80 FR 14034 - Small Business Investment Companies-Early Stage
SMALL BUSINESS ADMINISTRATION Federal Register Volume 80, Issue 52 (March 18, 2015)
Federal Register Volume 80, Issue 52 (March 18, 2015)
| Page Range | 14034-14037 | |
| FR Document | 2015-06182 |
[Federal Register Volume 80, Number 52 (Wednesday, March 18, 2015)] [Proposed Rules] [Pages 14034-14037] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-06182] ======================================================================= ----------------------------------------------------------------------- SMALL BUSINESS ADMINISTRATION 13 CFR Part 107 RIN 3245-AG68 Small Business Investment Companies--Early Stage AGENCY: U.S. Small Business Administration. ACTION: Advance Notice of Proposed Rulemaking (ANPRM). ----------------------------------------------------------------------- SUMMARY: The U.S. Small Business Administration (SBA) is seeking input and comments on its Early Stage Small Business Investment Company (SBIC) initiative, promulgated in the final rule on April 27, 2012. The intent of the initiative was to license and provide SBA leverage to SBICs over a 5-year period (fiscal years 2012 through 2016) that would focus on making investments in early stage small businesses. Although 58 investment funds applied to the program, to date SBA has only licensed 5 Early Stage SBICs. SBA is seeking input from the public to determine whether existing market conditions warrant SBA continuing to license Early Stage SBICs past fiscal year 2016 on an ongoing basis and, if so, what changes should be made to the program to attract qualified early stage fund managers. DATES: Comments must be received on or before May 18, 2015. ADDRESSES: You may submit comments, identified by RIN 3245-AG68, by any of the following methods:Federal Rulemaking Portal: http://www.regulations.gov. Please follow the instructions for submitting comments. Mail, Hand Delivery/Courier: Javier Saade, Associate Administrator for the Office of Investment and Innovation, U.S. Small Business Administration, 409 Third Street SW., Washington, DC 20416. [[Page 14035]] SBA will post comments on this Advance Notice of Proposed Rulemaking on http://www.regulations.gov. If you wish to submit confidential business information (CBI) as defined in the User Notice at http://www.regulations.gov, please submit the information to Theresa Jamerson, Office of Investment and Innovation, 409 Third Street SW., Washington, DC 20416. Highlight the information that you consider to be CBI and explain why you believe this information should be held confidential. SBA will review your information and determine whether it will make the information public. FOR FURTHER INFORMATION CONTACT: Theresa Jamerson, Office of Investment and Innovation, (202) 205-7563. SUPPLEMENTARY INFORMATION: I. Background Information Early Stage Small Business Investment Company Initiative. In the Small Business Investment Act of 1958 (the Act), Congress created the Small Business Investment Company (SBIC) program to ``stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply. * * *'' 15 U.S.C. 661. Congress intended that the program ``be carried out in such manner as to insure the maximum participation of private financing sources.'' Id. In accordance with that policy, the U.S. Small Business Administration (SBA), through the SBIC program, does not invest directly in small businesses, but provides leverage to SBICs, privately-owned and professionally managed for-profit investment funds licensed by SBA, by guaranteeing the payment of debentures issued by SBICs (Debentures). These SBICs in turn make loans to, and investments in, qualifying small businesses. Since Fiscal Year (FY) 2000, the SBIC Debenture program has operated at zero subsidy cost, meaning that expected losses to the program's portfolio must be fully recouped through the collection of SBIC leverage fees in order to keep the program at zero subsidy cost to the taxpayer. By statute, SBIC leverage fees include a 1% commitment fee, a 2% draw fee, and an annual charge set at the time of commitment and paid on outstanding leverage in conjunction with interest payments. 15 U.S.C. 683(i). The annual charge is formulated each year to keep the program at zero subsidy cost, but may not, by statute, exceed 1.38%. 15 U.S.C. 683(b). Because the standard Debenture (Current Pay Debenture) requires semi-annual interest payments, most SBICs structure their investments as loans or mezzanine debt to finance later stage small businesses with positive operating cash flow so that they can meet requisite interest payments. On April 27, 2012, SBA published a final rule (77 FR 25042) to define a new sub-category of SBICs as part of President Obama's Start- up America initiative. SBA's intent was to license over a 5-year period (fiscal years 2012 through 2016) venture funds focused on early stage businesses and to guarantee Debentures in an amount up to one-half of each fund's total capitalization. SBA allocated $1 billion of its SBIC Debenture leverage authorization over these years to this effort. Although SBA has received 58 applications to the Early Stage SBIC program, to date, SBA has only licensed 5 Early Stage SBICs due to the quality of the application pool and SBA's rigorous licensing standards. SBA is seeking input on whether a market need for the program remains and, if so, what changes should SBA consider in order to attract Early Stage fund managers with successful track records. Early Stage SBIC Key Requirements Summary. Current regulations identify special requirements for Early Stage SBICs to manage the risk associated with these funds investing in seed and early stage businesses, including the following: (1) Licensing Process--Sec. 107.310: SBA uses a call process rather than accepting rolling applications as in the regular SBIC program. (2) Required Investments--Sec. 107.1120(k): Early Stage SBICs must invest at least 50% of aggregate financing dollars into Early Stage companies, as defined in Sec. 107.50, but generally defined as companies that have not yet achieved positive operating cash flow as of the date of the initial investment. (3) Minimum Regulatory Capital--Sec. 107.210(3): Early Stage SBICs must have at least $20 million in Regulatory Capital (qualifying Private Capital as defined in Sec. 107.50). (4) Leverage: (a) Maximum Leverage--Sec. 107.1150: Early Stage SBICs may qualify for leverage up to 100% of Regulatory Capital (also called ``one tier of leverage''), not to exceed $50 million. (b) SBA Leverage Fees--Sec. 107.1130: All SBICs issuing Debentures, including Early Stage SBICs, must pay 3% in up-front fees (1% at commitment and 2% at draw) and an additional SBA fee, not to exceed 1.38 percent per annum, on outstanding Debentures paid at the same time as interest. (c) Type of Leverage: Early Stage SBICs may choose from two types of leverage both with ten year maturities and subject to Early Stage Distribution rules: (i) Early Stage Current Pay Debenture: Requires quarterly payments for interest and SBA annual fees. Early Stage SBICs choosing to use the Current Pay Debenture are required to maintain a 5-year interest reserve per Sec. 107.1181. The interest reserve may include unfunded commitments or cash reserves which could be funded from Debenture proceeds. The interest reserve is intended to provide a pool of funds from which Early Stage SBICs can pay interest and annual fees while their investments mature. (ii) Discounted/Accruing Debenture: Debenture issued at a discount of 5 years of annual fees and interest charges, so that the amount owed accrues over a 5-year period to face value. After the 5-year period, quarterly payments for interest and annual fees must be paid on an ongoing basis. (5) Distribution Rules--Sec. 107.1180: Before an Early Stage SBIC with outstanding leverage may distribute to its investors, it must first pay all required SBA interest and charges and any leverage principal due at maturity. After those payments are made, if the Early Stage SBIC's capital impairment percentage, defined in Sec. 107.1840, is 50 percent or more, and the SBIC's leverage ratio (defined as outstanding leverage to Leverageable Capital) exceeds 0.5, it must repay all outstanding SBIC Debentures before distributing to private investors. Otherwise, the Early Stage SBIC must repay SBA leverage, at a minimum, pro rata (in proportion) with any distributions returned to private investors on a cumulative basis. (6) Restrictions on Third-Party Debt--Sec. 107.565: Early Stage SBICs must seek SBA's prior written approval before incurring any third-party debt, except for accounts payable from routine business operations. (7) Capital Impairment Percentage (CIP) Sec. Sec. 107.1830-1850: CIP is the primary financial metric SBA uses to evaluate an SBIC's ability to repay its leverage. CIP measures the losses incurred by an SBIC relative to its Regulatory Capital. If an SBIC exceeds its maximum allowable CIP, SBA has the right to, among other things, declare the entire indebtedness of the SBIC's Debentures immediately due and payable; and institute proceedings for the appointment of SBA as receiver of the SBIC. Because Early Stage SBICs are [[Page 14036]] limited to one tier of leverage, the maximum allowable CIP ranges from 45% to 70%, depending on the percentage of equity. If the percentage of equity investments at cost exceeds 67%, the maximum allowable CIP would be 70%. II. Market Gap (1) Market Need. According to data from PricewaterhouseCoopers Moneytree (https://www.pwcmoneytree.com/), financings to seed and early stage companies by venture funds has grown from $2.16 billion in the first quarter of calendar year 2012 to over $4 billion in the second quarter of calendar year 2014, the highest amount in any quarter since 2000. As a federal credit program, SBA seeks to direct capital to gaps in the marketplace. Given the growth in early stage financings since 2012, SBA is trying to determine whether it should continue to license Early Stage SBICs past 2016. SBA is seeking input from the public with regard to the following questions: (a) Are there barriers preventing promising early stage small businesses from being financed, and, if so, what are the barriers? (b) Are there gaps in the financial markets with regard to financing early stage or seed companies in the United States? If so, what evidence exists to identify and verify these gaps? (c) If there are no or limited gaps in the financial markets for early stage and seed companies in the United States, should SBA continue the Early Stage SBIC program past 2016, but issue a call for Early Stage SBIC applications only if and when identifiable market gaps occur? If so, what evidence should SBA use to identify declining market conditions or gaps in the market? (2) Targeted Early Stage SBIC Participants. The Early Stage SBIC initiative focused on more established and traditional early stage venture funds to participate in the program because these funds' investment strategy effectively utilizes SBA's leverage to finance small businesses. SBA recognizes that many early stage and seed businesses may obtain capital from other sources than traditional early stage/seed venture funds. Accelerator funds, incubators, angel investment funds or other types of similar funds--venture capital funds that generally make a substantial number of relatively small-dollar equity investments in seed and early stage businesses--have not demonstrated significant interest in SBA's Early Stage SBIC initiative. Could these funds effectively utilize Debenture leverage as part of their investment strategy in a way that would not increase the risk profile of the SBIC program. What changes to the Early Stage SBIC program would SBA need to make in order to attract qualified funds that use this investment strategy? Would the minimum regulatory capital need to be changed? Would the leverage terms need to be changed? What data is available to assess the risk associated with these types of funds? III. Early Stage SBIC Program Structure (1) Fund-Level Debt Versus Equity. Based on discussions with early stage fund managers and limited partners, SBA understands that most early stage funds would prefer equity rather than fund-level debt. However, SBA is only authorized to guarantee SBIC Debentures for its licensed funds. SBA also recognizes the potential mismatch between Debenture leverage and early stage portfolio company cash flows. Because most early stage portfolio companies do not have the cash flow to service debt, most early stage financings are structured as equity. SBA tried to compensate for this in the Early Stage SBIC program by implementing a discounted debenture in which leverage is issued at a discount and interest and charges accrue for 5 years before the fund would be required to make payments on a quarterly basis. Alternatively, Early Stage SBICs could use the Current Pay Debenture and pay interest and charges on a quarterly basis using the required interest reserve. SBA has heard from members of the venture capital industry that many early stage funds are not interested in leverage. SBA seeks input from the public on whether fund-level debt is of use to early stage fund managers or whether concerns exist with regard to current SBIC Early Stage Debenture leverage terms. (2) Early Stage SBIC Leverage Terms. Early Stage SBICs are expected to have significantly higher losses than regular SBICs, due to the risk associated with their portfolios. SBA structured the Early Stage SBIC program so that it could be run with minimum impact to the regular SBIC Debenture program. This includes limiting the amount of Early Stage leverage as a percentage of the overall SBIC portfolio. Key Early Stage SBIC requirements are summarized in Section I of this ANPRM. SBA seeks input from the public to identify how Early Stage SBIC requirements could be improved without increasing SBA's credit risk. In particular, SBA has the following questions: (a) Minimum Regulatory Capital: Currently, Early Stage SBICs must have at least $20 million in Regulatory Capital. Should SBA modify this Regulatory Capital requirement in order to improve the number of qualified applicants to the program? (b) Maximum Leverage: SBA set the maximum leverage for Early Stage SBICs at $50 million based on its overall allocation of $200 million per year, in order to provide some level of portfolio diversification. Should SBA increase the maximum leverage available to Early Stage SBICs, for example, to $100 million, approximately half of any year's allocation? (c) Maximum Leverage Ratio: Currently, SBA provides up to one tier of leverage, not to exceed the maximum, in order to limit its credit risk. Should SBA lower the maximum leverage ratio to help further reduce its credit risk? What maximum leverage ratio is appropriate? (d) Interest Reserve: If Early Stage SBICs use the Current Pay Debenture, they must maintain a 5-year interest reserve to make interest and annual charge payments. SBA set this interest reserve to make sure that Early Stage SBICs would have sufficient funds to make required interest payments for the first 5 years and to lower the overall loss rate. Would removing the interest reserve attract more qualified applicants? If so, since the interest reserve was put in place to mitigate SBA's risk and limit the increase to the SBIC Debenture annual charge, what actions should SBA consider to help mitigate SBA's risk? (3) Other Early Stage SBIC Regulations. SBA invites comments on other aspects of Early Stage regulations, including the following: (a) Licensing Process: Would a rolling licensing process (where SBA accepts applications throughout the year) versus the Early Stage Call process, identified in Sec. 107.310, be preferred and/or attract more qualified applicants to the program? (b) Third-Party Debt: Do third-party debt restrictions identified in Sec. 107.565 detract from the program and what changes could be made to achieve the same credit risks for SBA? (4) Other SBIC Regulations and Guidelines. SBA also invites comments on other SBIC regulatory requirements as identified in 13 CFR part 107 that may be of particular concern to Early Stage SBIC applicants. For example, some Early Stage SBICs and potential applicants have indicated concerns with SBA's Valuation Guidelines (http://www.sba.gov/content/valuation-guidelines-sbics). SBA is interested in feedback as to what those concerns are [[Page 14037]] and what changes industry members would recommend. Dated: March 11, 2015. Maria Contreras-Sweet, Administrator. [FR Doc. 2015-06182 Filed 3-17-15; 8:45 am] BILLING CODE 8025-01-P
![14034 Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Proposed Rules
Gallagher; telephone: 301–415–3463; • NRC’s PDR: You may examine and In response to a second request, dated
email: Carol.Gallagher@nrc.gov. For purchase copies of public documents at February 18, 2015, from several
technical questions, contact the the NRC’s PDR, Room O1–F21, One members of the public, the NRC is now
individual listed in the FOR FURTHER White Flint North, 11555 Rockville extending the public comment period
INFORMATION CONTACT section of this Pike, Rockville, Maryland 20852. by an additional 90 days. The deadline
document. for submitting comments is now
B. Submitting Comments
• Email comments to: extended from March 24, 2015, to June
Rulemaking.Comments@nrc.gov. If you Please include Docket ID NRC–2009– 22, 2015.
do not receive an automatic email reply 0279 in your comment submission. Dated at Rockville, Maryland, this 11th day
confirming receipt, then contact us at The NRC cautions you not to include of March 2015.
301–415–1677. identifying or contact information that For the Nuclear Regulatory Commission,
• Fax comments to: Secretary, U.S. you do not want to be publicly Laura A. Dudes,
Nuclear Regulatory Commission at 301– disclosed in your comment submission. Director, Division of Material Safety, State,
415–1101. The NRC will post all comment Tribal and Rulemaking Programs, Office of
• Mail comments to: Secretary, U.S. submissions at http:// Nuclear Material Safety and Safeguards.
Nuclear Regulatory Commission, www.regulations.gov as well as enter the [FR Doc. 2015–06244 Filed 3–17–15; 8:45 am]
Washington, DC 20555–0001, ATTN: comment submissions into ADAMS. BILLING CODE 7590–01–P
Rulemakings and Adjudications Staff. The NRC does not routinely edit
• Hand deliver comments to: 11555 comment submissions to remove
Rockville Pike, Rockville, Maryland identifying or contact information.
SMALL BUSINESS ADMINISTRATION
20852, between 7:30 a.m. and 4:15 p.m. If you are requesting or aggregating
(Eastern Time) Federal workdays; comments from other persons for 13 CFR Part 107
telephone: 301–415–1677. submission to the NRC, then you should
For additional direction on obtaining inform those persons not to include RIN 3245–AG68
information and submitting comments, identifying or contact information that
Small Business Investment
see ‘‘Obtaining Information and they do not want to be publicly
Companies—Early Stage
Submitting Comments’’ in the disclosed in their comment submission.
SUPPLEMENTARY INFORMATION section of Your request should state that the NRC AGENCY: U.S. Small Business
this document. does not routinely edit comment Administration.
FOR FURTHER INFORMATION CONTACT: submissions to remove such information ACTION: Advance Notice of Proposed
Cardelia Maupin, Office of Nuclear before making the comment Rulemaking (ANPRM).
Material Safety and Safeguards, U.S. submissions available to the public or
Nuclear Regulatory Commission, entering the comment submissions into SUMMARY: The U.S. Small Business
Washington, DC 20555–0001; telephone: ADAMS. Administration (SBA) is seeking input
301–415–2312; email: and comments on its Early Stage Small
II. Further Information Business Investment Company (SBIC)
Cardelia.Maupin@nrc.gov.
On July 25, 2014 (79 FR 43284), the initiative, promulgated in the final rule
SUPPLEMENTARY INFORMATION: on April 27, 2012. The intent of the
NRC published for comment an ANPR
I. Obtaining Information and to obtain input from members of the initiative was to license and provide
Submitting Comments public on the development of a draft SBA leverage to SBICs over a 5-year
regulatory basis. The draft regulatory period (fiscal years 2012 through 2016)
A. Obtaining Information basis would identify potential changes that would focus on making investments
Please refer to Docket ID NRC–2009– to the NRC’s current radiation in early stage small businesses.
0279 when contacting the NRC about protection regulations. The potential Although 58 investment funds applied
the availability of information regarding changes, if implemented, would achieve to the program, to date SBA has only
this document. You may obtain a closer alignment between the NRC’s licensed 5 Early Stage SBICs. SBA is
publicly-available information related to radiation protection regulations and the seeking input from the public to
this document by any of the following recommendations in ICRP Publication determine whether existing market
methods: 103 (2007). The ANPR identifies conditions warrant SBA continuing to
• Federal Rulemaking Web site: Go to specific questions and issues with license Early Stage SBICs past fiscal
http://www.regulations.gov and search respect to a possible revision of the year 2016 on an ongoing basis and, if so,
for Docket ID NRC–2009–0279. NRC’s radiation protection what changes should be made to the
• NRC’s Agencywide Documents requirements. Comments, including program to attract qualified early stage
Access and Management System responses to the specific questions, will fund managers.
(ADAMS): You may obtain publicly- be considered by the NRC staff when it DATES: Comments must be received on
available documents online in the develops the draft regulatory basis. or before May 18, 2015.
ADAMS Public Documents collection at The Part 20 of Title 10 of the Code of ADDRESSES: You may submit comments,
http://www.nrc.gov/reading-rm/ Federal Regulations (10 CFR) ANPR identified by RIN 3245–AG68, by any of
adams.html. To begin the search, select public comment period was originally the following methods:
wreier-aviles on DSK5TPTVN1PROD with PROPOSALS
‘‘ADAMS Public Documents’’ and then scheduled to close on November 24, • Federal Rulemaking Portal: http://
select ‘‘Begin Web-based ADAMS 2014, after a 120-day comment period. www.regulations.gov. Please follow the
Search.’’ For problems with ADAMS, In response to several requests from instructions for submitting comments.
please contact the NRC’s Public members of the public received • Mail, Hand Delivery/Courier: Javier
Document Room (PDR) reference staff at throughout November 2014, the NRC Saade, Associate Administrator for the
1–800–397–4209, 301–415–4737, or by extended the public comment period on Office of Investment and Innovation,
email to pdr.resource@nrc.gov. The the ANPR, by an additional 120 days, to U.S. Small Business Administration,
ANPR document is available in ADAMS March 24, 2015 (79 FR 69065; 409 Third Street SW., Washington, DC
under Accession No. ML14183B023. November 20, 2014). 20416.
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![Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Proposed Rules 14037
and what changes industry members 0119. EPA’s policy is that all comments I. Background
would recommend. received will be included in the public EPA granted full approval of the
Dated: March 11, 2015. docket without change, and may be Pennsylvania Title V Operating Permits
Maria Contreras-Sweet, made available online at Program on July 30, 1996. See 61 FR
Administrator.
www.regulations.gov, including any 39597. Under 40 CFR 70.9(a) and (b), an
personal information provided, unless approved state title V operating permits
[FR Doc. 2015–06182 Filed 3–17–15; 8:45 am]
the comment includes information program must require that the owners or
BILLING CODE 8025–01–P
claimed to be Confidential Business operators of part 70 sources pay annual
Information (CBI) or other information fees, or the equivalent over some other
whose disclosure is restricted by statute. period, that are sufficient to cover the
ENVIRONMENTAL PROTECTION Do not submit information that you
AGENCY permit program costs and ensure that
consider to be CBI, or otherwise any fee required under 40 CFR 70.9 is
40 CFR Part 70 protected, through www.regulations.gov used solely for permit program costs.
or email. The www.regulations.gov Web The fee schedule must result in the
[EPA–R03–OAR–2015–0119; FRL–9924–56– site is an ‘‘anonymous access’’ system, collection and retention of revenues
Region 3] which means EPA will not know your sufficient to cover the permit program
Clean Air Act Title V Operating Permit identity or contact information unless costs.
Program Revision; Pennsylvania you provide it in the body of your Pennsylvania’s initial title V permit
comment. If you send an email emission fee, established in 1994 at 25
AGENCY: Environmental Protection comment directly to EPA without going PA Code 127.705, was $37 per ton of
Agency (EPA). through www.regulations.gov, your regulated pollutant per title V facility.
ACTION: Proposed rule. email address will be automatically Pennsylvania’s fee has been increased
captured and included as part of the each year since 1994 by the percentage,
SUMMARY: EPA is proposing to approve comment that is placed in the public if any, by which the Consumer Price
a revision to the Pennsylvania Title V docket and made available on the Index (CPI) for the most recent calendar
Operating Permit Program submitted by Internet. If you submit an electronic year exceeded the CPI for the previous
the Commonwealth of Pennsylvania on comment, EPA recommends that you calendar year. Under that regulatory
February 11, 2014. The Pennsylvania include your name and other contact framework, the annual emission fee for
Operating Permit Program is information in the body of your emissions occurring in calendar year
implemented through its Title V comment and with any disk or CD–ROM 2012 was $57.50 per ton of regulated
Operating Permits Rule, codified at you submit. If EPA cannot read your pollutant for emissions of up to 4,000
Subchapter G of Chapter 127 of Title 25 comment due to technical difficulties tons of each regulated pollutant. The fee
of the Pennsylvania Code. The February and cannot contact you for clarification, structure has not been revised since
11, 2014 revision amends the title V fee EPA may not be able to consider your 1994.
program that funds the Pennsylvania comment. Electronic files should avoid Pennsylvania has determined that
Title V Operating Permit Program. title V annual emission fee revenues
the use of special characters, any form
These changes resulted in substantial collected are no longer sufficient to
of encryption, and be free of any defects
revisions to Pennsylvania’s Title V cover title V program costs. Installation
or viruses.
Operating Permit Program. EPA is of air pollution control technology over
proposing to approve these revisions. Docket: All documents in the the past two decades on major
The intended effect of this action is to electronic docket are listed in the stationary sources, the retirement or
improve the Commonwealth’s title V www.regulations.gov index. Although curtailment of operations by major
operating permit program. listed in the index, some information is sources, and the conversion at many
DATES: Written comments must be not publicly available, i.e., CBI or other major facilities from burning coal or oil
received on or before April 17, 2015. information whose disclosure is to burning natural gas have resulted in
restricted by statute. Certain other decreased emission of regulated
ADDRESSES: Submit your comments,
identified by Docket ID Number EPA– material, such as copyrighted material, pollutants that are subject to annual
R03–OAR–2015–0119 by one of the is not placed on the Internet and will be emission fees, and revenues collected
following methods: publicly available only in hard copy have been decreasing as a result. The
A. www.regulations.gov. Follow the form. Publicly available docket decline in interest rates paid on savings
on-line instructions for submitting materials are available either account balances used by the
comments. electronically in www.regulations.gov or Commonwealth to manage permit fees
B. Email: Campbell.Dave@epa.gov. in hard copy during normal business collected also has affected the funds
C. Mail: EPA–R03–OAR–2015–0119, hours at the Air Protection Division, available to Pennsylvania, as the
David Campbell, Associate Director, U.S. Environmental Protection Agency, investments earn less interest in the
Office of Permits and Air Toxics, Region III, 1650 Arch Street, current economy compared to the early
Mailcode 3AP10, U.S. Environmental Philadelphia, Pennsylvania 19103. years of the title V program. Pursuant to
Protection Agency, Region III, 1650 Copies of the State submittal are 40 CFR 70.4(i)(2), when EPA receives a
Arch Street, Philadelphia, Pennsylvania available at the Pennsylvania title V program revision, EPA will
wreier-aviles on DSK5TPTVN1PROD with PROPOSALS
19103. Department of Environmental publish its proposed approval or
D. Hand Delivery: At the previously- Protection, Bureau of Air Quality disapproval in the Federal Register and
listed EPA Region III address. Such Control, P.O. Box 8468, 400 Market provide opportunity for comment.
deliveries are only accepted during the Street, Harrisburg, Pennsylvania 17105.
Docket’s normal hours of operation, and II. Summary of Program Revision
FOR FURTHER INFORMATION CONTACT:
special arrangements should be made In the February 11, 2014 program
Gerallyn Duke, (215) 814–2084, or by
for deliveries of boxed information. revision, Pennsylvania has included
email at Duke.Gerallyn@epa.gov.
Instructions: Direct your comments to revised 25 PA Code 127.705 which
Docket ID No. EPA–R03–OAR–2015– SUPPLEMENTARY INFORMATION: Pennsylvania has amended to increase
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Document Created: 2018-02-21 09:39:48
Document Modified: 2018-02-21 09:39:48
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Proposed Rules | |
| Action | Advance Notice of Proposed Rulemaking (ANPRM). | |
| Dates | Comments must be received on or before May 18, 2015. | |
| Contact | Theresa Jamerson, Office of Investment and Innovation, (202) 205-7563. | |
| FR Citation | 80 FR 14034 | |
| RIN Number | 3245-AG68 |
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