27962 Federal Register / Vol. 63, No. 98 /Thursday, May 21, 1998 / Notices

the tracking number ‘‘PB–402404–OH.’’

Electronic comments on this document

may be filed online at many Federal

Depository Libraries.

Authority: 15 U.S.C. 2682, 2684.

List of Subjects

Environmental protection, Hazardous

substances, Lead, Reporting and

recordkeeping requirements.

Dated: May 11, 1998.

David A. Ullrich,

Acting Regional Administrator, Region V.

[FR Doc. 98–13628 Filed 5–20–98; 8:45 am]

BILLING CODE 6560–50–F

OFFICE OF SCIENCE AND

TECHNOLOGY POLICY

Meeting of the President’s Committee

of Advisors on Science and

Technology

ACTION: Notice of meeting.

SUMMARY: This notice sets forth the

schedule and summary agenda for a

meeting of the President’s Committee of

Advisors on Science and Technology

(PCAST), and describes the functions of

the Committee. Notice of this meeting is

required under the Federal Advisory

Committee Act.

DATES AND PLACE: June 9, 1998. The

White House Conference Center,

Truman Room, Third Floor, 726 Jackson

Place, NW., Washington, DC 20500.

TYPE OF MEETING: Open.

PROPOSED SCHEDULE AND AGENDA: The

President’s Committee of Advisors on

Science and Technology (PCAST) will

meet in open session on Tuesday, June

9, 1998, at approximately 10:00 a.m. to

discuss (1) international S&T issues, (2)

public understanding of science and

technology, and (3) topics of

Congressional concern. This session

will end at approximately 3:30 p.m.

PUBLIC COMMENTS: There will be a time

allocated for the public to speak on any

of the above agenda items. Please make

your request for the opportunity to make

a public comment five (5) days in

advance of the meeting. Written

comments are welcome anytime prior to

or following the meeting. Please notify

Holly Gwin, OSTP Chief of Staff, at

202–456–6140 or fax your requests/

comments to 202–456–6026.

FOR FURTHER INFORMATION CONTACT:

For information regarding time, place,

and agenda please call Holly Gwin,

OSTP Chief of Staff, at 202–456–6140,

prior to 3:00 p.m. on Friday, June 5,

1998. Please note that public seating for

this meeting is limited, and is available

on a first-come, first-served basis.

SUPPLEMENTARY INFORMATION: The

President’s Committee of Advisors on

Science and Technology was

established by Executive Order 12882,

as amended, on November 23, 1993. The

purpose of PCAST is to advise the

President on matters of national

importance that have significant science

and technology content, and to assist

the President’s National Science and

Technology Council in securing private

sector participation in its activities. The

Committee members are distinguished

individuals appointed by the President

from non-Federal sectors. The PCAST is

co-chaired by the Assistant to the

President for Science and Technology,

and by John Young, former President

and CEO of the Hewlett-Packard

Company.

Dated: May 18, 1998.

Barbara Ann Ferguson,

Administrative Officer, Office of Science and

Technology Policy.

[FR Doc. 98–13599 Filed 5–20–98; 8:45 am]

BILLING CODE 3170–01–M

FARM CREDIT ADMINISTRATION

[BM–14–May–98–02]

Interest Rate Risk Management

AGENCY: Farm Credit Administration.

ACTION: Proposed policy statement with

request for comment.

SUMMARY: The Farm Credit

Administration (FCA or Agency),

through the FCA Board (Board), is

issuing for comment a proposed policy

statement that provides guidance on

interest rate risk management practices

to Farm Credit System (System)

institutions and describes the Agency’s

approach to evaluating interest rate risk

when making a determination of capital

adequacy.

The proposed policy statement

identifies key elements of sound

business principles and practices for

interest rate risk management by a

System institution. The policy statement

also provides criteria by which the

Agency will evaluate the adequacy and

effectiveness of a System institution’s

interest rate risk management.

DATES: Written comments should be

received on or before June 22, 1998.

ADDRESSES: Comments may be mailed

or delivered to Patricia W. DiMuzio,

Director, Regulation and Policy

Division, Office of Policy and Analysis,

Farm Credit Administration, 1501 Farm

Credit Drive, McLean, Virginia 22102–

5090 or sent by facsimile transmission

to (703) 734–5784. Comments may also

be submitted via electronic mail to ‘‘regcomm@fca.gov.’’ Copies of all

communications received will be

available for review by interested parties

in the Office of Policy and Analysis,

Farm Credit Administration.

FOR FURTHER INFORMATION CONTACT:

Andrew D. Jacob, Senior Policy Analyst,

Office of Policy and Analysis, Farm

Credit Administration, McLean,

Virginia 22102–5090, (703) 883–4498,

TDD (703) 883–4444,

or

Wendy R. Laguarda, Senior Attorney,

Office of General Counsel, Farm

Credit Administration, McLean,

Virginia 22102–5090, (703) 883–4020,

TDD (703) 883–4444.

SUPPLEMENTARY INFORMATION:

I. Background

The FCA’s proposed Capital Phase III

rule, in §§ 615.5180 and 615.5182,

proposes that System banks and other

System institutions (excluding the

Federal Agricultural Mortgage

Corporation) with interest rate risk

implement appropriate risk

management practices (see 62 FR 49623,

Sept. 23, 1997). Proposed § 615.5181

provides that a System institution’s

board of directors (board) is responsible

for maintaining effective oversight of

interest rate risk management whereas

senior management is responsible for

ensuring that interest rate risk is

properly managed. In the

supplementary information to the

proposed Capital Phase III rule, the

Board stated its intention to provide

additional guidance regarding sound

interest rate risk management practices

for A System institution.

In addition, proposed

§§ 615.5350(b)(7) and 615.5355(a)(4)

provide that the FCA may take action

against an institution for failure to

maintain sufficient capital for interest

rate risk exposures. A System institution

found to have high levels of exposure or

weak interest rate risk management

practices may be directed by the Agency

to take corrective action, which may

include raising additional capital,

strengthening interest rate risk

management expertise, improving

interest rate risk management practices,

reducing levels of exposure, or a

combination thereof. The

supplementary information to the

proposed Capital Phase III rule states

that a risk assessment approach will be

used to evaluate a System institution’s

capital adequacy for interest rate risk

and to determine what corrective action,

if any, may be necessary. Additional

guidance is now being provided by the

FCA in this proposed policy statement.