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. Prices of

new books are listed in the first FEDERAL

REGISTER issue of each week.

Rules and Regulations Federal Register

9281

Vol. 60, No. 33

Friday, February 17, 1995

1The Board’s Rules of Procedure provide that

advance notice and deferred effective date will

ordinarily be omitted in the public interest for

changes in discount rates. 12 CFR 262.2(e).

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 an increase in the

basic discount rate at each Federal

Reserve Bank. The Board acted on

requests submitted by the Boards of

Directors of the twelve Federal Reserve

Banks.

EFFECTIVE DATE: These amendments to

part 201 (Regulation A) were effective

February 13, 1995. The rate changes for

adjustment credit were effective on the

dates specified in 12 CFR 201.51.

FOR FURTHER INFORMATION CONTACT:

William W. Wiles, Secretary of the

Board (202/452–3257); for the hearing

impaired only, contact Dorothea

Thompson, Telecommunications Device

for the Deaf (TDD) (202/452–3544),

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

Bank’s discretion, for extended credit.

In increasing the basic discount rate, 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 increase was implemented

to keep inflation contained, and thereby

foster sustainable economic growth.

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

relating to notice and public

participation were not followed in

connection with the adoption of this

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

keeping inflation contained, and thereby

fostering sustainable economic growth.1

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.

Regulatory Flexibility Act Analysis

Pursuant to section 605(b) of the

Regulatory Flexibility Act (5 U.S.C.

601–612), 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. Although the change increases

the rate of interest charged to borrowers

from Reserve Banks, the Board believes

that the higher cost of funds is

outweighed by the salutary effect on the

economy.

List of Subjects in 12 CFR Part 201

Banks, Banking, Credit, Federal

Reserve System.

For the reasons outlined in the

preamble, the Board of Governors

amends 12 CFR part 201 as follows:

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 ............ 5.25 February 1, 1995.

New York ....... 5.25 February 1, 1995.

Philadelphia .... 5.25 February 2, 1995.

Cleveland ....... 5.25 February 9, 1995.

Richmond ....... 5.25 February 1, 1995.

Atlanta ............ 5.25 February 2, 1995.

Chicago .......... 5.25 February 1, 1995.

St. Louis ......... 5.25 February 1, 1995.

Minneapolis .... 5.25 February 2, 1995.

Kansas City .... 5.25 February 1, 1995.

Dallas ............. 5.25 February 2, 1995.

San Francisco 5.25 February 1, 1995.

By order of the Board of Governors of the

Federal Reserve System, February 13, 1995.

Williams W. Wiles,

Secretary of the Board.

[FR Doc. 95–3993 Filed 2–16–95; 8:45 am]

BILLING CODE 6210–01–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Airspace Docket No. 94–AWP–23]

Amendment to Class E airspace; Page,

AZ

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Final rule.

SUMMARY: This amendment modifies

Class E airspace at Page, AZ. Controlled

airspace extending from 700 feet and

1200 feet above the surface is amended

to accommodate aircraft executing the

VHF Omnidirectional Range (VOR–A)

instrument approach procedure. This

action will provide adequate Class E