Federal Independent Agencies
News releases, reports, statements and associated documents from federal independent agencies.
Featured Stories
TVA Releases Updated Natural Resource Plan
KNOXVILLE, Tennessee, Feb. 19 -- The Tennessee Valley Authority issued the following news release:
The Tennessee Valley Authority released its updated Natural Resource Plan and associated final Supplemental Environmental Impact Statement on Friday, Feb. 14, 2020. The Natural Resource Plan guides how TVA manages public lands and waters in its seven-state service area and the Tennessee River watershed.
TVA hosted public meetings in 2018 and 2019 during the planning process to solicit input from the public and valued stakeholders. Public engagement also included webinars and social media.
The
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KNOXVILLE, Tennessee, Feb. 19 -- The Tennessee Valley Authority issued the following news release:
The Tennessee Valley Authority released its updated Natural Resource Plan and associated final Supplemental Environmental Impact Statement on Friday, Feb. 14, 2020. The Natural Resource Plan guides how TVA manages public lands and waters in its seven-state service area and the Tennessee River watershed.
TVA hosted public meetings in 2018 and 2019 during the planning process to solicit input from the public and valued stakeholders. Public engagement also included webinars and social media.
Theprevious plan, published in 2011, organized TVA's work into six resource areas. In the updated Natural Resource Plan, TVA proposes 10 focus areas that are more encompassing of TVA's natural resource functions. These focus areas include:
* Reservoir Lands Planning
* Section 26a and Land Use Agreements
* Public Land Protection
* Land and Habitat Stewardship
* Nuisance and Invasive Species Management
* Cultural Resource Management
* Water Resources Stewardship
* Recreation
* Ecotourism
* Public Outreach and Information.
The proposed update features more clearly defined strategies, including objectives and programs for each focus area and a flexible approach for long-term planning, which will help TVA prioritize funding and support its mission of environmental stewardship. The final Supplemental Environmental Impact Statement prepared by TVA analyzes the potential effects of these changes.
The Natural Resource Plan and its associated Supplemental Environmental Impact Statement are available to the public at http://www.tva.com/nrp. Both documents will be presented to the TVA Board of Directors in May.
For more information about TVA and its 86-year mission of service to the Tennessee Valley, click here (http://www.tva.com/abouttva/index.htm).
Jet Propulsion Laboratory: Findings From NASA's Juno Update Jupiter Water Mystery
PASADENA, California, Feb. 19 -- NASA's Jet Propulsion Laboratory issued the following news:
The mission publishes its first stream of data on the amount of water in Jupiter's atmosphere - the first findings on the gas giant's water since the agency's 1995 Galileo mission.
NASA's Juno mission has provided its first science results on the amount of water in Jupiter's atmosphere. Published recently in the journal Nature Astronomy, the Juno results estimate that at the equator, water makes up about 0.25% of the molecules in Jupiter's atmosphere - almost three times that of the Sun. These are also
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PASADENA, California, Feb. 19 -- NASA's Jet Propulsion Laboratory issued the following news:
The mission publishes its first stream of data on the amount of water in Jupiter's atmosphere - the first findings on the gas giant's water since the agency's 1995 Galileo mission.
NASA's Juno mission has provided its first science results on the amount of water in Jupiter's atmosphere. Published recently in the journal Nature Astronomy, the Juno results estimate that at the equator, water makes up about 0.25% of the molecules in Jupiter's atmosphere - almost three times that of the Sun. These are alsothe first findings on the gas giant's abundance of water since the agency's 1995 Galileo mission suggested Jupiter might be extremely dry compared to the Sun (the comparison is based not on liquid water but on the presence of its components, oxygen and hydrogen, present in the Sun).
An accurate estimate of the total amount of water in Jupiter's atmosphere has been on the wish lists of planetary scientists for decades: The figure in the gas giant represents a critical missing piece to the puzzle of our solar system's formation. Jupiter was likely the first planet to form, and it contains most of the gas and dust that wasn't incorporated into the Sun.
The leading theories about its formation rest on the amount of water the planet soaked up.Water abundance also has important implications for the gas giant's meteorology (how wind currents flow on Jupiter) and internal structure. While lightning - a phenomenon typically fueled by moisture - detected on Jupiter by Voyager and other spacecraft implied the presence of water, an accurate estimate of the amount of water deep within Jupiter's atmosphere remained elusive.
Before the Galileo probe stopped transmitting 57 minutes into its Jovian descent in December 1995, it radioed out spectrometer measurements of the amount of water in the gas giant's atmosphere down to a depth of about 75 miles (120 kilometers), where the atmospheric pressure reached about 320 pounds per square inch (22 bar). The scientists working on the data were dismayed to find ten times less water than expected.
Even more surprising: The amount of water the Galileo probe measured appeared to be still increasing at the greatest depth measured, far below where theories suggest the atmosphere should be well mixed. In a well-mixed atmosphere, the water content is constant across the region and more likely to represent a global average; in other words, it's more likely to be representative of water planetwide. When combined with an infrared map obtained at the same time by a ground-based telescope, the results suggested the probe mission may have just been unlucky, sampling an unusually dry and warm meteorological spot on Jupiter.
"Just when we think we have things figured out, Jupiter reminds us how much we still have to learn," said Scott Bolton, Juno principal investigator at the Southwest Research Institute in San Antonio. "Juno's surprise discovery that the atmosphere was not well mixed even well below the cloud tops is a puzzle that we are still trying to figure out. No one would have guessed that water might be so variable across the planet."
Measuring Water From Above
A rotating, solar-powered spacecraft, Juno launched in 2011. Because of the Galileo probe experience, the mission seeks to obtain water abundance readings across large regions of the immense planet. A new kind of instrument for deep space planetary exploration, Juno's Microwave Radiometer (MWR) observes Jupiter from above using six antennas that measure atmospheric temperature at multiple depths simultaneously. The Microwave Radiometer takes advantage of the fact that water absorbs certain wavelengths of microwave radiation, the same trick used by microwave ovens to quickly heat food. The measured temperatures are used to constrain the amount of water and ammonia in the deep atmosphere, as both molecules absorb microwave radiation.
The Juno science team used data collected during Juno's first eight science flybys of Jupiter to generate the findings. They initially concentrated on the equatorial region because the atmosphere there appears more well-mixed, even at depth, than in other regions. From its orbital perch, the radiometer was able to collect data from a far greater depth into Jupiter's atmosphere than the Galileo probe - 93 miles (150 kilometers), where the pressure reaches about 480 psi (33 bar).
"We found the water in the equator to be greater than what the Galileo probe measured," said Cheng Li, a Juno scientist at the University of California, Berkeley. "Because the equatorial region is very unique at Jupiter, we need to compare these results with how much water is in other regions."
Northward Bound
Juno's 53-day orbit is slowly moving northward, as intended, bringing more of Jupiter's northern hemisphere into sharper focus with each flyby. The science team is eager to see how atmospheric water content varies by latitude and region, as well as what the cyclone-rich poles can tell them about the gas giant's global water abundance.
Juno's 24th science flyby of Jupiter occurred on Feb 17. The next science flyby takes place on April 10, 2020.
"Every science flyby is an event of discovery," said Bolton. "With Jupiter there is always something new. Juno has taught us an important lesson: We need to get up close and personal to a planet to test our theories."
NASA's Jet Propulsion Laboratory in Pasadena, California, manages the Juno mission for the principal investigator, Scott Bolton, of the Southwest Research Institute in San Antonio. Juno is part of NASA's New Frontiers Program, which is managed at NASA's Marshall Space Flight Center in Huntsville, Alabama, for NASA's Science Mission Directorate. The Italian Space Agency contributed the Jovian Infrared Auroral Mapper and the Ka-Band translator system. Lockheed Martin Space in Denver built and operates the spacecraft.
More information about Juno is available at:
https://www.nasa.gov/juno
https://www.missionjuno.swri.edu
More information on Jupiter is at:
https://www.nasa.gov/jupiter
The public can follow the mission on Facebook and Twitter at:
https://www.facebook.com/NASAJuno
https://www.twitter.com/NASAJuno
Federal Reserve Bank of New York: Year-Ahead Household Spending Expectations Decline in December 2019 SCE Household Spending Survey
NEW YORK, Feb. 19 -- The Federal Reserve Bank of New York issued the following news release:
The Federal Reserve Bank of New York's Center for Microeconomic Data released the December 2019 Survey of Consumer Expectations (SCE) Household Spending Survey, which provides information on individuals' experiences and expectations regarding household spending. The survey shows the highest reading for monthly household spending growth compared to a year ago since April 2015. The share of respondents who reported making at least one large purchase in the last four months also reached a new series high.
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NEW YORK, Feb. 19 -- The Federal Reserve Bank of New York issued the following news release:
The Federal Reserve Bank of New York's Center for Microeconomic Data released the December 2019 Survey of Consumer Expectations (SCE) Household Spending Survey, which provides information on individuals' experiences and expectations regarding household spending. The survey shows the highest reading for monthly household spending growth compared to a year ago since April 2015. The share of respondents who reported making at least one large purchase in the last four months also reached a new series high.Year-ahead total household spending growth expectations however, were substantially lower compared to levels seen in the previous year. Median year-ahead expected growth in spending on clothing, food, medical care, housing, and transportation all declined.
Experiences
* The median increase in monthly household spending compared to a year ago was 2.5%, which is higher than the December 2018 reading (2.3%). This is the highest reading of the series since April 2015. The increase was most pronounced among lower income respondents (below $50,000).
* Some 62.5% of households in December 2019 reported making at least one large purchase in the last four months, almost two percentage points above its 60.7% share reported in December 2018 and the highest reading since August 2018. The increase was driven by respondents with household incomes between $50,000 and $100,000.
* The proportion of households who made a large purchase in the past four months of electronics, furniture, home appliances, home repairs, vehicles, and vacation all displayed small increases compared to December 2018.
* The share of households who reported making a house or apartment purchase in the last four months, was 2.0% in December 2019, equal to its reading in December 2018. The series increased to 3.5% in April 2019, but displayed a declining trend for the rest of the year.
* The reported degree of month-to-month variability in household income declined in December 2019, compared to December 2018. The proportion of households who reported their household incomes (before taxes) vary by less than 5% increased marginally from 82.3% to 82.7%. Those who report their incomes to vary by more than 15% from month to month also declined, from 4.8% to 2.8%.
Expectations
* Median expected growth in household spending over the next year declined from 2.8% in December 2018 to 2.3% in December 2019. The decline was driven by respondents with a high school education or less.
* Median year-ahead expected spending change in clothing, food, medical care, housing, and recreation reported in December 2019 fell behind those reported in December 2018. The median year-ahead expected change in spending on education, on the other hand, remained constant at 0.4%.
* Differentiating spending on essential and non-essential items, the median year-ahead expected change in household spending on essential items, such as daily living expenses, over the next year remained unchanged at 3.0% from December 2018 to December 2019. The median expected change in spending on non-essential items, such as hobbies, leisure, or vacation, over the next year also remained unchanged at 1.4%.
* The average likelihood of making a large purchase in the next four months increased for electronics, furniture, house or apartment, vacations, and vehicles compared to a year ago, with the largest increase -- 2.6 percentage points -- for electronics. The average likelihood of making a home repair purchase declined from 21.5% in December 2018 to 19.0% in December 2019.
* Reported expected spending responses to an unexpected 10% increase in income shows an average 36.5% would be used by households to pay down debt (down from 37.1% in the prior year), 46.4% would be saved or invested (45.7% in December 2018), and 17.1% would be spent or donated (17.3% in prior year). The decline in the average expected share of the extra income used to pay down debts, was driven by respondents without a college degree.
Detailed results are available here. (https://www.newyorkfed.org/microeconomics/sce/household-spending#/)
About the SCE Household Spending Survey
The SCE Household Spending Survey, fielded as part of the SCE (Survey of Consumer Expectations), provides information on consumers' experiences and expectations regarding their spending patterns. Every four months, SCE panelists are asked details about their expectations for year-ahead changes in household spending (both in the aggregate and by category), spending on essential and non-essential items, and the likelihood of making different large purchases. The SCE Household Spending Survey also solicits information on the expected spending and saving response to an unexpected increase or decline in household income. In addition to questions about large purchases and changes in total spending over the past year, respondents are asked about the month-to-month variability in their household income.
More information about the SCE survey goals, design, and content can be found at: http://www.newyorkfed.org/microeconomics/sce.html
Faulty Ignition Switches, Maintaining Flight Control During Engine-Out Operations, Subjects of Aviation Safety Alerts
WASHINGTON, Feb. 19 -- The National Transportation Safety Board issued the following news release:
The National Transportation Safety Board issued two Safety Alerts Tuesday; one alerting pilots and mechanics to an easily overlooked fault with ignition switches and one reminding pilots of multiengine planes how critical it is to properly manage engine failures at low altitudes.
NTSB Safety Alerts are brief information sheets that pinpoint particular safety hazards and offer practical remedies to address them.
Safety Alert 080 "Stay in the Groove: Check Ignition Switch/Key Integrity (https://go.usa.gov/xdQ2R)"
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WASHINGTON, Feb. 19 -- The National Transportation Safety Board issued the following news release:
The National Transportation Safety Board issued two Safety Alerts Tuesday; one alerting pilots and mechanics to an easily overlooked fault with ignition switches and one reminding pilots of multiengine planes how critical it is to properly manage engine failures at low altitudes.
NTSB Safety Alerts are brief information sheets that pinpoint particular safety hazards and offer practical remedies to address them.
Safety Alert 080 "Stay in the Groove: Check Ignition Switch/Key Integrity (https://go.usa.gov/xdQ2R)"is directed at pilots and mechanics and calls attention to a little-known risk involving a worn switch or key that can lead to an unintended engine start-up.
The safety issue stems from a condition in which a key could be removed from the ignition switch leaving it in a position other than OFF. This could result in an unintended engine start-up that could be extremely hazardous to anyone outside the airplane, including the pilot conducting a preflight check of the propeller.
Accompanying the online version of Safety Alert 080 is a three-minute companion video that can be viewed on the NTSB's YouTube channel at https://youtu.be/JDnnXjNb2vc.
Safety Alert 080 references three accidents in which one person was killed, another seriously injured, and several airplanes were damaged.
Among the remedies provided, the NTSB said pilots should check ignition switches to ensure the key can only be removed in the OFF position, mechanics should make airplane owners aware of this potential safety issue, and both pilots and mechanics should always proceed with caution around any propeller.
Safety Alert 081 "Maintain Engine Control With One Engine Inoperative," is directed at pilots of multiengine airplanes and highlights the importance of maintaining the minimum controllable airspeed during an engine failure that occurs during critical flight phases such as takeoffs and landings.
The NTSB cited five preventable crashes involving pilots with flight time ranging from 765 to 18,000 hours and noted that experience alone is insufficient to prevent a loss-of-control accident following an engine-out event.
Among the actions pilots can take to mitigate the risks associated with this flight condition, the NTSB said pilots should conduct a realistic self-assessment of their abilities to deal with an engine-out, maintain proficiency in handling this type of emergency, and seek training in proper recovery techniques in multiengine airplanes in which they have limited experience.
All 81 of the NTSB's Safety Alerts are available at https://go.usa.gov/xdgzS.
The NTSB's 16 Safety Alert videos are available at https://go.usa.gov/xdguj.
Farmer Mac to Announce Fourth Quarter and Full Year 2019 Financial Results
WASHINGTON, Feb. 19 -- Farmer Mac issued the following news release:
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the availability and affordability of credit for the benefit of rural America, today announced that it will release its financial results for the fiscal quarter and year ended December 31, 2019, on Tuesday, February 25, 2020, after the closing of equity markets. A conference call to discuss the results will be held that day at 5:00 p.m. eastern time.
The conference call can be accessed by telephone
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WASHINGTON, Feb. 19 -- Farmer Mac issued the following news release:
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the availability and affordability of credit for the benefit of rural America, today announced that it will release its financial results for the fiscal quarter and year ended December 31, 2019, on Tuesday, February 25, 2020, after the closing of equity markets. A conference call to discuss the results will be held that day at 5:00 p.m. eastern time.
The conference call can be accessed by telephoneor webcast as follows:
Dial-In (Domestic): (888) 346-2616
Dial-In (International): (412) 902-4254
Webcast: https://www.farmermac.com/investors/events-presentations/
When dialing in to the call, please ask for the "Farmer Mac Earnings Conference Call." This call can be heard live and will also be available for replay on Farmer Mac's website following the conclusion of the conference call.
* * *
About Farmer Mac
Farmer Mac is a vital part of the agricultural credit markets and was created to increase access to and reduce the cost of capital for the benefit of American agricultural and rural communities. As the nation's secondary market for agricultural credit, we provide financial solutions to a broad spectrum of the agricultural community, including agricultural lenders, agribusinesses, and other institutions that can benefit from access to flexible, low-cost financing and risk management tools. Farmer Mac's customers benefit from our low cost of funds, low overhead costs, and high operational efficiency. For more than 30 years, Farmer Mac has been delivering the capital and commitment rural America deserves. Additional information about Farmer Mac is available on Farmer Mac's website at http://www.farmermac.com.
Fannie Mae and Freddie Mac Publish Joint Enterprise Credit Score Solicitation
WASHINGTON, Feb. 19 -- Federal Housing Finance Agency issued the following news release:
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have published a Joint Credit Score Solicitation.
"The publication of the solicitation is the first step in the process of evaluating new credit score models," said FHFA Director Mark Calabria. "FHFA will ensure that the Enterprises validate and approve credit score models in a timely and prudent manner, so that Americans continue to have a safe and sound path to sustainable homeownership."
The Credit Score
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WASHINGTON, Feb. 19 -- Federal Housing Finance Agency issued the following news release:
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have published a Joint Credit Score Solicitation.
"The publication of the solicitation is the first step in the process of evaluating new credit score models," said FHFA Director Mark Calabria. "FHFA will ensure that the Enterprises validate and approve credit score models in a timely and prudent manner, so that Americans continue to have a safe and sound path to sustainable homeownership."
The Credit ScoreSolicitation describes the process for credit score model developers to submit applications to the Enterprises. The Enterprises will begin accepting applications on May 18, 2020. The application period will be open for 120 days, ending on September 15, 2020.
The validation and approval of credit score models will be a multiyear effort by the Enterprises under requirements established by FHFA's final rule on the process for validation and approval of credit score models. FHFA's rule implements the requirements in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act enacted on May 24, 2018.
Link to Fannie Mae Credit Score Solicitation (http://singlefamily.fanniemae.com/originating-underwriting/credit-score-models)
Link to Freddie Mac Credit Score Solicitation (https://sf.freddiemac.com/articles/news/fhfa-approves-the-solicitation-for-alternative-credit-score-models)
Dallas Fed Names Richard J. Mase Jr. Senior Vice President
DALLAS, Texas, Feb. 19 -- The Federal Reserve Bank of Dallas issued the following news release:
The Federal Reserve Bank of Dallas has promoted Richard J. Mase Jr. to senior vice president responsible for Eleventh Federal Reserve District cash operations.
He will also serve as the Dallas Fed's representative on the Federal Reserve System's Cash Advisory Group.
Mase joined the Dallas Fed in 1986. He has served in numerous roles across a variety of business lines at the Dallas Fed, including vice president, assistant vice president, cash operations officer and manager of cash services.
Mase holds
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DALLAS, Texas, Feb. 19 -- The Federal Reserve Bank of Dallas issued the following news release:
The Federal Reserve Bank of Dallas has promoted Richard J. Mase Jr. to senior vice president responsible for Eleventh Federal Reserve District cash operations.
He will also serve as the Dallas Fed's representative on the Federal Reserve System's Cash Advisory Group.
Mase joined the Dallas Fed in 1986. He has served in numerous roles across a variety of business lines at the Dallas Fed, including vice president, assistant vice president, cash operations officer and manager of cash services.
Mase holdsa bachelor's degree in economics from Southern Methodist University.
