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.

Rules and Regulations Federal Register

91529 

Vol. 89, No. 224 

Wednesday, November 20, 2024 

DEPARTMENT OF AGRICULTURE 

Office of the Secretary 

7 CFR Part 1 

[Docket No. USDA–2024–0007] 

RIN 0503–AA80 

Implementation of HAVANA Act of 

2021 

AGENCY: Office of the Secretary, USDA. 

ACTION: Interim final rule and request 

for comments. 

SUMMARY: This rule implements the 

HAVANA Act of 2021 (the Act) for the 

U.S. Department of Agriculture (USDA). 

The Act provides the authority for the 

Secretary of Agriculture and other 

agency heads to provide payments to 

certain individuals who have incurred 

qualifying injuries to the brain. The rule 

covers current and former USDA 

employees and dependents of current or 

former employees. 

DATES: Effective November 20, 2024. We 

will consider all comments that we 

receive on or before January 21, 2025. 

ADDRESSES: You may submit comments 

by going to http://www.regulations.gov 

and searching for Docket ID: USDA– 

2024–0007. Follow the online 

instructions for submitting comments. 

FOR FURTHER INFORMATION CONTACT: Mr. 

John Decato, Office of Human Resources 

Management,1400 Independence 

Avenue SW, Washington, DC 20250; 

email John.Decato@usda.gov, phone 

(202) 720–6706. 

SUPPLEMENTARY INFORMATION: 

Background 

On December 20, 2019, Congress gave 

authority (Pub. L. 116–94, division J, 

title IX, section 901) to the Department 

of State to pay benefits to certain 

individuals for injuries suffered after 

January 1, 2016, in the Republic of 

Cuba, the People’s Republic of China, or 

another foreign country designated by 

the Department of State, in connection 

with certain injuries designated by the 

Secretary of State. These benefits were 

limited to Department of State 

employees, their dependents and other 

individuals affiliated with the 

Department of State. 

On January 1, 2021, Congress 

amended that law (Pub. L. 116–283, div. 

A, title XI, section 1110), authorizing 

other Federal Government agencies 

(such as the U.S. Department of 

Agriculture [USDA]) to provide similar 

benefits to their own employees for 

those injuries. Those provisions are 

codified at 22 U.S.C. 2680b. 

On October 8, 2021, the ‘‘Helping 

American Victims Afflicted by 

Neurological Attacks’’ (HAVANA) Act 

of 2021 became law (Pub. L. 117–46). In 

that Act, Congress authorized Federal 

Government agencies to compensate 

affected current employees, former 

employees, and their dependents for 

qualifying injuries to the brain. Section 

3 of the HAVANA Act of 2021 removed 

the requirement in Public Law 116–94, 

division J, title IX, section 901, that the 

qualifying injury occur in ‘‘the Republic 

of Cuba, People’s Republic of China, or 

other foreign country designated by the 

Secretary of State’’ for the purpose of 

making a payment under the HAVANA 

Act. The Act also requires the 

Department (and other agencies) to 

‘‘prescribe regulations’’ implementing 

the HAVANA Act not later than 180 

days after the effective date of the Act. 

This interim final rule implements the 

HAVANA Act of 2021 for USDA. 

The regulation herein applies only to 

current and former employees of USDA, 

and dependents of current or former 

employees, as defined in § 1.901 of this 

rule. 

Definitions 

This rule follows the definitional 

template provided in the HAVANA Act 

and its predecessors. The rule defines 

certain categories of individuals as 

employees, as well as those who are not 

considered employees. 

The term ‘‘covered employee’’ 

captures Department Foreign Service 

and Civil Service employees (regardless 

of the nature of their appointment) who, 

on or after January 1, 2016, became 

injured by a qualifying injury to the 

brain while they were an employee of 

the Department. 

The term ‘‘covered individual’’ 

captures any former employee of the 

Department (including retired or 

separated employees) who, on or after 

January 1, 2016, became injured by a 

qualifying injury to the brain while they 

were an employee of the Department. 

The term ‘‘covered dependent’’ 

captures a family member of a current 

or former Department employee who, on 

or after January 1, 2016, became injured 

by reason of a qualifying injury to the 

brain while the dependent’s sponsor 

was an employee of the Department. For 

purposes of determining whether an 

individual is a covered dependent, the 

term ‘‘family members’’ includes 

unmarried children under 21 years of 

age (or certain other children) at the 

time of injury; parents; sisters and 

brothers; and spouses. Stepparents and 

stepsiblings are included in the 

definition. 

The definition of ‘‘qualifying injury to 

the brain’’ is based on current medical 

practices related to brain injuries. 

Further, the injury must have occurred 

in connection with certain hostile acts, 

including war, terrorist activity, or other 

incidents designated by the Secretary of 

State or the Secretary of Agriculture, as 

permitted by law, and must not have 

been the result of the willful 

misconduct of the individual. The 

individual must have: an acute injury to 

the brain such as, but not limited to, a 

concussion, penetrating injury, or as the 

consequence of an event that leads to 

permanent alterations in brain function 

as demonstrated by confirming 

correlative findings on imaging studies 

(to include computed tomography scan 

(CT), or magnetic resonance imaging 

scan (MRI)), or electroencephalogram 

(EEG); or a medical diagnosis of a 

traumatic brain injury (TBI) that 

required active medical treatment for 12 

months or more; or acute onset of new 

persistent, disabling neurologic 

symptoms as demonstrated by 

confirming correlative findings on 

imaging studies (to include CT, MRI), 

EEG, physical exam, or other 

appropriate testing, and that required 

active medical treatment for 12 months 

or more. 

In implementing this definition of 

‘‘qualifying injury to the brain,’’ the 

Department adopts the standard set 

forth by the Department of State in its 

January 25, 2023, regulations 

implementing the HAVANA Act (see 88 

FR 4722). With regard to these 

standards, this definition accounts for a 

variety of observable impacts to an 


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91530 Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Rules and Regulations 

individual, including either a 

concussion, a penetrating injury, or 

absent either of those, the ability of an 

appropriately certified physician to 

review one of a variety of forms of 

medical imaging evidence indicating 

permanent alterations in brain function. 

This will ensure there is some 

documented evidence of impact to the 

brain, while minimally circumscribing 

what that impact entails. The definition 

of ‘‘qualifying injury to the brain’’ will 

provide multiple avenues for 

demonstrating sustained, long-term 

impact to the individual. Establishing a 

12-month threshold of active medical 

treatment is indicative of a long-term 

injury which the Department believes 

must be demonstrated prior to the 

awarding of benefits. For example, the 

Centers for Disease Control and 

Prevention (CDC) broadly defines 

chronic diseases ‘‘as conditions that last 

1 year or more and require ongoing 

medical attention or limit activities of 

daily living or both.’’ 

The definition of ‘‘other incident’’ is 

a new onset of physical manifestations 

that cannot otherwise be explained. 

Eligibility for Payments 

The Department will communicate 

with its entire workforce to inform them 

of the rule, regulations, and process for 

requesting payment. The Department 

will work together with potential 

recipients to provide the necessary 

documentation to qualify for payment. 

The Department believes these efforts 

will ensure all potential requestors will 

be able to identify themselves to the 

Department and begin the process of 

requesting a payment. However, Form 

CD–350, the form associated with 

developing the necessary evidence to 

submit a claim, will also be publicly 

hosted on the Department’s publicfacing website with instructions on how 

to contact the Department if a requestor 

believes they are eligible for a HAVANA 

Act payment. 

Section 1.902 states the conditions 

required before the Department will 

consider payments to current or former 

employees and dependents of current or 

former employees: the qualifying injury 

to the brain for a former employee must 

have occurred on or after January 1, 

2016, and while the former employee 

was an employee of the Department; 

and for a dependent, the injury must 

have occurred on or after January 1, 

2016, and while the dependent’s 

sponsor was an employee of the 

Department. The Director, Office of 

Human Resources Management, must 

approve any HAVANA Act payment. 

Payments will be a one-time, nontaxable, lump sum payment, based on 

the annual salary of an Executive 

Schedule III employee (see 5 U.S.C. 

5311 et seq.). The payment is nontaxable pursuant to 22 U.S.C. 2680b(g). 

As indicated in § 1.902, in determining 

the amount of the payment, the 

Department will consider (1) the 

responses on Form CD–350 and (2) 

whether the Department of Labor, Office 

of Workers’ Compensation Programs 

(DOL) has determined that the requestor 

has no reemployment potential, or the 

Social Security Administration (SSA) 

has approved the requestor for Social 

Security Disability Insurance or 

Supplemental Security Insurance, or the 

requestor’s board-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 in Activities of Daily 

Living. 

The award thresholds are based on 

the annual rate of basic pay for Level III 

of the Executive Schedule (ES). A Base 

payment will be 75 percent of Level III 

pay and a Base Plus payment will be 

100 percent of Level III pay. If the 

requestor meets any of the criteria listed 

in (2) in the paragraph immediately 

above, the requestor will be eligible to 

receive a Base Plus payment. Requestors 

with a documented ‘‘qualifying injury to 

the brain’’ but who do not meet any of 

the criteria listed in (2) in the paragraph 

immediately above will be eligible to 

receive a Base payment. The criteria 

established in (2) in the paragraph 

immediately above are reflective of the 

Department’s objective of ensuring that 

the individuals most severely affected 

by anomalous health incidents (AHIs) 

(as indicated by a lack of reemployment 

potential, an inability to engage in 

substantial gainful activity, or the need 

for a full-time caregiver) receive 

additional payment. The specific use of 

the DOL or the SSA determinations is to 

ensure that both current and former 

Federal employees as well as covered 

dependents have access to a mechanism 

for this determination. The Department 

recognizes that criteria DOL and SSA 

use in their disability determinations 

are distinct, as well as the fact that the 

procedural timelines for seeking and 

receiving approval may be different 

between these agencies. The third 

option, that a board-certified physician 

certifies that the individual requires a 

full-time caregiver for activities of daily 

living (as defined by the Katz Index of 

Independence in Activities of Daily 

Living), provides an alternative 

mechanism for all individuals. Finally, 

the Department notes that if a requestor 

who received a Base payment later 

meets any of the criteria listed in (2) 

above, the requestor may apply for an 

additional payment that will be the 

difference between the Base and Base 

Plus payment. As the payments are tied 

to the Executive Schedule, the amounts 

may change over time based on 

increases to that Schedule. 

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. While 

payments under the HAVANA Act may 

be on top of other leave, disability, or 

workers’ compensation payments the 

requestor is receiving or may be entitled 

to receive that also help augment any 

loss of income, the Department believes 

this is an appropriate additional 

payment. The Department also believes 

this amount is the most it can 

reasonably compensate each requestor 

while ensuring available funds for all 

expected payments. The Department 

also notes that, because payments are 

contingent on appropriated funds, all 

payments will be paid out on a first 

come, first served basis. This is also in 

accordance with compensation awarded 

by the Department of State under the 

HAVANA Act. 

Immediate Action 

Immediate action is necessary in 

order to ensure expeditious payments 

are made to injured persons. Under 

these circumstances, prior notice and 

opportunity for public comment are 

contrary to the public interest and there 

is good cause under 5 U.S.C. 553 for 

making this action effective less than 30 

days after publication in the Federal 

Register. 

We will consider comments we 

receive during the comment period for 

this interim rule (see DATES above). 

After the comment period closes, we 

will publish another document in the 

Federal Register. The document will 

include a discussion of any comments 

we receive and any amendments we are 

making to the rule. 

Executive Orders 12866 and 13563 

The Office of Management and Budget 

has determined that this regulatory 

action does not meet the criteria for 

significant regulatory action pursuant to 

Executive Order 12866, Regulatory 

Planning and Review. 

Potential causes of AHI are being 

investigated but remain unknown. 

Given the nature of the incidents, it is 

difficult to accurately estimate future 


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Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Rules and Regulations 91531 

incidents and numbers of individuals 

affected. 

The Department has reviewed the rule 

to ensure its consistency with the 

regulatory philosophy and principles set 

forth in Executive Order 12866 and 

finds that the benefits of the rule (in 

providing mechanisms for individuals 

to obtain compensation for certain 

injuries) outweigh any costs to the 

public. The Department has also 

considered this rulemaking in light of 

Executive Order 13563 and affirms that 

this regulation is consistent with the 

guidance therein. 

Regulatory Flexibility Act 

This rule applies only to certain 

individuals who are current or former 

Department employees and family 

members who are eligible for payments 

as a result of certain injuries. Therefore, 

the rule will provide for payments to 

certain individuals, and is therefore not 

expected to impact any small entities. 

As a result, a regulatory flexibility 

analysis is not required under the 

Regulatory Flexibility Act (5 U.S.C. 601, 

et seq.). 

Paperwork Reduction Act 

In accordance with the Paperwork 

Reduction Act of 1995 (44 U.S.C. 3501 

et seq.), the information collection or 

recordkeeping requirements included in 

this rule have been approved by the 

Office of Management and Budget 

(OMB) under OMB control number 

1405–0250. 

List of Subjects in 7 CFR Part 1 

Administrative practice and 

procedure, Antitrust, Claims, 

Cooperatives, Courts, Equal access to 

justice, Fraud, Freedom of information, 

Government employees, Indemnity 

payments, Lawyers, Motion pictures, 

Penalties, Privacy. 

Accordingly, we are amending 7 CFR 

part 1 as follows: 

PART 1—ADMINISTRATIVE 

REGULATIONS 

■ 1. The authority citation for part 1 

continues to read as follows: 

Authority: 5 U.S.C. 301, unless otherwise 

noted. 

■ 2. Add subpart Q to read as follows: 

Subpart Q—Implementation of the HAVANA 

Act of 2021 

Sec. 

1.900 Authority. 

1.901 Definitions. 

1.902 Eligibility for payments by the 

Department of Agriculture. 

1.903 Consultation with other agencies. 

Authority: 22 U.S.C. 2680b. 

Subpart Q—Implementation of the 

HAVANA Act of 2021 

§ 1.900 Authority. 

(a) Under section 3 of the HAVANA 

Act of 2021 (22 U.S.C. 2680b), the 

Secretary of Agriculture or other agency 

heads may provide a payment for a 

qualifying injury to the brain to a 

covered employee or covered dependent 

who incurred a qualifying injury to the 

brain on or after January 1, 2016. The 

authority to provide such payments is at 

the sole discretion of the Secretary or 

the Secretary’s designee. 

(b) The regulations in this part are 

issued in accordance with 22 U.S.C. 

2680b(i)(4) and also apply to former 

covered employees of the Department of 

Agriculture and their covered 

dependents. 

§ 1.901 Definitions. 

(a) Covered employee. (1) An 

employee of the Department of 

Agriculture who, on or after January 1, 

2016, becomes injured by reason of a 

qualifying injury to the brain. 

(2) The following are considered 

employees of the Department of 

Agriculture for the purposes of this part: 

Department of Agriculture employees in 

the Foreign Service and Department of 

Agriculture employees who meet the 

definition of ‘‘employee’’ set forth in 5 

U.S.C. 2105(a), including students 

providing volunteer service under 5 

U.S.C. 3111. 

(3) The following are not considered 

employees of the Department of 

Agriculture for purposes of this part: 

Employees or retired employees of other 

agencies. 

(b) Covered dependent. A family 

member of a Department of Agriculture 

current or former employee who, on or 

after January 1, 2016, becomes injured 

by reason of a qualifying injury to the 

brain while the dependent’s sponsor 

was an employee of the Department of 

Agriculture as specified in paragraph 

(a)(2) of this section. 

(c) Covered individual. A former 

employee of the Department of 

Agriculture who, on or after January 1, 

2016, becomes injured by reason of a 

qualifying injury to the brain while they 

were an employee of the Department of 

Agriculture as specified in paragraph 

(a)(2) of this section. 

(d) Family member. For purposes of 

determining ‘‘covered dependent,’’ a 

family member is defined as follows: 

(1) Children who are unmarried and 

under 21 years of age at the time of the 

qualifying injury or, regardless of age, 

are unmarried and due to mental and/ 

or physical limitations are incapable of 

self-support. The term ‘‘children’’ must 

include natural offspring, step-children, 

adopted children, and those under 

permanent legal guardianship (at least 

until age 18), or comparable permanent 

custody arrangement, of the employee 

or spouse or domestic partner when 

dependent upon and normally residing 

with the guardian or custodial party, 

and U.S. citizen children placed for 

adoption if a U.S. court grants 

temporary guardianship of the child to 

the employee and specifically 

authorizes the child to reside with the 

employee in the country of assignment 

before the adoption is finalized; 

(2) Parents (including stepparents and 

legally adoptive parents) of the 

employee, or of the spouse or of the 

domestic partner, as these terms are 

defined in 5 CFR 875.101; 

(3) Sisters and brothers (including 

stepsisters or stepbrothers, or adoptive 

sisters or brothers) of the employee, or 

of the spouse when such sisters and 

brothers are at least 51 percent 

dependent on the employee for support, 

unmarried and under 21 years of age, or 

regardless of age, are physically and/or 

mentally incapable of self-support; and 

(4) Spouse or domestic partner at the 

time of injury. 

(e) Qualifying injury to the brain. (1) 

The injury must have occurred in 

connection with war, insurgency, 

hostile act, terrorist activity, or other 

incidents designated by the Secretary of 

State or the Secretary of Agriculture, as 

permitted by law, and was not the result 

of the willful misconduct of the 

individual; and 

(2) The individual must have: 

(i) An acute injury to the brain such 

as, but not limited to, a concussion, 

penetrating injury, or as the 

consequence of an event that leads to 

permanent alterations in brain function 

as demonstrated by confirming 

correlative findings on imaging studies 

(to include computed tomography scan 

(CT), or magnetic resonance imaging 

scan (MRI)), or electroencephalogram 

(EEG); or 

(ii) A medical diagnosis of a traumatic 

brain injury (TBI) that required active 

medical treatment for 12 months or 

more; or 

(iii) Acute onset of new persistent, 

disabling neurologic symptoms as 

demonstrated by confirming correlative 

findings on imaging studies (to include 

CT or MRI), or EEG, or physical exam, 

or other appropriate testing, and that 

required active medical treatment for 12 

months or more. 

(f) Other incident. A new onset of 

physical manifestations that cannot 

otherwise be readily explained. 

(g) Requestor. A requestor is a covered 

employee, a covered individual, or a 


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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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