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

9907

Vol. 66, No. 30

Tuesday, February 13, 2001

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

requests submitted by the Boards of

Directors of the twelve Federal Reserve

Banks.

DATES: The amendments to part 201

(Regulation A) were effective January

31, 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 5.5 percent to

5.0 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-basis-point

decrease in the discount rate was

associated with a similar decrease in the

federal funds rate approved by the

Federal Open Market Committee and

announced at the same time.

Consumer and business confidence

has eroded further, exacerbated by

rising energy costs that continue to

drain consumer purchasing power and

press on business profit margins. Partly

as a consequence, retail sales and

business spending on capital equipment

have weakened appreciably. In

response, manufacturing production has

been cut back sharply, with new

technologies appearing to have

accelerated the response of production

and demand to potential excesses in the

stock of inventories and capital

equipment.

Taken together, and with inflation

contained, these circumstances have

called for a rapid and forceful response

of monetary policy. The longer-term

advances in technology and

accompanying gains in productivity,

however, exhibit few signs of abating

and these gains, along with the lower

interest rates, should support growth of

the economy over time.

Nonetheless, the Committee 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 ................................................................................................................................................................. 5.0 January 31, 2001

New York ............................................................................................................................................................. 5.0 January 31, 2001.

Philadelphia ......................................................................................................................................................... 5.0 January 31, 2001.

Cleveland ............................................................................................................................................................. 5.0 January 31, 2001.

9908 Federal Register / Vol. 66, No. 30 / Tuesday, February 13, 2001 / Rules and Regulations

Federal Reserve Bank Rate Effective

Richmond ............................................................................................................................................................ 5.0 January 31, 2001.

Atlanta ................................................................................................................................................................. 5.0 January 31, 2001.

Chicago ............................................................................................................................................................... 5.0 January 31, 2001.

St. Louis .............................................................................................................................................................. 5.0 February 1, 2001.

Minneapolis ......................................................................................................................................................... 5.0 January 31, 2001.

Kansas City ......................................................................................................................................................... 5.0 February 1, 2001.

Dallas ................................................................................................................................................................... 5.0 January 31, 2001.

San Francisco ..................................................................................................................................................... 5.0 January 31, 2001.

Dated: By order of the Board of Governors

of the Federal Reserve System, February 7,

2001.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 01–3564 Filed 2–12–01; 8:45 am]

BILLING CODE 6210–01–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. 2000–SW–56–AD; Amendment

39–12104; AD 2001–03–03]

RIN 2120–AA64

Airworthiness Directives; Bell

Helicopter Textron, Inc. Model 214B

and 214B–1 Helicopters

AGENCY: Federal Aviation

Administration, DOT.

ACTION: Final rule; request for

comments.

SUMMARY: This amendment adopts a

new airworthiness directive (AD) for

Bell Helicopter Textron, Inc. (BHTI)

Model 214B and 214B–1 helicopters.

This action requires, within 10 hours

time-in-service (TIS), determining the

hours TIS for certain main rotor

outboard strap fitting assemblies and

creating appropriate records. This action

also requires, if any main rotor outboard

strap fitting assembly (strap fitting) is

determined to have 2,500 or more hours

TIS or the hours TIS cannot be

determined, replacing the strap fitting

with an airworthy strap fitting before

further flight. This action also

establishes a 2,500-hour retirement life

for the strap fitting and revises the

Airworthiness Limitations section

accordingly. This amendment is

prompted by fatigue testing that

indicates a fatigue crack may occur in

the strap fitting with resulting failure.

The actions specified in this AD are

intended to prevent failure of a strap

fitting, separation of a main rotor blade,

and subsequent loss of control of the

helicopter.

DATES: Effective February 28, 2001.

Comments for inclusion in the Rules

Docket must be received on or before

April 16, 2001.

ADDRESSES: Submit comments in

triplicate to the Federal Aviation

Administration (FAA), Office of the

Regional Counsel, Southwest Region,

Attention: Rules Docket No. 2000–SW–

56–AD, 2601 Meacham Blvd., Room

663, Fort Worth, Texas 76137. You may

also send comments electronically to

the Rules Docket at the following

address: 9-asw-adcomments@faa.gov.

FOR FURTHER INFORMATION CONTACT:

Michael Kohner, Aviation Safety

Engineer, FAA, Rotorcraft Directorate,

Rotorcraft Certification Office, Fort

Worth, Texas 76193–0111, telephone

(817) 222–5447, fax (817) 222–5783.

SUPPLEMENTARY INFORMATION: This

amendment adopts a new AD for BHTI

Model 214B and 214B–1 helicopters.

This action requires, within 10 hours

TIS, determining the hours TIS for each

strap fitting, P/N 214–010–185–107, and

creating a component history card or

equivalent record for each strap fitting.

This action also requires that if a strap

fitting has 2,500 or more hours TIS or

if the hours TIS cannot be determined,

replacing the strap fitting with an

airworthy strap fitting before further

flight. This strap fitting is structurally

identical to strap fitting, P/N 214–010–

189–103, which currently has a

retirement life of 2,500 hours. The strap

fitting has been sold for spares since

approximately 1982. This amendment is

prompted by fatigue testing which

indicates that a fatigue crack may occur

in the strap fitting leading to failure of

the strap fitting if it is allowed to remain

in service in excess of 2,500 hours. The

actions specified in this AD are

intended to prevent a failure of a strap

fitting, separation of a main rotor blade,

and subsequent loss of control of the

helicopter.

The FAA has reviewed BHTI Alert

Service Bulletin 214–00–62, dated June

2, 2000, which describes procedures for

establishing a 2,500-hour airworthiness

life pending formal revision of the 214B

series Maintenance Manual and

provides information to determine

continued serviceability for strap fitting,

P/N 214–010–185–107.

We have identified an unsafe

condition that is likely to exist or

develop on other BHTI Model 214B and

214B–1 helicopters of the same type

design. Therefore, this AD is being

issued to require the following for each

strap fitting, P/N 214–010–185–107:

• Within 10 hours TIS, by referring to

the helicopter maintenance records,

create a component history card or

equivalent record for each strap fitting

and record the hours TIS and serial

number.

• If the hours TIS cannot be

determined, replace the strap fitting

with an airworthy strap fitting before

further flight.

• If the strap fitting has accumulated

2,500 or more hours TIS, replace it with

an airworthy strap fitting before further

flight.

• Continue to record the subsequent

hours TIS.

• Revise the Airworthiness

Limitations section of the maintenance

manual by establishing a retirement life

of 2,500 hours TIS for the strap fitting.

The short compliance time involved

is required because the previously

described critical unsafe condition can

adversely affect the controllability and

structural integrity of the helicopter.

Therefore, replacing any strap fitting,

P/N 214–010–185–107, that has 2,500 or

more hours TIS or a strap fitting for

which the hours TIS cannot be

determined is required within 10 hours

TIS, and this AD must be issued

immediately.

Since a situation exists that requires

the immediate adoption of this

regulation, it is found that notice and

opportunity for prior public comment

hereon are impracticable, and that good

cause exists for making this amendment

effective in less than 30 days.

The FAA estimates that 11 helicopters

will be affected by this proposed AD,

that it will take approximately 14 work

hours to replace each of the 2 strap

fittings, 2 work hours to create a new

component history card, and 10 work

hours annually to maintain the records,

and that the average labor rate is $60 per