For immediate release

The Federal Reserve Board on Tuesday approved an action by the Board of Directors of the Federal Reserve Bank of San Francisco, increasing the discount rate at the Bank from 4-1/2 percent to 4-3/4 percent, effective immediately.

The Board also approved an action by the Board of Directors of the Federal Reserve Bank of St. Louis, increasing the discount rate at the Bank from 4-1/2 percent to 4-3/4 percent, effective September 21, 2005.