[Federal Register Volume 74, Number 102 (Friday, May 29, 2009)]
[Rules and Regulations]
[Page 25617]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-12560]
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DEPARTMENT OF AGRICULTURE
Rural Utilities Service
7 CFR Part 1779
Rural Housing Service
7 CFR Part 3575
Rural Business--Cooperative Service
Rural Utilities Service
7 CFR Parts 4279 and 4280
Rural Business--Cooperative Service
Rural Housing Service
Rural Utilities Service
7 CFR Part 5001
[FR Doc. E9-4839]
RIN 0570-AA65
Rural Development Guaranteed Loans
AGENCIES: Rural Business--Cooperative Service, Rural Housing Service,
Rural Utilities Service, USDA.
ACTION: Interim rule; delay of the effective date.
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SUMMARY: Rural Development is delaying the effective date of the
interim rule for Rural Development Guaranteed Loans, which was
published on December 17, 2008, to October 1, 2009. The interim rule
establishes a unified guaranteed loan platform for the enhanced
delivery of four existing Rural Development guaranteed loan programs:
Community Facilities; Water and Waste Disposal; Business and Industry;
and Rural Energy for America Program, formerly known as Renewable
Energy Systems and Energy Efficiency Improvement Program.
DATES: The effective date of the interim rule, which published on
December 17, 2008 [73 FR 76698], delayed until February 17, 2009, [74
FR 2823], delayed until March 9, 2009 [74 FR 7179], delayed until June
1, 2009 [74 FR 9759], is further delayed until October 1, 2009.
FOR FURTHER INFORMATION CONTACT: Mr. Rick Bonnet, Rural Development,
Business and Cooperative Programs, U.S. Department of Agriculture, 1400
Independence Avenue, SW., Stop 3201, Washington, DC 20250-3201; e-mail:
[email protected]; telephone (202) 720-1804.
SUPPLEMENTARY INFORMATION: On January 16, 2009 [74 FR 2823], Rural
Development delayed the original effective date of the interim rule
from January 16, 2009, to February 17, 2009, because there was
insufficient time to correct a technical error in the interim rule
before the interim rule became effective on January 16, 2009.
Subsequently, Rural Development again delayed the effective date
from February 17, 2009, to March 9, 2009 [74 FR 7179, February 13,
2009] soliciting public comments to delay the effective date to June 1,
2009. The effective date was further delayed from March 9, 2009 to June
1, 2009 [74 FR 9759, March 6, 2009]. As stated in the February 13,
2009, Federal Register, Rural Development had identified several
administrative actions, including providing the best guidance to its
field staff to ensure the successful implementation of the interim
rule.
As noted in the February 13, 2009, Federal Register, Rural
Development changed the effective date, as is provided for under the
Administrative Procedures Act (5 U.S.C. 553(b)(3)(B)), because:
1. Implementing the interim rule on February 17, 2009, would have
created substantial legal and operational risks to the affected
programs because the rule contains certain flaws that must be corrected
and would not have provided the Agency sufficient time to properly
train field staff and make changes to information technology systems
critical to the implementation of these programs. These actions could
not have been completed by February 17, 2009.
2. The two week extension would allow the public a reasonable
opportunity to comment on this proposed extension of the effective date
to June 1, 2009, and the Agency to consider such comments before making
the decision to make such extension.
3. Extending the effective date to June 1, 2009, allowed the Agency
to finish the 60-day review described in the January 20, 2009, memo
from the Assistant to the President and Chief of Staff, entitled
``Regulatory Review.''
As noted in the March 6, 2009, Federal Register, the Agency
received three comments on the extension of the effective date of the
interim rule to June 1, 2009. None of the commenters suggested that the
interim rule become effective prior to June 1, 2009, with one of the
commenters suggesting that ``the regulation be delayed as long as
possible,'' noting that ``implementation during the processing of the
President's stimulus package will impose burdens on both lenders and
USDA staff.'' The Agency, in a separate action, is implementing new
provisions for the business and industry guaranteed loan program as a
result of the American Recovery and Reinvestment Act of 2009. Extending
the effective date to October 1, 2009, would coincide with the
beginning of a new Federal Fiscal Year, thereby providing program
continuity. Further, consideration of the comments the Agency received
on the implementation of the interim rule has taken longer than
anticipated. Finally, the Agency became aware during a January 2009
meeting with Agency field staff, which was followed by a meeting with
several lenders, that additional time is required to both familiarize
Agency staff with the new rule and to provide additional training to
both Agency staff and lenders. For these reasons, the Agency is
extending the effective date until October 1, 2009.
Dated: May 22, 2009.
William F. Hagy III,
Acting Under Secretary, Rural Development.
[FR Doc. E9-12560 Filed 5-28-09; 8:45 am]
BILLING CODE 3410-XY-P