53356 Federal Register / Vol. 73, No. 180 / Tuesday, September 16, 2008 / Rules and Regulations 

submitted by 30 entities during the 

comment period from October 4, 2007, 

to November 5, 2007. The comments 

were submitted by 25 importers, 3 

associations, 1 transport company, and 

1 foreign government entity. Most of the 

comments from importers favored a 5 

year suspension, citing market 

conditions as the primary reason for the 

suspension. Other importers opposed 

the suspension, or favored a 1 year 

suspension of the provisions. 

Arguments against the proposed 5 year 

suspension included that market 

conditions over the next 5 years could 

not be predicted and, therefore, should 

not be used as a justification for the 

suspension. 

Two associations favored the 

proposed suspension, while a third 

association opposed it. The transport 

company supported the proposed 5 year 

suspension. The foreign government 

entity recommended combining 

different quotas for specific types of 

cheeses to maximize quota filled rates 

for the more popular types of cheeses. 

Conclusion: Quota-filled rates for 

Swiss, Gruyere and low fat type cheeses 

have remained low even after transfer to 

the lottery, although this fact by itself 

does not provide justification for a 

suspension of the historical license 

reduction provisions. Market conditions 

are always subject to fluctuation and 

change, and it is incumbent upon all 

license holders to adjust to these 

changing conditions. Nonetheless, to 

allow additional time to adjust to 

changes in EU’s supply and demand, 

due to its long-term dairy policy 

changes, the Department will 

temporarily suspend the historical 

license reduction provisions for a period 

of 2 years, commencing in 2009. 

Historical license reductions will again 

be implemented beginning 2011, rather 

than in 2012 or 2014, as in the proposed 

rule. In 2011, historical license 

reductions will be based on import data 

from years 2006 through 2010. Because 

there will already be 5 years of 

historical import data, the 3-years-in-arow provision is unnecessary, which 

was not the case when the regulation 

was originally promulgated in 1996, and 

is therefore being eliminated. 

List of Subjects in 7 CFR Part 6 

Agricultural commodities, Cheese, 

Dairy products, and Imports. 

■ For the reasons described in the 

conclusion, The Department of 

Agriculture amends 7 CFR part 6 as 

follows: 

PART 6—IMPORT QUOTAS AND FEES 

■ 1. The authority citation for part 6 

continues to read as follows: 

Authority: Additional U.S. Notes 6, 7, 8, 

12, 14, 16–23, and 25 to Chapter 4 and 

General Note 15 of the Harmonized Tariff 

Schedule of the United States (19 U.S.C. 

1202), Pub. L. 97 258, 96 Stat. 1051, as 

amended (31 U.S.C. 9701), and sections 103 

and 404, Pub. L. 103–465, 108 Stat. 4819 (19 

U.S.C. 3513 and 3601). 

■ 2. In § 6.25 revise paragraph (b) to 

read as follows: 

§ 6.25 Allocation of Licenses. 

* * * * * 

(b) Historical licenses for the 2009 

and subsequent quota years (Appendix 

1). (1) A person issued a historical 

license for the 2008 quota year will be 

issued a historical license in the same 

amount for the same article from the 

same country for the 2009 quota year 

and for each subsequent quota year 

except that: 

(i) Beginning with the 2011 quota 

year, a person who has surrendered 

more than 50 percent of such historical 

license in at least three of the prior five 

quota years will thereafter be issued a 

license in an amount equal to the 

average annual quantity entered during 

those five quota years. 

(ii) [Reserved] 

* * * * * 

Issued at Washington, DC the 21st day of 

August 2008. 

Ronald Lord, 

Licensing Authority. 

[FR Doc. E8–21467 Filed 9–15–08; 8:45 am] 

BILLING CODE 3410–10–M 

FEDERAL HOUSING FINANCE 

AGENCY 

12 CFR Part 1231 

RIN 2590–AA08 

Golden Parachute Payments and 

Indemnification Payments 

AGENCY: Federal Housing Finance 

Agency. 

ACTION: Interim Final Regulation with 

Request for Comments. 

SUMMARY: The Federal Housing Finance 

Agency (FHFA) is issuing an interim 

final regulation, with a request for 

comments, setting forth factors to be 

considered by the Director of FHFA in 

acting upon the Director’s authority to 

limit golden parachute payments to 

entity-affiliated parties in connection 

with the Federal National Mortgage 

Association, the Federal Home Loan 

Mortgage Corporation, and the Federal 

Home Loan Banks. 

DATES: Effective date: September 16, 

2008. 

Comment date: Comments on the 

Interim Final Regulation must be 

received on or before October 31, 2008. 

For additional information, see 

SUPPLEMENTARY INFORMATION. 

ADDRESSES: You may submit your 

comments on the interim final 

regulation, identified by regulatory 

information number ‘‘RIN 2590–AA08,’’ 

by any of the following methods: 

• U.S. Mail, United Parcel Post, 

Federal Express, or Other Mail Service: 

The mailing address for comments is: 

Alfred M. Pollard, General Counsel 

(Office of Federal Housing Enterprise 

Oversight (OFHEO)) and Christopher 

Curtis, General Counsel (Federal 

Housing Finance Board (FHFB)), 

Attention: Comments/RIN 2590–AA08, 

Federal Housing Finance Agency, 

Fourth Floor, 1700 G Street, NW., 

Washington, DC 20552. 

• Hand Delivered/Courier: The hand 

delivery address is: Alfred M. Pollard, 

General Counsel (OFHEO) and 

Christopher Curtis, General Counsel 

(FHFB), Attention: Comments/RIN 

2590–AA08, Federal Housing Finance 

Agency, Fourth Floor, 1700 G Street, 

NW., Washington, DC 20552. The 

package should be logged at the Guard 

Desk, First Floor, on business days 

between 9 a.m. and 5 p.m. 

• E-mail: Comments to Alfred M. 

Pollard, General Counsel (OFHEO) and 

Christopher Curtis, General Counsel 

(FHFB), may be sent by e-mail at 

RegComments@FHFA.gov. Please 

include ‘‘RIN 2590–AA08’’ in the 

subject line of the message. 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

FOR FURTHER INFORMATION CONTACT: 

Alfred M. Pollard, General Counsel 

(OFHEO), telephone (202) 414–3788 or 

Christopher Curtis, General Counsel 

(FHFB), telephone (202) 408–2802 (not 

toll-free numbers), Federal Housing 

Finance Agency, Fourth Floor, 1700 G 

Street, NW., Washington, DC 20552. The 

telephone number for the 

Telecommunications Device for the Deaf 

is (800) 877–8339. 

SUPPLEMENTARY INFORMATION: 

I. Comments 

The Federal Housing Finance Agency 

(FHFA) invites comments on all aspects 

of the interim final regulation, and will 

take all comments into consideration 

before issuing the final regulation. 

FHFA requests that comments 

submitted in hard copy also be 


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Federal Register / Vol. 73, No. 180 / Tuesday, September 16, 2008 / Rules and Regulations 53357 

1See Division A, titled the ‘‘Federal Housing 

Finance Regulatory Reform Act of 2008,’’ TITLE I, 

Section 1101 of HERA. 

accompanied by the electronic version 

in Microsoft Word or in portable 

document format (PDF) on 3.5′′ disk or 

CD–ROM. 

Copies of all comments will be posted 

on the Internet Web site at 

www.OFHEO.gov. In addition, copies of 

all comments received will be available 

for examination by the public on 

business days between the hours of 10 

a.m. and 3 p.m., at the Federal Housing 

Finance Agency, Fourth Floor, 1700 G 

Street, NW., Washington, DC 20552. To 

make an appointment to inspect 

comments, please call the Office of 

General Counsel (OFHEO) at (202) 414– 

3751. 

II. Background 

The Housing and Economic Recovery 

Act of 2008 (HERA), Public Law No. 

110–289, 122 Stat. 2654, amended the 

Federal Housing Enterprises Financial 

Safety and Soundness Act of 1992 (12 

U.S.C. 4501 et seq.) (Act) to establish 

FHFA as an independent agency of the 

Federal Government.1 FHFA was 

established to oversee the prudential 

operations of the Federal National 

Mortgage Association, the Federal Home 

Loan Mortgage Corporation 

(collectively, Enterprises), and the 

Federal Home Loan Banks (Banks) 

(collectively, regulated entities) and to 

ensure that they operate in a safe and 

sound manner including being 

capitalized adequately; foster liquid, 

efficient, competitive and resilient 

national housing finance markets; 

comply with the Act and rules, 

regulation, guidelines and orders issued 

under the Act, and the respective 

authorizing statutes of the regulated 

entities; and carry out their missions 

through activities authorized and 

consistent with the Act and their 

authorizing statutes; and, that the 

activities and operations of the 

regulated entities are consistent with the 

public interest. 

The Office of Federal Housing 

Enterprise Oversight (OFHEO) and the 

Federal Housing Finance Board (FHFB) 

will be abolished one year after 

enactment of the HERA. However, the 

regulated entities continue to operate 

under regulations promulgated by 

OFHEO and FHFB until such 

regulations are supplanted by 

regulations promulgated by the FHFA. 

II. Interim Final Regulation and 

Request for Comments 

Section 1114 of HERA amended 12 

U.S.C. 4518 to provide additional 

authorities for FHFA in addressing 

certain compensation and benefits, 

specifically golden parachute payments 

and indemnification payments. HERA 

added a new paragraph (e) to section 

4518 addressing regulation and 

prohibition of these benefits. While 

paragraphs (e)(1) and (e)(3)–(6) are self 

executing, Congress provided that for 

paragraph (e)(2) addressing factors to be 

taken into account when acting 

regarding golden parachutes and 

indemnification, FHFA prescribe, by 

regulation, factors to be considered. The 

factors set forth in (e)(2) are explicit and 

provide strong guidance to the Director 

in taking an action under the statute. 

Therefore, FHFA is promulgating an 

interim final rule and requesting 

comment on paragraph (2) of section 

4518(e). FHFA will consider other 

comments regarding section 4518(e) as 

part of the public notice and comment 

period. 

The FHFA is issuing this regulation as 

an interim final rule in order to provide 

clarity on the standards it will employ 

in addressing golden parachutes and 

indemnification payments as provided 

in statute. Additionally, with payments 

at issue for separating employees, an 

interim final rule provides clarity for the 

standards the agency will employ in 

exercising its authority; at the same 

time, comments are to be taken 

regarding the rule. For these reasons, 

FHFA finds that there is good cause, 

and that it is in the public interest, to 

make the rule effective immediately 

upon publication in the Federal 

Register and allow for public comment 

after publication. See 5 U.S.C. 553(b) 

and (d). The language of the rule reflects 

congressional intent embodied in the 

statute. 

The interim final rule provides parties 

an opportunity to comment on all 

aspects of the regulation and for future 

revision, if necessary or appropriate, by 

the FHFA. Comments are specifically 

requested with respect to the definition 

of the term ‘‘troubled condition,’’ with 

respect to other factors the Director 

should consider in determining whether 

golden parachute payments should be 

limited or prohibited, and what 

payments made pursuant to a bona fide 

deferred compensation plan or 

arrangement should be determined to be 

permissible golden parachute payments. 

Section 1313(f) of the Act, as 

amended by section 1201 of HERA, 

requires the Director, when 

promulgating regulations relating to the 

Banks, to consider the differences 

between the Banks and the Enterprises 

with respect to the Banks’ cooperative 

ownership structure; mission of 

providing liquidity to members; 

affordable housing and community 

development mission; capital structure; 

and joint and several liability. The 

Director may also consider any other 

differences that are deemed appropriate. 

In preparing the interim final rule, the 

Director considered the differences 

between the Banks and the Enterprises 

as they relate to the above factors. The 

Director requests comments from the 

public about whether differences related 

to these factors should result in a 

revision to the interim final rule as they 

relate to the Banks. 

Regulatory Impacts 

Paperwork Reduction Act 

The interim final regulation does not 

contain any information collection 

requirement that requires the approval 

of OMB under the Paperwork Reduction 

Act (44 U.S.C. 3501 et seq.). 

Regulatory Flexibility Act 

The Regulatory Flexibility Act (5 

U.S.C. 601 et seq.) requires that a 

regulation that has a significant 

economic impact on a substantial 

number of small entities, small 

businesses, or small organizations must 

include an initial regulatory flexibility 

analysis describing the regulation’s 

impact on small entities. Such an 

analysis need not be undertaken if the 

agency has certified that the regulation 

will not have a significant economic 

impact on a substantial number of small 

entities. 5 U.S.C. 605(b). FHFA has 

considered the impact of the interim 

final regulation under the Regulatory 

Flexibility Act. FHFA certifies that the 

interim final regulation is not likely to 

have a significant economic impact on 

a substantial number of small business 

entities because the regulation is 

applicable only to the regulated entities, 

which are not small entities for the 

purposes of the Regulatory Flexibility 

Act. 

List of Subjects in 12 CFR Part 1231 

Golden parachutes, Governmentsponsored enterprises, Indemnification. 

■ Accordingly, for the reasons stated in 

the preamble, FHFA establishes a new 

12 CFR Chapter XII, consisting of part 

1231, to read as follows: 

PART 1231—GOLDEN PARACHUTE 

PAYMENTS AND INDEMNIFICATION 

PAYMENTS 

Sec. 

1231.1 Purpose. 

1231.2 Definitions. 

1231.3 Golden parachute payments. 

1231.4 Indemnification payments. 

1231.5 Factors to be taken into account. 

Authority: 12 U.S.C. 4518(e). 


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53358 Federal Register / Vol. 73, No. 180 / Tuesday, September 16, 2008 / Rules and Regulations 

§ 1231.1 Purpose. 

The purpose of this part is to 

implement section 1318(e) of the Act by 

setting forth the standards which the 

Director will take into consideration in 

determining whether to limit or prohibit 

golden parachute payments or 

indemnification payments to entityaffiliated parties. 

§ 1231.2 Definitions. 

The following definitions apply to the 

terms used in this part: 

(a) Act means the Federal Housing 

Enterprises Financial Safety and 

Soundness Act of 1992 (12 U.S.C. 4501 

et seq.), as amended by the Federal 

Housing Finance Regulatory Reform Act 

of 2008, enacted under Division A of the 

HERA. 

(b) Director means the Director of 

FHFA or his or her designee. 

(c) Enterprise means the Federal 

National Mortgage Association and the 

Federal Home Loan Mortgage 

Corporation (collectively, Enterprises) 

and, except as provided by the Director, 

any affiliate thereof. 

(d) Entity-affiliated party means— 

(1) Any director, officer, employee, or 

controlling stockholder of, or agent for, 

a regulated entity; 

(2) Any shareholder, affiliate, 

consultant, or joint venture partner of a 

regulated entity, and any other person, 

as determined by the Director (by 

regulation or on a case-by-case basis) 

that participates in the conduct of the 

affairs of a regulated entity, provided 

that a member of a Bank shall not be 

deemed to have participated in the 

affairs of that Bank solely by virtue of 

being a shareholder of, and obtaining 

advances from, that Bank; 

(3) Any independent contractor for a 

regulated entity (including any attorney, 

appraiser, or accountant), if— 

(i) The independent contractor 

knowingly or recklessly participates 

in— 

(A) Any violation of any law or 

regulation; 

(B) Any breach of fiduciary duty; or 

(C) Any unsafe or unsound practice; 

and 

(ii) Such violation, breach, or practice 

caused, or is likely to cause, more than 

a minimal financial loss to, or a 

significant adverse effect on, the 

regulated entity; 

(4) Any not-for-profit corporation that 

receives its principal funding, on an 

ongoing basis, from any regulated entity; 

and 

(5) The Office of Finance. 

(e) Federal Home Loan Bank means a 

bank established under the Federal 

Home Loan Act; the term ‘‘Federal 

Home Loan Banks’’ means, collectively, 

all the Federal Home Loan Banks. 

(f)(1) Golden parachute payment 

means any payment (or any agreement 

to make any payment) in the nature of 

compensation by any regulated entity 

for the benefit of any current entityaffiliated party pursuant to an obligation 

of such regulated entity that— 

(i) Is contingent on, or by its terms is 

payable on or after, the termination of 

such party’s primary employment or 

affiliation with the regulated entity; and 

(ii) Is received on or after the date on 

which— 

(A) The regulated entity became 

insolvent; 

(B) Any conservator or receiver is 

appointed for such regulated entity; or 

(C) The Director determines that the 

regulated entity is in a troubled 

condition. 

(2) The term ‘‘golden parachute 

payment’’ shall not include: 

(i) Any payment made pursuant to a 

pension or retirement plan which is 

qualified (or is intended within a 

reasonable period of time to be 

qualified) under section 401 of the 

Internal Revenue Code of 1986 (26 

U.S.C. 401) or pursuant to a pension or 

other retirement plan which is governed 

by the laws of any foreign country; 

(ii) Any payment made pursuant to a 

bona fide deferred compensation plan or 

arrangement which the Director 

determines, by regulation or order, to be 

permissible; or 

(iii) Any payment made by reason of 

death or by reason of termination 

caused by the disability of an entityaffiliated party. 

(3) Any payment which would be a 

golden parachute payment but for the 

fact that such payment was made before 

the date referred to in paragraph (f)(1)(ii) 

shall be treated as a golden parachute 

payment if the payment was made in 

contemplation of the occurrence of an 

event described that paragraph. 

(g) FHFA means the Federal Housing 

Finance Agency. 

(h) HERA means the Housing and 

Economic Recovery Act of 2008, Public 

Law No. 110–289, 122 Stat. 2654 (July 

30, 2008). 

(i) Office of Finance means the Office 

of Finance of the Federal Home Loan 

Bank System (or any successor thereto). 

(j) Regulated entity means the Federal 

National Mortgage Association and any 

affiliate thereof; the Federal Home Loan 

Mortgage Corporation and any affiliate 

thereof; or any Federal Home Loan 

Bank; the term ‘‘regulated entities’’ 

means, collectively, the Federal 

National Mortgage Association and any 

affiliate thereof; the Federal Home Loan 

Mortgage Corporation and any affiliate 

thereof; and any Federal Home Loan 

Bank. 

(k) Troubled condition means a 

regulated entity that— 

(1) Is subject to a cease-and-desist 

order or written agreement issued by the 

FHFA that requires action to improve 

the financial condition of the regulated 

entity or is subject to a proceeding 

initiated by the Director, which 

contemplates the issuance of an order 

that requires action to improve the 

financial condition of the regulated 

entity, unless otherwise informed in 

writing by the FHFA; or 

(2) Is informed in writing by the 

Director that it is in a troubled condition 

for purposes of the requirements of this 

part on the basis of the regulated entity’s 

most recent report of examination or 

other information available to the 

FHFA. 

(l)–(n) [Reserved] 

§ 1231.3 Golden parachute payments. 

No regulated entity shall make or 

agree to make any golden parachute 

payment except with the concurrence of 

the Director. 

§ 1231.4 Indemnification payments. 

No regulated entity shall make or 

agree to make any indemnification 

payment except with the concurrence of 

the Director. 

§ 1231.5 Factors to be taken into account. 

In determining whether to prohibit or 

limit any golden parachute payment or 

indemnification payment, the Director 

shall consider the following factors— 

(a) Whether there is a reasonable basis 

to believe that the entity-affiliated party 

has committed any fraudulent act or 

omission, breach of trust or fiduciary 

duty, or insider abuse with regard to the 

regulated entity that has had a material 

effect on the financial condition of the 

regulated entity; 

(b) Whether there is a reasonable basis 

to believe that the entity-affiliated party 

is substantially responsible for the 

insolvency of the regulated entity, the 

appointment of a conservator or receiver 

for the regulated entity, or the troubled 

condition of the regulated entity (as 

defined in regulations prescribed by the 

Director); 

(c) Whether there is a reasonable basis 

to believe that the entity-affiliated party 

has materially violated any applicable 

provision of Federal or State law or 

regulation that has had a material effect 

on the financial condition of the 

regulated entity; 

(d) Whether the entity-affiliated party 

was in a position of managerial or 

fiduciary responsibility; 

(e) The length of time that the party 

was affiliated with the regulated entity, 

and the degree to which the payment 


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Federal Register / Vol. 73, No. 180 / Tuesday, September 16, 2008 / Rules and Regulations 53359 

reasonably reflects compensation earned 

over the period of employment and the 

compensation involved represents a 

reasonable payment for services 

rendered; and 

(f) Any other factor the Director 

determines relevant to the facts and 

circumstances surrounding the golden 

parachute or indemnification payment, 

including but not limited to negligence, 

gross negligence, neglect, willful 

misconduct, breach of fiduciary duty, 

and malfeasance on the part of an 

entity-affiliated party. 

Dated: September 11, 2008. 

James B. Lockhart, III, 

Director, Federal Housing Finance Agency. 

[FR Doc. E8–21650 Filed 9–12–08; 11:15 am] 

BILLING CODE 8070–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 73 

[Docket No. FAA–2008–0939; Airspace 

Docket No. 08–ASW–7] 

RIN 2120–AA66 

Change of Using Agency for Restricted 

Area R–3807, Glencoe, LA 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This action changes the using 

agency of R–3807, Glencoe, LA, from 

‘‘USAF, Southeast Air Defense Sector, 

Tyndall AFB, FL,’’ to ‘‘Western Air 

Defense Sector (WADS), McChord AFB, 

WA.’’ The FAA is taking this action in 

response to a request from the United 

States Air Force (USAF) to reflect an 

administrative change of responsibility 

for the restricted area. There are no 

changes to the boundaries; designated 

altitudes; time of designation; or 

activities conducted within the affected 

restricted area. 

DATES: Effective Dates: 0901 UTC, 

November 20, 2008. 

FOR FURTHER INFORMATION CONTACT: 

Colby Abbott, Airspace and Rules 

Group, Office of System Operations 

Airspace and AIM, Federal Aviation 

Administration, 800 Independence 

Avenue, SW., Washington, DC 20591; 

telephone: (202) 267–8783. 

SUPPLEMENTARY INFORMATION: 

History 

On March 13, 2008, the USAF 

requested that the FAA change the using 

agency for R–3807 from, ‘‘USAF, 

Southeast Air Defense Sector, Tyndall 

AFB, FL,’’ to ‘‘Western Air Defense 

Sector (WADS), McChord AFB, WA.’’ 

The USAF request was based on the 

Southeast Air Defense Sector (SEADS) 

transitioning to a new mission and the 

WADS unit assuming responsibility for 

the SEADS area of responsibility, 

including all special use airspace within 

that area. Coordination between the two 

air defense sector airspace management 

offices, as well as Houston Air Route 

Traffic Control Center, was effected 

prior to this using agency change 

request being submitted by the USAF. 

Section 73.63 of Title 14 CFR part 73 

was republished in FAA Order 7400.8P, 

effective February 16, 2008. 

The Rule 

This action amends Title 14 Code of 

Federal Regulations (14 CFR) part 73 by 

revising the using agency listed for R– 

3807, Glencoe, LA; transferring using 

agency responsibility for R–3807 from 

‘‘USAF, Southeast Air Defense Sector, 

Tyndall AFB, FL’’ to ‘‘Western Air 

Defense Sector (WADS), McChord AFB, 

WA.’’ This is an administrative change 

and does not affect the boundaries, 

designated altitudes, or activities 

conducted within the restricted area; 

therefore, notice and public procedures 

under 5 U.S.C. 553(b) are unnecessary. 

The FAA has determined that this 

regulation only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. Therefore, this regulation: (1) Is 

not a ‘‘significant regulatory action’’ 

under Executive Order 12866; (2) is not 

a ‘‘significant rule’’ under Department of 

Transportation (DOT) Regulatory 

Policies and Procedures (44 FR 11034; 

February 26, 1979); and (3) does not 

warrant preparation of a regulatory 

evaluation as the anticipated impact is 

so minimal. Since this is a routine 

matter that will only affect air traffic 

procedures and air navigation, it is 

certified that this rule, when 

promulgated, will not have a significant 

economic impact on a substantial 

number of small entities under the 

criteria of the Regulatory Flexibility Act. 

This rulemaking is promulgated 

under the authority described in 

Subtitle VII, Part A, Subpart I, Section 

40103. Under that section, the FAA is 

charged with prescribing regulations to 

assign the use of the airspace necessary 

to ensure the safety of aircraft and the 

efficient use of airspace. This regulation 

is within the scope of that authority as 

it is amending the using agency for R– 

3807, Glencoe, LA. 

Environmental Review 

The FAA has determined that this 

action qualifies for a categorical 

exclusion under the National 

Environmental Policy Act in accordance 

with 311d., FAA Order 1050.1E, 

‘‘Environmental Impacts: Policies and 

Procedures.’’ There are no extraordinary 

circumstances that would require 

additional environmental analysis. 

List of Subjects in 14 CFR Part 73 

Airspace, Prohibited areas, Restricted 

areas. 

Adoption of the Amendment 

■ In consideration of the foregoing, the 

Federal Aviation Administration 

amends 14 CFR part 73 as follows: 

PART 73—SPECIAL USE AIRSPACE 

■ 1. The authority citation for part 73 

continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40103, 40113, 

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959– 

1963 Comp., p. 389. 

§ 73.38 [Amended] 

■ 2. Section 73.38 is amended as 

follows: 

* * * * * 

R–3807 Glencoe, LA [Amended] 

Under using agency, remove ‘‘USAF, 

Southeast Air Defense Sector, Tyndall AFB, 

FL’’ and insert the words ‘‘Western Air 

Defense Sector (WADS), McChord AFB, 

WA.’’ 

* * * * * 

Issued in Washington, DC, on September 4, 

2008. 

Edith V. Parish, 

Manager, Airspace and Rules Group. 

[FR Doc. E8–21522 Filed 9–15–08; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF THE TREASURY 

31 CFR Part 50 

RIN 1505–AB93 

Terrorism Risk Insurance Program; 

Terrorism Risk Insurance Program 

Reauthorization Act Implementation 

AGENCY: Departmental Offices, Treasury. 

ACTION: Interim final rule with request 

for comments. 

SUMMARY: The Department of the 

Treasury (Treasury) is issuing this 

interim final rule as part of its 

implementation of amendments made 

by the Terrorism Risk Insurance 

Program Reauthorization Act of 2007 

(Reauthorization Act) to Title I of the 

Terrorism Risk Insurance Act of 2002 


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