[Federal Register Volume 66, Number 34 (Tuesday, February 20, 2001)]
[Rules and Regulations]
[Page 10811]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-4171]
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Federal Register / Vol. 66, No. 34 / Tuesday, February 20, 2001 /
Rules and Regulations
[[Page 10811]]
SMALL BUSINESS ADMINISTRATION
13 CFR Part 108
RIN 3245-AE40
New Markets Venture Capital Program: Delay of Effective Date
AGENCY: Office of New Markets Venture Capital, 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 temporarily delays for 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
New Markets Venture Capital Program final rule adds new regulations 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 (``SSBICs'') 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. section 553 applies to this action, it
is exempt from notice and comment because it constitutes a rule of
procedure under 5 U.S.C. section 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 temporary 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 temporary 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
published in the Federal Register on January 22, 2001, at 66 FR 7218,
is delayed for 60 days, from February 21, 2001, to a new effective date
of April 23, 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) 205-6510.
John D. Whitmore,
Acting Administrator.
[FR Doc. 01-4171 Filed 2-16-01; 8:45 am]
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