20900 Federal Register / Vol. 66, No. 81 / Thursday, April 26, 2001 / Rules and Regulations

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 as a result of the

comments.

Executive Order 12866 and Regulatory

Flexibility Act

This rule has been reviewed under

Executive Order 12866. For this action,

the Office of Management and Budget

has waived its review process required

by Executive Order 12866.

Cattle moved interstate are moved for

slaughter, for use as breeding stock, or

for feeding. Changing the brucellosis

status of Oklahoma from Class A to

Class Free will promote economic

growth by reducing certain testing and

other requirements governing the

interstate movement of cattle from this

State. Testing requirements for cattle

moved interstate for immediate

slaughter or to quarantined feedlots are

not affected by this change. Cattle from

certified brucellosis-free herds moving

interstate are not affected by this

change.

The groups affected by this action will

be herd owners in Oklahoma, as well as

buyers and importers of cattle from this

State.

There are an estimated 64,000 cattle

operations in Oklahoma that may be

affected by this rule. About 99 percent

of these are owned by small entities.

Test-eligible cattle offered for sale

interstate from other than certified-free

herds must have a negative test under

present Class A status regulations, but

not under regulations concerning Class

Free status. If such testing were

distributed equally among all animals

affected by this rule, Class Free status

would save approximately $3 to $4 per

head.

Therefore, we believe that changing

the brucellosis status of Oklahoma will

not have a significant economic effect

on the small entities affected by this

interim rule.

Under these circumstances, the

Administrator of the Animal and Plant

Health Inspection Service has

determined that this action will not

have a significant economic impact on

a substantial number of small entities.

Executive Order 12372

This program/activity is listed in the

Catalog of Federal Domestic Assistance

under No. 10.025 and is subject to

Executive Order 12372, which requires

intergovernmental consultation with

State and local officials. (See 7 CFR part

3015, subpart V.)

Executive Order 12988

This interim rule has been reviewed

under Executive Order 12988, Civil

Justice Reform. This rule: (1) Preempts

all State and local laws and regulations

that are in conflict with this rule; (2) has

no retroactive effect; and (3) does not

require administrative proceedings

before parties may file suit in court

challenging this rule.

Paperwork Reduction Act

This interim rule contains no

information collection or recordkeeping

requirements under the Paperwork

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

et seq.).

List of Subjects in 9 CFR Part 78

Animal diseases, Bison, Cattle, Hogs,

Quarantine, Reporting and

recordkeeping requirements,

Transportation.

Accordingly, we are amending 9 CFR

part 78 as follows:

PART 78—BRUCELLOSIS

1. The authority citation for part 78

continues to read as follows:

Authority: 21 U.S.C. 111–114a–1, 114g,

115, 117, 120, 121, 123–126, 134b, and 134f;

7 CFR 2.22, 2.80, and 371.4.

§ 78.41 [Amended]

2. Section 78.41 is amended as

follows:

a. In paragraph (a), by adding

‘‘Oklahoma,’’ in alphabetical order.

b. In paragraph (b), by removing

‘‘Oklahoma,’’.

Done in Washington, DC, this 20th day of

April 2001.

Bobby R. Acord,

Acting Administrator, Animal and Plant

Health Inspection Service.

[FR Doc. 01–10385 Filed 4–25–01; 8:45 am]

BILLING CODE 3410–34–P

FEDERAL RESERVE SYSTEM

12 CFR Part 201

[Regulation A]

Extensions of Credit by Federal

Reserve Banks; Change in Discount

Rate

AGENCY: Board of Governors of the

Federal Reserve System.

ACTION: Final rule.

SUMMARY: The Board of Governors has

amended its Regulation A on Extensions

of Credit by Federal Reserve Banks to

reflect its approval of a decrease in the

basic discount rate at each Federal

Reserve Bank. The Board acted on

requested submitted by the Boards of

Directors of the twelve Federal Reserve

Banks.

DATES: The amendments to part 201

(Regulation A) were effective April 18,

2001. The rate changes for adjustment

credit were effective on the dates

specified in 12 CFR 201.51.

FOR FURTHER INFORMATION CONTACT:

Jennifer J. Johnson, Secretary of the

Board, at (202) 452–3259, Board of

Governors of the Federal Reserve

System, 20th and C Streets NW.,

Washington, DC 20551.

SUPPLEMENTARY INFORMATION: Pursuant

to the authority of sections 10(b), 13, 14,

19, et al., of the Federal Reserve Act, the

Board has amended its Regulation A (12

CFR part 201) to incorporate changes in

discount rates on Federal Reserve Bank

extensions of credit. The discount rates

are the interest rates charged to

depository institutions when they

borrow from their district Reserve

Banks.

The ‘‘basic discount rate’’ is a fixed

rate charged by Reserve Banks for

adjustment credit and, at the Reserve

Banks’ discretion, for extended credit

for up to 30 days. In decreasing the

basic discount rate from 4.5 percent to

4.0 percent, the Board acted on requests

submitted by the Boards of Directors of

the twelve Federal Reserve Banks. The

new rates were effective on the dates

specified below. The 50-basic-point

decrease in the discount rate was

associated with a similar decrease in the

federal funds rate approved by the

Federal Open Market Committee

(FOMC) and announced at the same

time.

In a joint press release announcing

these actions, the FOMC and the Board

of Governors noted that, since the

FOMC’s March meeting, a significant

reduction in excess inventories seems

well advanced. Consumption and

housing expenditures have held up

reasonably well, though activity in these

areas has flattened recently. Although

measured productivity probably

weakened in the first quarter, the

impressive underlying rate of increase

that developed in recent years appears

to be largely intact.

Nonetheless, capital investment has

continued to soften and the persistent

erosion in current and expected

profitability, in combination with rising

uncertainty about the business outlook,

seems poised to dampen capital

spending going forward. This potential

restraint, together with the possible

effects of earlier reductions in equity

wealth on consumption and the risk of

slower growth abroad, threatens to keep

Federal Register / Vol. 66, No. 81 / Thursday, April 26, 2001 / Rules and Regulations 20901

the pace of economic activity

unacceptably weak. As a consequence,

the FOMC agreed that an adjustment in

the stance of policy is warranted during

this extended intermeeting period.

The FOMC continues to believe that

against the background of its long-run

goals of price stability and sustainable

economic growth and of the information

currently available, the risks are

weighted mainly toward conditions that

may generate economic weakness in the

foreseeable future.

Regulatory Flexibility Act Certification

Pursuant to section 605(b) of the

Regulatory Flexibility Act (5 U.S.C.

605(b)), the Board certifies that the

change in the basic discount rate will

not have a significant adverse economic

impact on a substantial number of small

entities. The rule does not impose any

additional requirements on entities

affected by the regulation.

Administrative Procedure Act

The provisions of 5 U.S.C. 553(b)

relating to notice and public

participation were not followed in

connection with the adoption of the

amendment because the Board for good

cause finds that delaying the change in

the basic discount rate in order to allow

notice and public comment on the

change is impracticable, unnecessary,

and contrary to the public interest in

fostering price stability and sustainable

economic growth.

The provisions of 5 U.S.C. 553(d) that

prescribe 30 days prior notice of the

effective date of a rule have not been

followed because section 553 (d)

provides that such prior notice is not

necessary whenever there is good cause

for finding that such notice is contrary

to the public interest. As previously

stated, the Board determined that

delaying the changes in the basic

discount rate is contrary to the public

interest.

List of Subjects in 12 CFR Part 201

Banks, Banking, Credit, Federal

Reserve System.

For the reasons set out in the

preamble, 12 CFR part 201 is amended

as set forth below:

PART 201—EXTENSIONS OF CREDIT

BY FEDERAL RESERVE BANKS

(REGULATION A)

1. The authority citation for 12 CFR

part 201 continues to read as follows:

Authority: 12 U.S.C. 343 et seq., 347a,

347b, 347c, 347d, 348 et seq., 357, 374, 374a

and 461.

2. Section 201.51 is revised to read as

follows:

§ 201.51 Adjustment credit for depository

institutions.

The rates for adjustment credit

provided to depository institutions

under § 201.3(a) are:

Federal Reserve Bank Rate Effective

Boston ............. 4.0 April 18, 2001.

New York ........ 4.0 April 18, 2001.

Philadelphia ..... 4.0 April 18, 2001.

Cleveland ........ 4.0 April 18, 2001.

Richmond ........ 4.0 April 19, 2001.

Atlanta ............. 4.0 April 18, 2001.

Chicago ........... 4.0 April 19, 2001.

St. Louis .......... 4.0 April 20, 2001.

Minneapolis ..... 4.0 April 18, 2001.

Kansas City ..... 4.0 April 18, 2001.

Dallas .............. 4.0 April 18, 2001.

San Francisco 4.0 April 18, 2001.

By order of the Board of Governors of the

Federal Reserve System, April 23, 2001.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 01–10407 Filed 4–25–01; 8:45 am]

BILLING CODE 6210–01–M

NATIONAL CREDIT UNION

ADMINISTRATION

12 CFR Part 705

Community Development Revolving

Loan Program for Credit Unions

AGENCY: National Credit Union

Administration (NCUA).

ACTION: Final rule.

SUMMARY: The NCUA is revising its

regulations pertaining to the

Community Development Revolving

Loan Program For Credit Unions

(CDRLP) to make more flexible the

manner in which NCUA may deliver

technical assistance to participating

credit unions. This revision reflects the

broad authority granted to NCUA by the

Federal Credit Union Act (Act) in this

context.

DATES: This rule is effective April 26,

2001.

ADDRESSES: National Credit Union

Administration, 1775 Duke Street,

Alexandria, VA 22314–3428.

FOR FURTHER INFORMATION CONTACT:

Frank S. Kressman, Staff Attorney, at

the above address, or telephone: (703)

518–6540.

SUPPLEMENTARY INFORMATION:

A. Background

The CDRLP is intended to support the

community development activities of

participating credit unions. It does this

by making low interest loans and

providing technical assistance to those

credit unions. This increases economic

and employment opportunities for the

credit unions’ low-income members.

The Act authorizes the NCUA Board

to use interest earned by the CDRLP to

provide technical assistance to

participating credit unions. 12 U.S.C.

1772c–1. Section 705.10 of NCUA’s

rules implements this authority. 12 CFR

705.10. When this rule was initially

adopted, the rule’s preamble noted,

‘‘NCUA plans to contract with a

provider that can render necessary

technical assistance to credit unions

selected for participation in the

[Community Development Revolving

Loan] Program.’’ 52 FR 34891,

September 16, 1987. The NCUA Board

later amended the rule to allow the

agency to contract with more than one

technical assistance provider. 58 FR

21648, April 23, 1993. The NCUA Board

further amended the rule by eliminating

the $120,000 annual limit on technical

assistance that NCUA could provide in

the aggregate to all participating credit

unions. 61 FR 50694, September 27,

1996. Section 705.10 then provided:

‘‘Based on available earnings, NCUA

may contract with outside providers to

render technical assistance to

participating credit unions.’’

In December 2000, shortly after

Congress appropriated an additional $1

million to the CDRLP, $350,000 of

which was specifically earmarked for

technical assistance, the NCUA further

amended § 705.10 by interim final rule

with request for comments. 65 FR

80298, December 21, 2000. The NCUA

Board recognized that the technical

assistance provision in § 705.10 was

more restrictive than the statutory

authority granted to it by the Act. The

NCUA Board determined that § 705.10

was unnecessarily restrictive and may

interfere with the CDRLP’s ability to

provide technical assistance to

participating credit unions efficiently.

Specifically, the interim final rule gives

CDRLP the flexibility to provide

technical assistance to participating

credit unions directly or through

outside providers selected by the credit

unions or NCUA.

B. Summary of Comments

NCUA received comment letters about

the interim final rule from three credit

union trade associations. One

commenter expressed its general

support of the rule. Another asked if

NCUA intends to use appropriated

funds or earnings on the CDRLP fund to

reimburse itself for technical assistance

the NCUA renders directly to credit

unions. No, NCUA does not intend, nor

is it appropriate for it, to use