[Federal Register Volume 65, Number 165 (Thursday, August 24, 2000)]
[Rules and Regulations]
[Page 51522]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-21425]


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EMERGENCY OIL AND GAS GUARANTEED LOAN BOARD

13 CFR Part 500

RIN 3003-ZA00


Emergency Oil and Gas Guaranteed Loan Program; Financial 
Statements

AGENCY: Emergency Oil and Gas Guaranteed Loan Board.

ACTION: Final rule.

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SUMMARY: The Emergency Oil and Gas Guaranteed Loan Board (Board) is 
amending the regulations governing the Emergency Oil and Gas Guaranteed 
Loan Program (Program). This change is meant to give the Board 
flexibility in determining the type of Borrower financial statements 
that Lenders of guaranteed loans are required to provide to the Board.

DATES: This rule is effective August 24, 2000.

FOR FURTHER INFORMATION CONTACT: Marguerite S. Owen, General Counsel, 
Emergency Oil and Gas Guaranteed Loan Board, U.S. Department of 
Commerce, Room H2500, Washington, DC 20230, (202) 219-0584.

SUPPLEMENTARY INFORMATION: On October 27, 1999, the Board published a 
final rule codifying at Chapter V, Title 13, Code of Federal 
Regulations (CFR), regulations implementing the Program, as established 
in Chapter 2 of Public Law 106-51, the Emergency Oil and Gas Guaranteed 
Loan Program Act (64 FR 57932).
    Section 500.211(f) sets forth reporting requirements imposed on 
Lenders of loans guaranteed under the Act. This rule provides that the 
type of annual financial statement of the borrower required to be 
furnished to the Board will be provided in the Guarantee between the 
Board and the Lender.
    This rule is intended to allow the Board to determine on a case-by-
case basis whether the annual financial statement of the borrower must 
be audited or CPA-reviewed.

Administrative Law Requirements

Executive Order 12866

    This final rule has been determined not to be significant for 
purposes of Executive Order 12866.

Administrative Procedure Act

    This rule is exempt from the rulemaking requirements contained in 5 
U.S.C. 553 pursuant to authority contained in 5 U.S.C. 553(a)(2) as it 
involves a matter relating to loans. As such, prior notice and an 
opportunity for public comment and a delay in effective date otherwise 
required under 5 U.S.C. 553 are inapplicable to this rule.

Regulatory Flexibility Act

    Because this rule is not subject to a requirement to provide prior 
notice and an opportunity for public comment pursuant to 5 U.S.C. 553, 
or any other law, the analytical requirements of the Regulatory 
Flexibility Act, 5 U.S.C. 601 et seq., are inapplicable.

Congressional Review Act

    This rule has been determined to be not major for purposes of the 
Congressional Review Act, 5 U.S.C. 801 et seq.

Intergovernmental Review

    No intergovernmental consultations with State and local officials 
are required because the rule is not subject to the provisions of 
Executive Order 12372 or Executive Order 12875.

Unfunded Mandates Reform Act of 1995

    This rule contains no Federal mandates, as that term is defined in 
the Unfunded Mandates Reform Act, on State, local and tribal 
governments or the private sector.

Executive Order 13132

    This rule does not contain policies having federalism implications 
requiring preparation of a Federalism Summary Impact Statement.

Executive Order 12630

    This rule does not contain policies that have takings implications.

List of Subjects in 13 CFR Part 500

    Administrative practice and procedure, Loan programs--oil and gas, 
Reporting and recordkeeping requirements.

    Dated: August 14, 2000.
Daniel J. Rooney,
Executive Secretary, Emergency Oil and Gas Guaranteed Loan Board.

    For the reasons set forth in the preamble, 13 CFR part 500 is 
amended to read as follows:

PART 500--EMERGENCY OIL AND GAS GUARANTEED LOAN PROGRAM

    1. The authority citation for part 500 continues to read as 
follows:

    Authority: Pub. L. 106-51, 113 Stat. 255 (15 U.S.C. 1841 note).

    2. Section 500.211(f)(1) is revised to read as follows:


Sec. 500.211  Lender responsibilities.

* * * * *
    (f) * * *
    (1) Financial statements for the borrower, as provided in the 
Guarantee;
* * * * *
[FR Doc. 00-21425 Filed 8-23-00; 8:45 am]
BILLING CODE 3510-NC-P