Regulation A: Extensions of Credit by Federal Reserve Banks

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. Rules and Regulations Federal Register 18379 Vol. 88, No. 60 Wednesday, March 29, 2023 NUCLEAR REGULATORY COMMISSION 10 CFR Parts 20, 21, 26, 50, 70, 72, 73,74 and 76 [NRC–2011–0014; NRC–2011–0015; NRC– 2011–0017; NRC–2011–0018] RIN 3150–AI49 Enhanced Weapons, Firearms Background Checks, and Security Event Notifications; Correction AGENCY: Nuclear Regulatory Commission. ACTION: Final rule and guidance; correction. SUMMARY: The U.S. Nuclear Regulatory Commission (NRC) is correcting a final rule that was published in the Federal Register on March 14, 2023, regarding its regulations to implement its authority under Section 161A of the Atomic Energy Act of 1954, as amended. This action is necessary to correct an amendatory instruction, update the section-by-section analysis, and correct a grammatical error. DATES: The correction is effective on April 1, 2023. ADDRESSES: Please refer to Docket IDs NRC–2011–0014, NRC–2011–0015, NRC–2011–0017, and NRC–2011–0018 when contacting the NRC about the availability of information for this action. You may obtain publicly available information related to this action by any of the following methods: • Federal Rulemaking Website: Go to https://www.regulations.gov and search for Docket IDs NRC–2011–0014, NRC– 2011–0015, NRC–2011–0017, or NRC– 2011–0018. Address questions about NRC dockets to Dawn Forder; telephone: 301–415–3407; email: Dawn.Forder@nrc.gov. For technical questions, contact the individuals listed in the FOR FURTHER INFORMATION CONTACT section of this document. • NRC’s Agencywide Documents Access and Management System (ADAMS): You may obtain publicly available documents online in the ADAMS Public Documents collection at https://www.nrc.gov/reading-rm/ adams.html. To begin the search, select ‘‘ADAMS Public Documents’’ and then select ‘‘Begin Web-based ADAMS Search.’’ For problems with ADAMS, please contact the NRC’s Public Document Room (PDR) reference staff at 1–800–397–4209, 301–415–4737, or by email to PDR.Resource@nrc.gov. • NRC’s PDR: You may examine and purchase copies of public documents, by appointment, at the NRC’s PDR, Room P1 B35, One White Flint North, 11555 Rockville Pike, Rockville, Maryland 20852. To make an appointment to visit the PDR, please send an email to PDR.Resource@nrc.gov or call 1–800–397–4209 or 301–415– 4737, between 8:00 a.m. and 4:00 p.m. eastern time, Monday through Friday, except Federal holidays. FOR FURTHER INFORMATION CONTACT: Stewart Schneider, Office of Nuclear Material Safety and Safeguards, telephone: 301–415–4123; email: Stewart.Scheider@nrc.gov; or Philip Brochman, Office of Nuclear Security and Incident Response, telephone: 301– 287–3691; email: Phil.Brochman@ nrc.gov. Both are staff of the U.S. Nuclear Regulatory Commission, Washington, DC 20555–0001. SUPPLEMENTARY INFORMATION: The NRC is announcing the following corrected language in FR Doc. 2023–03944, published at 88 FR 15864 on March 14, 2023. ■ 1. On page 15875, third column, section-by-section analysis for ‘‘Appendix B to Part 73—General Criteria for Security Personnel’’ is corrected to read ‘‘Appendix B is revised to clarify employment suitability for armed security personnel.’’ § 73.15 [Corrected] ■ 2. On page 15882, third column, § 73.15(c)(1)(ii), ‘‘Gray (Gy)’’ is corrected to read ‘‘gray (Gy).’’ Appendix B to Part 73 [Corrected] ■ 3. On page 15898, first column, amendatory instruction 41 for appendix B to part 73 is corrected to read: ■ 41. In appendix B to part 73, revise section I.A to read as follows: Dated: March 23, 2023. For the Nuclear Regulatory Commission. Cindy K. Bladey, Chief, Regulatory Analysis and Rulemaking Support Branch, Division of Rulemaking, Environmental, and Financial Support, Office of Nuclear Material Safety and Safeguards. [FR Doc. 2023–06377 Filed 3–28–23; 8:45 am] BILLING CODE 7590–01–P FEDERAL RESERVE SYSTEM 12 CFR Part 201 [Docket No. R–1803; RIN 7100–AG56] Regulation A: Extensions of Credit by Federal Reserve Banks AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: The Board of Governors of the Federal Reserve System (‘‘Board’’) has adopted final amendments to its Regulation A to reflect the Board’s approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action. DATES: Effective date: This rule (amendments to part 201 (Regulation A)) is effective March 29, 2023. Applicability date: The rate changes for primary and secondary credit were applicable on March 23, 2023. FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Special Counsel (202–452–3565), Legal Division, or Nicole Trachman, Financial Institution & Policy Analyst (202–973– 5055), Division of Monetary Affairs; for users of telephone systems via text telephone (TTY) or any TTY-based Telecommunications Relay Services, please call 711 from any telephone, anywhere in the United States; Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551. SUPPLEMENTARY INFORMATION: The Federal Reserve Banks make primary and secondary credit available to depository institutions as a backup source of funding on a short-term basis, usually overnight. The primary and secondary credit rates are the interest rates that the twelve Federal Reserve Banks charge for extensions of credit VerDate Sep<11>2014 17:14 Mar 28, 2023 Jkt 259001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\29MRR1.SGM 29MRR1 ddrumheller on DSK120RN23PROD with RULES1

18380 Federal Register / Vol. 88, No. 60 / Wednesday, March 29, 2023 / Rules and Regulations 1 5 U.S.C. 551 et seq. 2 5 U.S.C. 553(b)(3)(A). 3 5 U.S.C. 553(d). 4 5 U.S.C. 553(a)(2). 5 5 U.S.C. 603, 604. 6 44 U.S.C. 3506; see 5 CFR part 1320, appendix A.1. under these programs. In accordance with the Federal Reserve Act, the primary and secondary credit rates are established by the boards of directors of the Federal Reserve Banks, subject to review and determination of the Board. On March 22, 2023, the Board voted to approve a 0.25 percentage point increase in the primary credit rate, thereby increasing the primary credit rate from 4.75 percent to 5 percent. In addition, the Board had previously approved the renewal of the secondary credit rate formula, the primary credit rate plus 50 basis points. Under the formula, the secondary credit rate increased by 0.25 percentage points as a result of the Board’s primary credit rate action, thereby increasing the secondary credit rate from 5.25 percent to 5.50 percent. The amendments to Regulation A reflect these rate changes. The 0.25 percentage point increase in the primary credit rate was associated with a 0.25 percentage point increase in the target range for the federal funds rate (from a target range of 41⁄2 percent to 43⁄4 percent to a target range of 43⁄4 percent to 5 percent) announced by the Federal Open Market Committee on March 22, 2023, as described in the Board’s amendment of its Regulation D published elsewhere in today’s Federal Register. Administrative Procedure Act In general, the Administrative Procedure Act (‘‘APA’’) 1 imposes three principal requirements when an agency promulgates legislative rules (rules made pursuant to Congressionally￾delegated authority): (1) publication with adequate notice of a proposed rule; (2) followed by a meaningful opportunity for the public to comment on the rule’s content; and (3) publication of the final rule not less than 30 days before its effective date. The APA provides that notice and comment procedures do not apply if the agency for good cause finds them to be ‘‘unnecessary, impracticable, or contrary to the public interest.’’ 2 Section 553(d) of the APA also provides that publication at least 30 days prior to a rule’s effective date is not required for (1) a substantive rule which grants or recognizes an exemption or relieves a restriction; (2) interpretive rules and statements of policy; or (3) a rule for which the agency finds good cause for shortened notice and publishes its reasoning with the rule.3 The APA further provides that the notice, public comment, and delayed effective date requirements of 5 U.S.C. 553 do not apply ‘‘to the extent that there is involved . . . a matter relating to agency management or personnel or to public property, loans, grants, benefits, or contracts.’’ 4 Regulation A establishes the interest rates that the twelve Reserve Banks charge for extensions of primary credit and secondary credit. The Board has determined that the notice, public comment, and delayed effective date requirements of the APA do not apply to these final amendments to Regulation A. The amendments involve a matter relating to loans and are therefore exempt under the terms of the APA. Furthermore, because delay would undermine the Board’s action in responding to economic data and conditions, the Board has determined that ‘‘good cause’’ exists within the meaning of the APA to dispense with the notice, public comment, and delayed effective date procedures of the APA with respect to the final amendments to Regulation A. Regulatory Flexibility Analysis The Regulatory Flexibility Act (‘‘RFA’’) does not apply to a rulemaking where a general notice of proposed rulemaking is not required.5 As noted previously, a general notice of proposed rulemaking is not required if the final rule involves a matter relating to loans. Furthermore, the Board has determined that it is unnecessary and contrary to the public interest to publish a general notice of proposed rulemaking for this final rule. Accordingly, the RFA’s requirements relating to an initial and final regulatory flexibility analysis do not apply. Paperwork Reduction Act In accordance with the Paperwork Reduction Act (‘‘PRA’’) of 1995,6 the Board reviewed the final rule under the authority delegated to the Board by the Office of Management and Budget. The final rule contains no requirements subject to the PRA. List of Subjects in 12 CFR Part 201 Banks, banking, Federal Reserve System, Reporting and recordkeeping. Authority and Issuance For the reasons set forth in the preamble, the Board is amending 12 CFR chapter II as follows: PART 201—EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION A) ■ 1. The authority citation for part 201 continues to read as follows: Authority: 12 U.S.C. 248(i)–(j), 343 et seq., 347a, 347b, 347c, 348 et seq., 357, 374, 374a, and 461. ■ 2. In § 201.51, paragraphs (a) and (b) are revised to read as follows: § 201.51 Interest rates applicable to credit extended by a Federal Reserve Bank.3 (a) Primary credit. The interest rate at each Federal Reserve Bank for primary credit provided to depository institutions under § 201.4(a) is 5 percent. (b) Secondary credit. The interest rate at each Federal Reserve Bank for secondary credit provided to depository institutions under § 201.4(b) is 5.50 percent.

• • • • • 3The primary, secondary, and seasonal credit rates described in this section apply to both advances and discounts made under the primary, secondary, and seasonal credit programs, respectively. By order of the Board of Governors of the Federal Reserve System. Ann E. Misback, Secretary of the Board. [FR Doc. 2023–06441 Filed 3–28–23; 8:45 am] BILLING CODE 6210–02–P FEDERAL RESERVE SYSTEM 12 CFR Part 204 [Docket No. R–1804; RIN 7100–AG57] Regulation D: Reserve Requirements of Depository Institutions AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: The Board of Governors of the Federal Reserve System (‘‘Board’’) has adopted final amendments to its Regulation D to revise the rate of interest paid on balances (‘‘IORB’’) maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORB is 4.9 percent, a 0.25 percentage point increase from its prior level. The amendment is intended to enhance the role of IORB in maintaining the federal funds rate in the target range established by the Federal Open Market Committee (‘‘FOMC’’ or ‘‘Committee’’). DATES: Effective date: This rule (amendments to part 204 (Regulation D)) is effective March 29, 2023. VerDate Sep<11>2014 17:14 Mar 28, 2023 Jkt 259001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\29MRR1.SGM 29MRR1 ddrumheller on DSK120RN23PROD with RULES1