Federal Register / Vol. 60, No. 67 / Friday, April 7, 1995 / Notices 17789

1 Copies of the Minutes of the Federal Open

Market Committee meeting of January 31-February

1, 1995, which include the domestic policy

directive issued at that meeting, are available upon

request to the Board of Governors of the Federal

Reserve System, Washington, D.C. 20551. The

minutes are published in the Federal Reserve

Bulletin and in the Board’s annual report.

granted to W.B. Place Tannery. The

affected tannery was informed of

Hartford’s intention.

Pursuant to 40 CFR 425.04(d) and in

consideration of the representations and

information provided by Hartford, I

hereby, rescind the April 17, 1986,

waiver of the sulfide requirements set

forth in the Leather Tanning and

Finishing Pretreatment Standards for

the delineated tannery in Hartford,

Wisconsin. As provided in 40 CFR

425.04(d)(2), the affected tannery must

comply with the categorical sulfide

standards no later than 18 months

following the publication of this notice

or at an earlier date established by the

City.

DATES: This action is effective as of

April 7, 1995.

FOR FURTHER INFORMATION CONTACT:

Matthew Gluckman, Pretreatment

Coordinator, Permits Section, Water

Quality Branch, U.S. EPA—Region 5, at

(312) 886–6089.

Dated: March 10, 1995.

David A. Ullrich,

Acting Regional Administrator.

[FR Doc. 95–8613 Filed 4–6–95; 8:45 am]

BILLING CODE 6560–50–P

FEDERAL RESERVE SYSTEM

Federal Open Market Committee;

Domestic Policy Directive of January

31-February 1, 1995

In accordance with § 271.5 of its rules

regarding availability of information (12

CFR part 271), there is set forth below

the domestic policy directive issued by

the Federal Open Market Committee at

its meeting held on January 31-February

1, 1995.1 The directive was issued to the

Federal Reserve Bank of New York as

follows:

The information reviewed at this

meeting suggests a strong further rise in

economic activity during the closing

months of 1994. Nonfarm payroll

employment was up considerably

further in December after a sharp

increase in November, and the civilian

unemployment rate declined to 5.4

percent. Industrial production registered

another large advance in December and

capacity utilization continued to move

up from already high levels. Current

estimates indicate little change in retail

sales over November and December,

while housing starts posted sizable

gains on balance over the two months.

Orders for nondefense capital goods

point to a continued strong expansion in

spending on business equipment;

permits for nonresidential construction

have been trending appreciably higher.

The nominal deficit on U.S. trade in

goods and services widened somewhat

in October-November from its average

rate in the third quarter. Prices of many

materials have continued to move up

rapidly, but broad indexes of prices for

consumer goods and services have

increased moderately on average over

recent months.

Most market interest rates have

declined slightly on balance since the

Committee meeting on December 20,

1994. In foreign exchange markets, the

trade-weighted value of the dollar in

terms of the other G-10 currencies has

declined somewhat over the

intermeeting period. The Mexican peso

has depreciated sharply against the

dollar.

Growth of M2 and M3 strengthened in

December and January. From the fourth

quarter of 1993 to the fourth quarter of

1994, M2 grew at a rate at the bottom

of the Committee’s range for 1994 and

M3 at a rate in the lower half of its range

for the year. Total domestic

nonfinancial debt has continued to

expand at a moderate rate in recent

months, and for the year 1994 it grew at

a rate in the lower half of its monitoring

range.

The Federal Open Market Committee

seeks monetary and financial conditions

that will foster price stability and

promote sustainable growth in output.

In furtherance of these objectives, the

Committee at this meeting established

ranges for growth of M2 and M3 of 1 to

5 percent and 0 to 4 percent

respectively, measured from the fourth

quarter of 1994 to the fourth quarter of

1995. The Committee anticipated that

money growth within these ranges

would be consistent with its broad

policy objectives. The monitoring range

for growth of total domestic

nonfinancial debt was lowered to 3 to 7

percent for the year. The behavior of the

monetary aggregates will continue to be

evaluated in the light of progress toward

price level stability, movements in their

velocities, and developments in the

economy and financial markets.

In the implementation of policy for

the immediate future, the Committee

seeks to increase somewhat the existing

degree of pressure on reserve positions,

taking account of a possible increase in

the discount rate. In the context of the

Committee’s long-run objectives for

price stability and sustainable economic

growth, and giving careful consideration

to economic, financial, and monetary

developments, somewhat greater reserve

restraint or somewhat lesser reserve

restraint would be acceptable in the

intermeeting period. The contemplated

reserve conditions are expected to be

consistent with moderate growth in M2

and M3 over coming months.

By order of the Federal Open Market

Committee, April 3, 1995.

Donald L. Kohn,

Secretary, Federal Open Market Committee.

[FR Doc. 95-8579 Filed 4-6-95; 8:45 am]

BILLING CODE 6210-01-F

Banco de Sabadell, S.A.; Acquisition of

Company Engaged in Permissible

Nonbanking Activities

The organization listed in this notice

has applied under § 225.23(a)(2) or (f)

of the Board’s Regulation Y (12 CFR

225.23(a)(2) or (f)) for the Board’s

approval under section 4(c)(8) of the

Bank Holding Company Act (12 U.S.C.

1843(c)(8)) and § 225.21(a) of Regulation

Y (12 CFR 225.21(a)) to acquire or

control voting securities or assets of a

company engaged in a nonbanking

activity that is listed in § 225.25 of

Regulation Y as closely related to

banking and permissible for bank

holding companies. Unless otherwise

noted, such activities will be conducted

throughout the United States.

The application is available for

immediate inspection at the Federal

Reserve Bank indicated. Once the

application has been accepted for

processing, it will also be available for

inspection at the offices of the Board of

Governors. Interested persons may

express their views in writing on the

question whether consummation of the

proposal can ‘‘reasonably be expected to

produce benefits to the public, such as

greater convenience, increased

competition, or gains in efficiency, that

outweigh possible adverse effects, such

as undue concentration of resources,

decreased or unfair competition,

conflicts of interests, or unsound

banking practices.’’ Any request for a

hearing on this question must be

accompanied by a statement of the

reasons a written presentation would

not suffice in lieu of a hearing,

identifying specifically any questions of

fact that are in dispute, summarizing the

evidence that would be presented at a

hearing, and indicating how the party

commenting would be aggrieved by

approval of the proposal.

Comments regarding the application

must be received at the Reserve Bank

indicated or the offices of the Board of

Governors not later than April 21, 1995.