nycirc_1977_08144.pdf

FEDERAL RESERVE BANK OF NEW YORK

Fiscal Agent of the United States

P Circular No. 8 1 4 4 " 1L July 11, 1977 J

AMENDMENT TO REGULATION V

Change in Name of a Guaranteeing Agency

To All Banks, Other Financing Institutions, and Others Concerned, in the Second Federal Reserve District:

Effective June 30, 1977, the Board of Governors of the Federal Reserve System amended its Regulation V — Loan Guarantees for Defense Production— to reflect, in the listing of agencies authorized to guarantee V-loans, a change in the name of the Defense Supply Agency. That agency was renamed the Defense Logistics Agency.

Printed below is the text of an explanatory notice issued by the Board of Governors regarding the amendment to Regulation V. In addition, enclosed is a copy of the amendment.

Questions regarding Regulation V may be directed to our Credit and Discount Department (Tel. No. 212-791-6146).

P a u l A. V o l c k e r ,President.

REGULATION V-LOAN GUARANTEES FOR DEFENSE PRODUCTION

R-0106

Change of Guaranteeing Agency

A G E N C Y: Board of Governors of the Federal Re­serve System.

A C T IO N : Final Rule.

S U M M A R Y: Regulation V is being amended to reflect that the name of the Defense Supply Agency has been changed to the Defense Logistics Agency.

EFFECTIVE D A T E : This amendment becomes effective June 30, 1977.

FOR FURTHER IN FORM ATION, CONTACT- Ralph C. Maurer, Credit Specialist, Division of Fed­eral Reserve Bank Operations, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202/452-3174).

SUPPLEM ENTARY IN FO RM ATIO N : Effective January 1, 1977, the name of the Defense Supply Agency was changed to the Defense Logistics Agency. The purpose of this amendment is to reflect this name change by substituting the re-named agency in the list of Federal departments and agencies authorized to guarantee V -Loans. This action is taken pursuant to the Board’s authority under Defense Production Act of 1950 and Executive Order No. 10480 of August 14, 1953, as amended.

The change made by this amendment is a technical one designed to conform Regulation V to directives issued by the Department of Defense. Therefore, the Board for good cause finds that the procedures pre­scribed by the provisions of Section 553 of Title 5, United States Code, relating to notice, public pro­cedure, and deferred effective date are unnecessary and would serve no useful purpose.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Board of Governors of the Federal Reserve System

LOAN GUARANTEES FOR DEFENSE PRODUCTION

AM ENDM ENT TO REGULATION V

Effective June 30, 1977, section 1, as amended effective February 4, 1976, is further amended to read as follows:

SECTION 1—AU TH O RITY

This regulation is based upon and issued pur­suant to the Defense Production Act of 1950 (referred to in this regulation as the “Act” ), and Executive Order No. 10480, dated August 14, 1953 as amended (3 CFR 1949-1953 Comp., p. 962) (referred to in this regulation as the “ Order” ), and after consultation with the heads of the guaranteeing agencies designated in the Act and the Order, namely the Department of the Army, the Department of the Navy, the Department of the Air Force, the Department of Commerce, the Department of the Interior, the Department of Agriculture, the General Services Administration, the Nuclear Regula­tory Commission, the Energy Research and Development Administration, the Defense Log­istics Agency, and the National Aeronautics and Space Administration.

For this Regulation to be complete, retain:1) Regulation V pamphlet, as amended effective September 27, 1966.2) Supplement effective June 4, 1970.3) This slip sheet.

P R I N T E D I N N E W Y O R K

[Enc. Cir. No. 8144]

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis