(e) The Department will determine the 

amount paid to each eligible person 

based on the following factors: 

(1) The responses on Form CD–350, 

‘‘Eligibility Questionnaire for HAVANA 

Act Payments’’; and 

(2) Whether the Department of Labor 

has determined that the requestor has 

no reemployment potential, or the 

Social Security Administration has 

approved the requestor for Social 

Security Disability Insurance or 

Supplemental Security Insurance (SSI) 

benefits; or the requestor’s ABPN, 

AOBPN, ABPMR, or AOBPMR-certified 

physician has certified that the 

individual requires a full-time caregiver 

for activities of daily living, as defined 

by the Katz Index of Independence of 

Daily Living. 

(3) The award thresholds are based on 

the Level III of the Executive Schedule: 

Base payment will be 75 percent of 

Level III pay, and Base Plus payment 

will be 100 percent of Level III pay. If 

the requestor meets any of the criteria 

listed in paragraph (e)(2) of this section, 

the requestor will be eligible to receive 

a Base Plus payment. Requestors who 

are otherwise eligible for payment for a 

qualifying injury to the brain (defined in 

§ 3.2(e)) but do not meet any of the 

criteria listed in paragraph (e)(2) of this 

section will be eligible to receive a Base 

payment. If a requestor who received a 

Base payment later meets any of the 

criteria listed in paragraph (e)(2) of this 

section, the requestor may apply for an 

additional payment that will be the 

difference between the Base and Base 

Plus payment. 

(f) The Director, Office of Human 

Resources Management may approve 

payments under this section. The Office 

of Human Resources Management will 

notify individuals of the decision in 

writing. 

(g) An appeal of a decision made by 

the Director, Office of Human Resources 

Management may be directed to the 

Deputy Assistant Secretary for 

Administration in writing. The Deputy 

Assistant Secretary for Administration 

is the final appeal authority. The Office 

of Human Resources Management will 

notify individuals of the decision in 

writing. 

§ 3.4 Consultation with other agencies. 

The Department may consult with the 

appropriate officials in other Federal 

agencies to identify their current and 

former covered employees, and current 

and former dependents who reported an 

anomalous health incident. The 

Department will not process payment 

for employees, former employees, or 

dependents of current or former 

employees of other agencies. 

Xochitl Torres Small, 

Deputy Secretary, U.S. Department of 

Agriculture. 

[FR Doc. 2024–27112 Filed 11–19–24; 8:45 am] 

BILLING CODE 3410–90–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 201 

[Docket No. R–1846] 

RIN 7100 AG 86 

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 rate for 

primary credit 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: Effective date: This rule is 

effective November 20, 2024. 

Applicability date: The rate changes 

for primary and secondary credit were 

applicable on November 8, 2024. 

FOR FURTHER INFORMATION CONTACT: M. 

Benjamin Snodgrass, Senior Counsel 

(202–263–4877), Legal Division, or 

Nicole Trachman, Financial Institution 

& Policy Analyst (202–973–5055), 

Division of Monetary Affairs; for users 

of telephone systems via text telephone 

(TTY) or any TTY-based 

Telecommunications Relay Services, 

please call 711 from any telephone, 

anywhere in the United States; Board of 

Governors of the Federal Reserve 

System, 20th and C Streets NW, 

Washington, DC 20551. 

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 

review and determination of the Board. 

On November 7, 2024, the Board 

voted to approve a 0.25 percentage point 

decrease in the primary credit rate, 

thereby decreasing the primary credit 

rate from 5.00 percent to 4.75 percent. 

In addition, the Board had previously 

approved the renewal of the secondary 

credit rate formula, the primary credit 

rate plus 50 basis points. Under the 

formula, the secondary credit rate 

decreased by 0.25 percentage points as 

a result of the Board’s primary credit 

rate action, thereby decreasing the 

secondary credit rate from 5.50 percent 

to 5.25 percent. The amendments to 

Regulation A reflect these rate changes. 

The 0.25 percentage point decrease in 

the primary credit rate was associated 

with a 0.25 percentage point decrease in 

the target range for the federal funds rate 

(from a target range of 43⁄4 percent to 5 

percent to a target range of 41⁄2 percent 

to 43⁄4 percent) announced by the 

Federal Open Market Committee on 

November 7, 2024, as described in the 

Board’s amendment of its Regulation D 


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Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Rules and Regulations 91533 

1 5 U.S.C. 551 et seq. 

2 5 U.S.C. 553(b)(3)(A). 

3 5 U.S.C. 553(d). 

4 5 U.S.C. 553(a)(2). 

5 5 U.S.C. 603, 604. 

6 44 U.S.C. 3506; see 5 CFR part 1320, appendix 

A.1. 

3The 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. 

1 12 U.S.C. 461(b). In March 2020, the Board set 

all reserve requirement ratios to zero percent. See 

Interim Final Rule, 85 FR 16525 (Mar. 24, 2020); 

Final Rule, 86 FR 8853 (Feb. 10, 2021). 

published elsewhere in today’s Federal 

Register. 

Administrative Procedure Act 

In general, the Administrative 

Procedure Act (‘‘APA’’) 1 imposes three 

principal requirements when an agency 

promulgates legislative rules (rules 

made pursuant to Congressionally 

delegated authority): (1) publication 

with adequate notice of a proposed rule; 

(2) followed by a meaningful 

opportunity for the public to comment 

on the rule’s content; and (3) 

publication of the final rule not less 

than 30 days before its effective date. 

The APA provides that notice and 

comment procedures do not apply if the 

agency for good cause finds them to be 

‘‘unnecessary, impracticable, or contrary 

to the public interest.’’ 2 Section 553(d) 

of the APA also provides that 

publication at least 30 days prior to a 

rule’s effective date is not required for 

(1) a substantive rule which grants or 

recognizes an exemption or relieves a 

restriction; (2) interpretive rules and 

statements of policy; or (3) a rule for 

which the agency finds good cause for 

shortened notice and publishes its 

reasoning with the rule.3 The APA 

further provides that the notice, public 

comment, and delayed effective date 

requirements of 5 U.S.C. 553 do not 

apply ‘‘to the extent that there is 

involved . . . a matter relating to agency 

management or personnel or to public 

property, loans, grants, benefits, or 

contracts.’’ 4

Regulation A establishes the interest 

rates that the twelve Reserve Banks 

charge for extensions of primary credit 

and secondary credit. The Board has 

determined that the notice, public 

comment, and delayed effective date 

requirements of the APA do not apply 

to these final amendments to Regulation 

A. The amendments involve a matter 

relating to loans and are therefore 

exempt under the terms of the APA. 

Furthermore, because delay would 

undermine the Board’s action in 

responding to economic data and 

conditions, the Board has determined 

that ‘‘good cause’’ exists within the 

meaning of the APA to dispense with 

the notice, public comment, and 

delayed effective date procedures of the 

APA with respect to the final 

amendments to Regulation A. 

Regulatory Flexibility Analysis 

The Regulatory Flexibility Act 

(‘‘RFA’’) does not apply to a rulemaking 

where a general notice of proposed 

rulemaking is not required.5 As noted 

previously, a general notice of proposed 

rulemaking is not required if the final 

rule involves a matter relating to loans. 

Furthermore, the Board has determined 

that it is unnecessary and contrary to 

the public interest to publish a general 

notice of proposed rulemaking for this 

final rule. Accordingly, the RFA’s 

requirements relating to an initial and 

final regulatory flexibility analysis do 

not apply. 

Paperwork Reduction Act 

In accordance with the Paperwork 

Reduction Act (‘‘PRA’’) of 1995,6 the 

Board reviewed the final rule under the 

authority delegated to the Board by the 

Office of Management and Budget. The 

final rule contains no requirements 

subject to the PRA. 

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 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.3

(a) Primary credit. The interest rate at 

each Federal Reserve Bank for primary 

credit provided to depository 

institutions under § 201.4(a) is 4.75 

percent. 

(b) Secondary credit. The interest rate 

at each Federal Reserve Bank for 

secondary credit provided to depository 

institutions under § 201.4(b) is 5.25 

percent. 

* * * * * 

By order of the Board of Governors of the 

Federal Reserve System. 

Ann E. Misback, 

Secretary of the Board. 

[FR Doc. 2024–26990 Filed 11–19–24; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 204 

[Docket No. R–1847] 

RIN 7100 AG 87 

Regulation D: Reserve Requirements 

of Depository Institutions 

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 D to revise the rate of 

interest paid on balances (‘‘IORB’’) 

maintained at Federal Reserve Banks by 

or on behalf of eligible institutions. The 

final amendments specify that IORB is 

4.65 percent, a 0.25 percentage point 

decrease from its prior level. The 

amendment is intended to enhance the 

role of IORB in maintaining the federal 

funds rate in the target range established 

by the Federal Open Market Committee 

(‘‘FOMC’’ or ‘‘Committee’’). 

DATES: 

Effective date: This rule is effective 

November 20, 2024. 

Applicability date: The IORB rate 

change was applicable on November 8, 

2024. 

FOR FURTHER INFORMATION CONTACT: M. 

Benjamin Snodgrass, Senior Counsel 

(202–263–4877), Legal Division, or 

Nicole Trachman, Financial Institution 

& Policy Analyst (202–973–5055); for 

users of telephone systems via text 

telephone (TTY) or any TTY-based 

Telecommunications Relay Services, 

please call 711 from any telephone, 

anywhere in the United States; Board of 

Governors of the Federal Reserve 

System, 20th and C Streets NW, 

Washington, DC 20551. 

SUPPLEMENTARY INFORMATION: 

I. Statutory and Regulatory Background 

For monetary policy purposes, section 

19 of the Federal Reserve Act (‘‘Act’’) 

imposes reserve requirements on certain 

types of deposits and other liabilities of 

depository institutions.1 Regulation D, 


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