[Federal Register Volume 66, Number 78 (Monday, April 23, 2001)]
[Rules and Regulations]
[Page 20530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-9838]



[[Page 20529]]

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Part II





Small Business Administration





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13 CFR Part 108



New Markets Venture Capital Program; Final Rule and Proposed Rule

  Federal Register / Vol. 66, No. 78 / Monday, April 23, 2001 / Rules 
and Regulations  

[[Page 20530]]


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SMALL BUSINESS ADMINISTRATION

13 CFR Part 108

RIN 3245-AE40


New Markets Venture Capital Program

AGENCY: Small Business Administration.

ACTION: Final rule; delay of effective date.

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SUMMARY: In accordance with the memorandum of January 20, 2001, from 
the Assistant to the President and Chief of Staff, entitled 
``Regulatory Review Plan,'' published in the Federal Register on 
January 24, 2001, this action delays for an additional 60 days the 
effective date of the rule entitled New Markets Venture Capital Program 
published in the Federal Register on January 22, 2001, 66 FR 7218. The 
effective date of the final rule was delayed once before, from February 
21, 2001 to April 23, 2001, 66 FR 10811 (February 20, 2001). In order 
to give the Administration further opportunity to consider new 
regulations and to conduct a rulemaking, this additional delay is 
necessary.
    The New Markets Venture Capital Program final rule adds a new Part 
108 to implement the New Markets Venture Capital Program Act of 2000 
(``the Act''). The Act authorizes SBA to issue regulations necessary to 
implement the program. The regulations set forth the requirements for 
newly-formed venture capital companies to: qualify to become New 
Markets Venture Capital (``NMVC'') companies; to make developmental 
venture capital investments in smaller enterprises located in low-
income geographic areas; provide operational assistance to enterprises 
receiving such investments; and allow existing Specialized Small 
Business Investment Companies to qualify for grants to provide 
operational assistance to smaller enterprises located in low-income 
geographic areas.
    To the extent that 5 U.S.C. 553 applies to this action, it is 
exempt from notice and comment because it constitutes a rule of 
procedure under 5 U.S.C. 553(b)(A). Alternatively, the Agency's 
implementation of this rule without opportunity for public comment, 
effective immediately upon publication today in the Federal Register, 
is based on the good cause exceptions in 5 U.S.C. section 553(b)(B) and 
553(d)(3), in that seeking public comment is impracticable, unnecessary 
and contrary to the public interest. The 60-day delay in effective date 
is necessary to give Agency officials the opportunity for further 
review and consideration of new regulations, consistent with the 
Assistant to the President's memorandum of January 20, 2001. Given the 
imminence of the effective date, seeking prior public comment on this 
delay would have been impractical, as well as contrary to the public 
interest in the orderly promulgation and implementation of regulations.

DATES: The effective date of the New Markets Venture Capital Program 
rule published in the Federal Register on January 22, 2001, at 66 FR 
7218, is delayed for another 60 days, from April 23, 2001, to a new 
effective date of June 22, 2001.

FOR FURTHER INFORMATION CONTACT: Austin Belton, Director, Office of New 
Markets Venture Capital, Small Business Administration, 409 Third 
Street, SW, Washington, DC 20416, (202) 205-7027.

    Dated: April 13, 2001.
John D. Whitmore,
Acting Administrator.
[FR Doc. 01-9838 Filed 4-20-01; 8:45 am]
BILLING CODE 8025-01-P