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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
r C irc u la r No. 7 8 2 7 1
M arch 1,1976

L

J

AMENDMENT TO REGULATION V
LOAN GUARANTEES FOR DEFENSE PRODUCTION
Listing of Guaranteeing Agencies

w

The Board of Governors of the Federal Reserve System has amended, effective Febru­
ary 4, 1976, its Regulation V—Loan Guarantees for Defense Production—to substitute the
Nuclear Regulatory Commission and the Energy Research and Development Administration
for the Atomic Energy Commission in the listing of agencies authorized to guarantee V-loans.
The Atomic Energy Commission was abolished in October 1974 by the Energy Reorganization
Act of 1974.
In submitting the amendment for publication in the Fftfcrnl
the Board of
Governors made the following statement:
1. Effective immediately, section 1 of Regulation V (Loan Guarantees for Defense Production) of
the Board of Governors is amended by deleting "the Atomic Energy Commission" and substituting the
phrase "the Nuclear Regulatory Commission, the Energy Research and Development Administration."
2. The purpose of this amendment is to reflect the fact that effective October 11, 1974 the Atomic
Energy Commission was abolished by the Energy Reorganization Act of 1974 (P.L. 93-438), and the
Nuclear Regulatory Commission and the Energy Research and Development Administration were cre­
ated in lieu thereof. The effect of this amendment is to substitute these two newly created agencies
for the Atomic Energy Commission in the listing of agencies authorized to guarantee Y-loans. This
action is taken pursuant to the Board's authority under the Defense Production Act of 1950 and
Executive Order No. 10480 of August 14, 1953, as amended.
3. The provisions of section 553 of Title 5, United States Code, relating to notice and public
participation and to deferred effective dates were not followed in connection with the adoption of
this action because the changes made by this revision are of a technical nature and are designed to
conform this regulation with existing statutory authority, and because the Board of Governors found
that following the procedures prescribed by such provisions would be unnecessary and would serve
no useful purpose.

Enclosed is a copy of the amendment to Regulation V. Additional copies of the enclosure
will be furnished upon request.




PAUL A . VOLCKER,

Board of Governors of the Federal Reserve System
LOAN GUARANTEES FOR DEFENSE PRODUCTION

AM ENDMENT TO REGULATION V
Effective February 4, 1976, section 1 is
amended to read as follows:
SECTION 1—A U TH O R ITY
This regulation is based upon and issued pur­
suant to the Defense Production Act of 1950
(referred to in this regulation as the "A ct"),
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
"O rder"), and after consultataion with the
heads of the guaranteeing agencies designated
in the Act and the Order, namely the Depart­
ment of the Army, the Department of the Navy,
the Department of the Air Force, the Depart­
ment of Commerce, the Department of the In­
terior, the Department of Agriculture, the Gen­
era! Services Administration, the Nuclear Regu­
latory Commission, the Energy Research and
Development Administration, the Defense Sup­
ply Agency, and the National Aeronautics and
Space Administration.

fE nc. C ir. No. 7827]





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