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39411

Rules and Regulations Federal Register


Vol. 70, No. 130

Friday, July 8, 2005

This section of the FEDERAL REGISTER The Board approved requests by the connection with the adoption of these
contains regulatory documents having general Reserve Banks to increase by 25 basis amendments because the Board for good
applicability and legal effect, most of which points the primary credit rate in effect cause determined that delaying
are keyed to and codified in the Code of at each of the twelve Federal Reserve implementation of the new primary and
Federal Regulations, which is published under Banks, thereby increasing from 4.00 secondary credit rates in order to allow
50 titles pursuant to 44 U.S.C. 1510.
percent to 4.25 percent the rate that notice and public comment would be
The Code of Federal Regulations is sold by each Reserve Bank charges for unnecessary and contrary to the public
the Superintendent of Documents. Prices of extensions of primary credit. As a result interest in fostering price stability and
new books are listed in the first FEDERAL of the Board’s action on the primary sustainable economic growth. For these
REGISTER issue of each week. credit rate, the rate that each Reserve same reasons, the Board also has not
Bank charges for extensions of provided 30 days prior notice of the
secondary credit automatically effective date of the rule under section
FEDERAL RESERVE SYSTEM increased from 4.50 percent to 4.75 553(d).
percent under the secondary credit rate
12 CFR Part 201 12 CFR Chapter II
formula. The final amendments to
Regulation A reflect these rate changes. List of Subjects in 12 CFR Part 201
[Regulation A] The 25-basis-point increase in the Banks, Banking, Federal Reserve
primary credit rate was associated with System, Reporting and recordkeeping.
Extensions of Credit by Federal a similar increase in the target for the
Reserve Banks federal funds rate (from 3.00 percent to Authority and Issuance
AGENCY: Board of Governors of the 3.25 percent) approved by the Federal
■ For the reasons set forth in the
Federal Reserve System. Open Market Committee (Committee)
preamble, the Board is amending 12 CFR
and announced at the same time. A
ACTION: Final rule. Chapter II to read as follows:
press release announcing these actions
SUMMARY: The Board of Governors of the indicated that: PART 201—EXTENSIONS OF CREDIT
Federal Reserve System (Board) has The Committee believes that, even after BY FEDERAL RESERVE BANKS
adopted final amendments to its this action, the stance of monetary policy (REGULATION A)
Regulation A to reflect the Board’s remains accommodative and, coupled with
robust underlying growth in productivity, is ■ 1. The authority citation for part 201
approval of an increase in the primary
providing ongoing support to economic continues to read as follows:
credit rate at each Federal Reserve Bank. activity. Although energy prices have risen
The secondary credit rate at each Authority: 12 U.S.C. 248(i)–(j), 343 et seq.,
further, the expansion remains firm and labor
Reserve Bank automatically increased 347a, 347b, 347c, 348 et seq., 357, 374, 374a,
market conditions continue to improve
and 461.
by formula as a result of the Board’s gradually. Pressures on inflation have stayed
primary credit rate action. elevated, but longer-term inflation ■ 2. In § 201.51, paragraphs (a) and (b)
expectations remain well contained. are revised to read as follows:
DATES: The amendments to part 201
The Committee perceives that, with
(Regulation A) are effective July 8, 2005. appropriate monetary policy action, the § 201.51 Interest rates applicable to credit
The rate changes for primary and upside and downside risks to the attainment extended by a Federal Reserve Bank.1
secondary credit were effective on the of both sustainable growth and price stability
(a) Primary credit. The interest rates
dates specified in 12 CFR 201.51, as should be kept roughly equal. With
underlying inflation expected to be for primary credit provided to
amended.
contained, the Committee believes that depository institutions under § 201.4(a)
FOR FURTHER INFORMATION CONTACT: policy accommodation can be removed at a are:
Jennifer J. Johnson, Secretary of the pace that is likely to be measured.
Board (202/452–3259); for users of Nonetheless, the Committee will respond to Federal Reserve Rate Effective
Telecommunication Devices for the Deaf changes in economic prospects as needed to Bank
(TDD) only, contact 202/263–4869. fulfill its obligation to maintain price
stability. Boston ................. 4.25 June 30, 2005.
SUPPLEMENTARY INFORMATION: The New York ............. 4.25 June 30, 2005.
Federal Reserve Banks make primary Regulatory Flexibility Act Certification Philadelphia ......... 4.25 June 30, 2005.
and secondary credit available to Pursuant to the Regulatory Flexibility Cleveland ............. 4.25 June 30, 2005.
depository institutions as a backup Act (5 U.S.C. 605(b)), the Board certifies Richmond ............ 4.25 June 30, 2005.
source of funding on a short-term basis, that the new primary and secondary Atlanta ................. 4.25 June 30, 2005.
usually overnight. The primary and Chicago ............... 4.25 June 30, 2005.
credit rates will not have a significantly
secondary credit rates are the interest St. Louis .............. 4.25 July 1, 2005.
adverse economic impact on a Minneapolis ......... 4.25 June 30, 2005.
rates that the twelve Federal Reserve substantial number of small entities Kansas City ......... 4.25 June 30, 2005.
Banks charge for extensions of credit because the final rule does not impose Dallas ................... 4.25 June 30, 2005.
under these programs. In accordance any additional requirements on entities San Francisco ..... 4.25 June 30, 2005.
with the Federal Reserve Act, the affected by the regulation.
primary and secondary credit rates are
established by the boards of directors of Administrative Procedure Act 1 The primary, secondary, and seasonal credit

rates described in this section apply to both


the Federal Reserve Banks, subject to The Board did not follow the advances and discounts made under the primary,
the review and determination of the provisions of 5 U.S.C. 553(b) relating to secondary, and seasonal credit programs,
Board. notice and public participation in respectively.

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39412 Federal Register / Vol. 70, No. 130 / Friday, July 8, 2005 / Rules and Regulations

(b) Secondary credit. The interest ADDRESSES: Use one of the following FAA’s Determination and Requirements
rates for secondary credit provided to addresses to comment on this AD: of This AD
depository institutions under 201.4(b) • DOT Docket Web site: Go to Although no airplanes that are
are: http://dms.dot.gov and follow the registered in the United States use these
instructions for sending your comments engines, the possibility exists that the
Federal Reserve electronically. engines could be used on airplanes that
Rate Effective
Bank
• Government-wide rulemaking Web are registered in the United States in the
Boston ................. 4.75 June 30, 2005. site: Go to http://www.regulations.gov future. The unsafe condition described
New York ............. 4.75 June 30, 2005. and follow the instructions for sending previously is likely to exist or develop
Philadelphia ......... 4.75 June 30, 2005. your comments electronically. on other RR RB211 Trent 768–60, Trent
Cleveland ............. 4.75 June 30, 2005. • Mail: Docket Management Facility; 772–60, and Trent 772B–60 turbofan
Richmond ............ 4.75 June 30, 2005. U.S. Department of Transportation, 400 engines of the same type design. We are
Atlanta ................. 4.75 June 30, 2005. issuing this AD to prevent loss of
Seventh Street, SW., Nassif Building,
Chicago ............... 4.75 June 30, 2005. airplane control after an aborted takeoff
St. Louis .............. 4.75 July 1, 2005. Room PL–401, Washington, DC 20590–
Minneapolis ......... 4.75 June 30, 2005. 0001. due to asymmetric thrust. This AD
Kansas City ......... 4.75 June 30, 2005. • Fax: (202) 493–2251. requires removal of certain EEC part
Dallas ................... 4.75 June 30, 2005. • Hand Delivery: Room PL–401 on numbers from service.
San Francisco ..... 4.75 June 30, 2005. the plaza level of the Nassif Building, FAA’s Determination of the Effective
400 Seventh Street, SW., Washington, Date
* * * * * DC, between 9 a.m. and 5 p.m., Monday Since there are currently no domestic
through Friday, except Federal holidays. operators of this engine model, notice
By order of the Board of Governors of the FOR FURTHER INFORMATION CONTACT:
Federal Reserve System, July 5, 2005.
and opportunity for public comment
Christopher Spinney, Aerospace before issuing this AD are unnecessary.
Jennifer J. Johnson, Engineer, Engine Certification Office, A situation exists that allows the
Secretary of the Board. FAA, Engine and Propeller Directorate, immediate adoption of this regulation.
[FR Doc. 05–13443 Filed 7–7–05; 8:45 am] 12 New England Executive Park,
Comments Invited
BILLING CODE 6210–02–P Burlington, MA 01803–5299; telephone
(781) 238–7175; fax (781) 238–7199. This AD is a final rule that involves
requirements affecting flight safety and
SUPPLEMENTARY INFORMATION: The Civil
DEPARTMENT OF TRANSPORTATION was not preceded by notice and an
Aviation Authority (CAA), which is the
opportunity for public comment;
airworthiness authority for the United
Federal Aviation Administration however, we invite you to send us any
Kingdom (UK), recently notified us that
written relevant data, views, or
an unsafe condition might exist on
14 CFR Part 39 arguments regarding this AD. Send your
Rolls-Royce plc RB211 Trent 768–60, comments to an address listed under
[Docket No. FAA–2005–21730; Directorate Trent 772–60, and Trent 772B–60 ADDRESSES. Include ‘‘AD Docket No.
Identifier 2005–NE–18–AD; Amendment 39– turbofan engines. The CAA advises that FAA–2005–21730; Directorate Identifier
14186; AD 2005–14–09] there have been nine reports of loss of 2005–NE–18–AD’’ in the subject line of
RIN 2120–AA64
engine parameters displayed in the your comments. We specifically invite
airplane cockpit, with the simultaneous comments on the overall regulatory,
Airworthiness Directives; Rolls-Royce loss of capability to change thrust of the economic, environmental, and energy
plc Models RB211 Trent 768–60, Trent affected engine. RR’s investigation aspects of the rule that might suggest a
772–60, and Trent 772B–60 Turbofan established the cause of these need to modify it.
Engines conditions to be a fault in the EEC We will post all comments we
software. RR has determined that if this receive, without change, to http://
AGENCY: Federal Aviation condition occurs during takeoff roll and dms.dot.gov, including any personal
Administration (FAA), DOT. in response, the crew attempts to abort information you provide. We will also
ACTION: Final rule; request for the takeoff, hazardous asymmetric post a report summarizing each
comments. thrust could occur. substantive verbal contact with FAA
Bilateral Airworthiness Agreement personnel concerning this AD. Using the
SUMMARY: The FAA is adopting a new search function of the Docket
airworthiness directive (AD) for Rolls- These RR RB211 Trent 768–60, Trent Management System Web site, anyone
Royce plc (RR) models RB211 Trent 772–60, and Trent 772B–60 turbofan can find and read the comments in any
768–60, Trent 772–60, and Trent 772B– engines are manufactured in the UK and of our dockets, including the name of
60 turbofan engines. This AD requires are type certificated for operation in the the individual who sent the comment
removal of certain Engine Electronic United States under the provisions of (or signed the comment on behalf of an
Controller (EEC) part numbers from section 21.29 of the Federal Aviation association, business, labor union, etc.).
service. This AD results from nine Regulations (14 CFR 21.29) and the You may review the DOT’s complete
reports of loss of engine parameters applicable bilateral airworthiness Privacy Act Statement in the Federal
displayed in the airplane cockpit, with agreement. Under this bilateral Register published on April 11, 2000
the simultaneous loss of capability to airworthiness agreement, the CAA kept (65 FR 19477–78) or you may visit
change thrust of the affected engine. We the FAA informed of the situation http://dms.dot.gov.
are issuing this AD to prevent loss of described above. We have examined the
airplane control after an aborted takeoff findings of the CAA, reviewed all Examining the AD Docket
due to asymmetric thrust. available information, and determined You may examine the docket that
DATES: Effective July 25, 2005. that AD action is necessary for products contains the AD, any comments
We must receive any comments on of this type design that are certificated received, and any final disposition in
this AD by September 6, 2005. for operation in the United States. person at the Docket Management

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