Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds (Department of the Treasury Circular, Public Debt Series No. 1-93); Regulations Governing Book-Entry Treasury Bonds, Notes and Bills Held in Legacy Treasury Direct®; Regulations Governing Securities Held in TreasuryDirect®, 57437-57445 [05-19552]

Agencies

• Fiscal Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 70, Number 189 (Friday, September 30, 2005)]
[Rules and Regulations]
[Pages 57437-57445]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-19552]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Parts 356, 357, and 363

[Docket No. BPD-CC-05-2]


Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, 
and Bonds (Department of the Treasury Circular, Public Debt Series No. 
1-93); Regulations Governing Book-Entry Treasury Bonds, Notes and Bills 
Held in Legacy Treasury Direct[supreg]; Regulations Governing 
Securities Held in TreasuryDirect[supreg]

AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: TreasuryDirect is an account-based, book-entry, online system 
for purchasing, holding, and conducting transactions in Treasury 
securities. To date, the system has only been available for the 
purchase and holding of savings bonds and certificates of indebtedness. 
The Department of the Treasury (hereinafter referred to as ``Treasury'' 
or ``We'') is amending Regulations Governing Securities Held in 
TreasuryDirect to add marketable Treasury securities to the securities 
that may be purchased and held in TreasuryDirect and to provide the 
terms and conditions for marketable Treasury securities held in the 
system. We are amending Regulations Governing Book-Entry Treasury 
Bonds, Notes and Bills Held in Legacy Treasury Direct to provide for 
the transfer of securities between Legacy Treasury Direct and 
TreasuryDirect. We are also amending the Uniform Offering Circular for 
the Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and 
Bonds to make the changes necessary to

[[Page 57438]]

accommodate participation in Treasury marketable securities auctions 
for securities to be held in either the TreasuryDirect or the Legacy 
Treasury Direct[supreg] system. We are also eliminating the ability to 
bid competitively through Legacy Treasury Direct. These final 
amendments benefit individual investors by allowing them to purchase, 
hold and conduct transactions in marketable Treasury securities through 
the TreasuryDirect system.

DATES: Effective Date: September 30, 2005.

ADDRESSES: You can download this final rule at the following Internet 
addresses: https://www.publicdebt.treas.gov or https://www.gpoaccess.gov/
ecfr.

FOR FURTHER INFORMATION CONTACT: 
Elisha Whipkey, Director, Division of Program Administration, Office of 
Securities Operations, Bureau of the Public Debt, at (304) 480-6319 or 
elisha.whipkey@bpd.treas.gov for information on the TreasuryDirect and 
Legacy Treasury Direct systems.
Chuck Andreatta, Associate Director, Government Securities Regulations 
Staff, Bureau of the Public Debt, at (202) 504-3632 or 
govsecreg@bpd.treas.gov for information on Treasury marketable 
securities auction rules (31 CFR part 356).
Susan Klimas, Attorney-Adviser, Dean Adams, Assistant Chief Counsel, 
Edward Gronseth, Deputy Chief Counsel, Office of the Chief Counsel, 
Bureau of the Public Debt, at (304) 480-8692 or 
susan.klimas@bpd.treas.gov for information on regulations governing 
TreasuryDirect and Legacy Treasury Direct (31 CFR parts 357 and 363).

SUPPLEMENTARY INFORMATION: 
    TreasuryDirect[supreg] is an account-based, online, book-entry 
system for purchasing, holding, and conducting transactions in Treasury 
securities. Currently, book-entry Series EE and Series I savings bonds 
and certificates of indebtedness are offered for purchase. In addition, 
definitive savings bonds may be converted to book-entry savings bonds 
through TreasuryDirect and held in the system. We are issuing this 
amendment to 31 CFR parts 363, 357, and 356 to provide for the purchase 
and holding of marketable Treasury securities in TreasuryDirect.
    31 CFR Part 363. We are amending 31 CFR part 363, Regulations 
Governing Securities Held in TreasuryDirect, to add marketable Treasury 
securities to the securities that may be held in the TreasuryDirect 
system.\1\ The previous subpart F is redesignated as subpart H, and a 
new subpart F has been added to address the unique terms and conditions 
for holding marketable Treasury securities in TreasuryDirect. The 
provisions in subpart B, which apply to all securities held in 
TreasuryDirect, will apply to marketable Treasury securities as well. 
Therefore, the current provisions in subpart B relating to rules of the 
system, registrations, administrative and judicial proceedings, and 
decedents' estates, that are applicable to all securities in 
TreasuryDirect, will apply to marketable Treasury securities.
---------------------------------------------------------------------------

    \1\ The governing regulations for the TreasuryDirect system, 31 
CFR part 363, were originally published as a final rule October 17, 
2002 (67 FR 64275). The regulations were subsequently amended May 8, 
2003 (68 FR 24793); January 16, 2004 (69 FR 2506); August 16, 2004 
(69 FR 50307); March 23, 2005 (70 FR 14940); and September 30, 2005. 
The TreasuryDirect system was first referred to as New Treasury 
Direct to distinguish it from an older system for holding book-entry 
Treasury bills, notes and bonds directly with Treasury, also known 
as TreasuryDirect. The regulations for the older system are found at 
31 CFR part 357. The name of the newer system was changed in the 
most recent amendment to the TreasuryDirect regulations, and at the 
same time the name of the older system was changed to Legacy 
Treasury Direct.
---------------------------------------------------------------------------

    A TreasuryDirect account owner can submit a noncompetitive bid for 
eligible marketable Treasury securities online through his or her 
account. Marketable Treasury securities that are eligible for purchase 
through a TreasuryDirect account are those that are available for 
purchase through the TreasuryDirect Web site. Any registration provided 
in subpart B for securities held in TreasuryDirect is available for 
marketable Treasury securities.
    Upon the purchase of a marketable Treasury security, there will be 
a period of 45 calendar days after the issue date of the security, or 
the term of the security, whichever is less, during which the security 
may not be transferred. This holding period is to prevent a loss to 
Treasury in the event of a returned or unauthorized debit. In addition, 
and for a similar reason, we are amending subpart D, relating to 
certificates of indebtedness, to provide for a holding period of 5 
business days after a debit entry for the purchase of a certificate of 
indebtedness. During this holding period the certificate of 
indebtedness may only be redeemed to purchase a new security and may 
not be redeemed for cash.
    This final rule provides for the transfer of marketable Treasury 
securities among the commercial book-entry system, the Legacy Treasury 
Direct system, and the TreasuryDirect system. Online transfers 
available for marketable Treasury securities are transfers between 
TreasuryDirect accounts, transfers to other book-entry systems, and 
transfers to our agent for sale on the open market (Sell Direct), in 
increments of $1000. Any eligible marketable book-entry Treasury bill, 
note, or bond may be transferred into and held in a TreasuryDirect 
account.
    Under the provisions of this amendment, an account owner may 
reinvest a matured security held in TreasuryDirect by directing that 
the redemption proceeds of the security be used to purchase a 
certificate of indebtedness, and then using the redemption proceeds of 
the certificate of indebtedness to purchase a new marketable Treasury 
security.
    The process in TreasuryDirect for handling undeliverable payments 
of either principal or interest will benefit both investors and 
Treasury. Undeliverable proceeds will be used to purchase a certificate 
of indebtedness in the name of the account owner. The account owner can 
then directly access the certificate of indebtedness online through the 
account, rather than having to contact Treasury to make arrangements 
for delivery of the payment.
    A four-business day closed book period will be in effect prior to 
the date a marketable security payment is made. This means that certain 
transactions made during the closed book period will be delayed until 
after the closed book period is completed and the payment is made.

    31 CFR Part 357. We are amending 31 CFR part 357, Regulations 
Governing Book-Entry Treasury Bonds, Notes and Bills Held in Legacy 
Treasury Direct, to provide that marketable Treasury securities may be 
transferred between Legacy Treasury Direct and TreasuryDirect.
    31 CFR Part 356. 31 CFR part 356, also referred to as the Uniform 
Offering Circular (UOC), sets out the terms and conditions for the sale 
and issuance to the public of marketable Treasury bills, notes, and 
bonds. The UOC, in conjunction with offering announcements, represents 
a comprehensive statement of those terms and conditions.\2\
---------------------------------------------------------------------------

    \2\ The Uniform Offering Circular was published as a final rule 
on January 5, 1993 (58 FR 411). The circular, as amended, is 
codified at 31 CFR part 356. A final rule converting the UOC to 
plain language and making certain other minor changes was published 
in the Federal Register on July 28, 2004 (69 FR 45202).
---------------------------------------------------------------------------

    This amendment makes changes to the UOC to allow bidders to bid for 
marketable Treasury securities to be issued in either the 
TreasuryDirect or

[[Page 57439]]

Legacy Treasury Direct direct-holding systems. The amendment 
accommodates the differences between the systems, such as the methods 
of payment. The amendment makes one substantive change, described 
below, which is that competitive bidding will no longer be allowed for 
securities to be held in Legacy Treasury Direct.
    Competitive bidding will not be allowed for securities to be held 
in either the new TreasuryDirect system or in Legacy Treasury Direct. 
Although competitive bidding has been allowed since Legacy Treasury 
Direct was first implemented in 1986, our experience has been that the 
volume of such bids has been so low that it does not justify continuing 
to provide the service. Accordingly, Sec.  356.12 has been amended to 
stipulate that it will not be a feature of either system going forward.

Procedural Requirements

    This final rule does not meet the criteria for a ``significant 
regulatory action'' as defined in Executive Order 12866. Therefore, a 
regulatory assessment is not required.
    Because this final rule relates to matters of public contract and 
procedures for United States securities, notice and public procedure 
and delayed effective date requirements are inapplicable, pursuant to 5 
U.S.C. 553(a)(2).
    As no notice of proposed rulemaking is required, the Regulatory 
Flexibility Act (5 U.S.C. 601 et seq.) does not apply.
    We ask for no new collections of information in this final rule. 
Therefore, the Paperwork Reduction Act (44 U.S.C. 3507) does not apply.

List of Subjects

31 CFR Part 356

    Bonds, Federal Reserve System, Government securities, Securities.

31 CFR Part 357

    Banks, Banking, Bonds, Electronic funds transfers, Government 
securities, Reporting and recordkeeping requirements.

31 CFR Part 363

    Bonds, Electronic funds transfer, Federal Reserve system, 
Government securities, Securities.

0
Accordingly, for the reasons set out in the preamble, 31 CFR chapter 
II, subchapter B, is amended as follows:

PART 356--SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, 
NOTES AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, PUBLIC DEBT 
SERIES NO. 1-93)

0
1. The authority citation for part 356 continues to read as follows:

    Authority: 5 U.S.C. 301; 31 U.S.C. 3102 et seq.; 12 U.S.C. 391.


0
2. Amend part 356 by revising ``TreasuryDirect'' or ``Legacy Treasury 
Direct'' to read ``TreasuryDirect [supreg]'' or ``Legacy Treasury 
Direct[supreg]'' the first time they appear in each section or section 
heading in the part.

0
3. Section 356.2 is amended by revising the definitions of ``Autocharge 
agreement,'' ``Book-entry security,'' Security and ``TreasuryDirect,'' 
and by adding in alphabetical order the definitions of ``Certificate of 
indebtedness'' and ``Legacy Treasury Direct'' to read as follows:


Sec.  356.2  What definitions do I need to know to understand this 
part?

* * * * *
    Autocharge agreement means an agreement in a format acceptable to 
Treasury between a submitter or clearing corporation and a depository 
institution that authorizes us to:
    (1) Deliver awarded securities to:
    (i) The book-entry securities account of a designated depository 
institution in the commercial book-entry system, or
    (ii) An account in Legacy Treasury Direct, and
    (2) Charge a funds account of a designated depository institution 
for the settlement amount of the securities.
* * * * *
    Book-entry security means a security that is issued and maintained 
as an accounting entry or electronic record in either the commercial 
book-entry system or in one of Treasury's two direct-hold systems--
TreasuryDirect or Legacy Treasury Direct. (See Sec.  356.4.)
* * * * *
    Certificate of indebtedness means a one-day non-interest-bearing 
security that may be held in TreasuryDirect and that automatically 
matures and is rolled over each day until its owner requests that it be 
redeemed.
* * * * *
    Legacy Treasury Direct means a non-Internet-based book-entry system 
maintained by Treasury for purchasing and holding marketable Treasury 
securities directly with Treasury. (See 31 CFR part 357.)
* * * * *
    Security means a Treasury bill, note, or bond, each as described in 
this part. Security also means any other obligation we issue that is 
subject to this part according to its auction announcement. Security 
includes an interest or principal component under the STRIPS program, 
as well as a certificate of indebtedness in an investor's 
TreasuryDirect account.
* * * * *
    TreasuryDirect means the book-entry, online system maintained by 
Treasury for purchasing and holding marketable Treasury securities, 
nonmarketable savings bonds, and certificates of indebtedness directly 
with Treasury. (See 31 CFR part 363.)
* * * * *

0
4. Section 356.4 is amended by revising the introductory text and 
paragraph (b), and by adding a new paragraph (c) to read as follows:


Sec.  356.4  What are the book-entry systems in which auctioned 
Treasury securities may be issued?

    There are three book-entry securities systems--the commercial book-
entry system, TreasuryDirect, and Legacy Treasury Direct--into which we 
issue marketable Treasury securities. We maintain and transfer 
securities in these three book-entry systems at their par amount. Par 
amounts of Treasury inflation-protected securities do not include 
adjustments for inflation. Securities may be transferred from one 
system to the other. See Department of the Treasury Circular, Public 
Debt Series No. 2-86, as amended (31 CFR part 357) and 31 CFR part 363.
* * * * *
    (b) TreasuryDirect. In this system, account holders maintain 
accounts in a book-entry, online system directly on the records of the 
Bureau of the Public Debt, Department of the Treasury. Bids for 
securities to be held in TreasuryDirect are submitted through the 
Internet.
    (c) Legacy Treasury Direct. In this system, we maintain the book-
entry securities of account holders directly on the records of the 
Bureau of the Public Debt, Department of the Treasury. Bids for 
securities to be held in Legacy Treasury Direct are generally submitted 
directly to us, although such bids may also be forwarded to us by a 
depository institution or dealer.

0
5. Section 356.5 is amended by revising the introductory text to read 
as follows:


Sec.  356.5  What types of securities does the Treasury auction?

    We offer securities under this part exclusively in book-entry form 
and as direct obligations of the United States

[[Page 57440]]

issued under Chapter 31 of Title 31 of the United States Code. The 
securities are subject to the terms and conditions in this part, the 
regulations in 31 CFR part 363 (for securities held in TreasuryDirect), 
the regulations in 31 CFR part 357 (for securities held in the 
commercial book-entry system and Legacy Treasury Direct), and the 
auction announcements. When we issue additional securities with the 
same CUSIP number as outstanding securities, we consider them to be the 
same securities as the outstanding securities.
* * * * *

0
6. Section 356.11 is amended by revising the first sentence of 
paragraph (a)(1), by revising paragraph (c), and by adding a new 
paragraph (d) to read as follows:


Sec.  356.11  How are bids submitted in an auction?

    (a) General. (1) All bids must be submitted using an approved 
method, which depends on whether you are requesting us to issue the 
awarded securities in the commercial book-entry system, in 
TreasuryDirect, or in Legacy Treasury Direct (See Sec.  356.4). * * *
* * * * *
    (c) TreasuryDirect. You must submit your bids through your 
established book-entry, online TreasuryDirect account. You may reinvest 
the proceeds of maturing securities held in TreasuryDirect by directing 
that the proceeds be used to purchase a certificate of indebtedness in 
your TreasuryDirect account and by using the proceeds of your 
certificate of indebtedness to pay for the securities.
    (d) Legacy Treasury Direct. (1) If you are a submitter and the 
awarded securities are to be issued in Legacy Treasury Direct, you may 
submit bids by using one of our approved methods, e.g., computer, 
automated telephone service, or paper forms. You may also reinvest the 
proceeds of maturing securities into new securities through the same 
methods.
    (2) If you are submitting bids by paper form, you must use forms 
authorized by the Bureau of the Public Debt and provide the requested 
information. We have the option of accepting or rejecting bids on any 
other form. You are responsible for ensuring that we receive bids in 
paper form on time. A noncompetitive bid is on time if:
    (i) We receive it on or before the issue date, and
    (ii) The envelope it arrived in bears evidence, such as a U.S. 
Postal Service cancellation, that it was mailed prior to the auction 
date.
    (3) If you are submitting a bid by computer or automated telephone 
service you must be an established Legacy Treasury Direct account 
holder with a Taxpayer Identification Number.
    (4) In contingency situations, such as a power outage, we may 
accept bids by other means, provided, that in all cases the bids are 
submitted prior to the relevant bidding deadline by an established 
Legacy Treasury Direct account holder.

0
7. Section 356.12 is amended by revising paragraphs (b)(1) and (c)(3) 
to read as follows:


Sec.  356.12  What are the different types of bids and do they have 
specific requirements or restrictions?

* * * * *
    (b) Noncompetitive bids. (1) Maximum bid. You may not bid 
noncompetitively for more than $5 million. The maximum bid limitation 
does not apply if you are bidding solely through either a 
TreasuryDirect or a Legacy Treasury Direct reinvestment request. A 
request for reinvestment of securities maturing in either 
TreasuryDirect or Legacy Treasury Direct is a noncompetitive bid.
* * * * *
    (c) * * *
    (3) Additional restrictions. You may not bid competitively in an 
auction in which you are bidding noncompetitively. You may not bid 
competitively for securities to be bought through either TreasuryDirect 
or Legacy Treasury Direct.

0
8. Section 356.17 is amended by redesignating paragraphs (b) and (c) as 
paragraphs (c) and (d), respectively, adding new paragraph (b) and 
revising newly redesignated paragraphs (c) and (d) to read as follows:


Sec.  356.17  How and when do I pay for securities awarded in an 
auction?

* * * * *
    (b) TreasuryDirect. You must pay for your awarded securities by a 
debit entry to a deposit account that you are authorized to debit or by 
using the redemption proceeds of your certificate of indebtedness held 
in your TreasuryDirect account. Payment by debit entry occurs on the 
settlement date for the actual settlement amount due. (See Sec.  
356.25.)
    (c) Legacy Treasury Direct. Unless you make other provisions, you 
must pay by debit entry to a deposit account that you are authorized to 
debit or submit payment with your bids. Payment by debit entry occurs 
on the settlement date for the actual settlement amount due. (See Sec.  
356.25.) If you are paying with a check or with maturing securities, 
you must pay separately for any premium, accrued interest, or inflation 
adjustment as soon as you receive your Payment Due Notice.
    (1) Bidding and payment by computer or by telephone. If you are 
bidding by computer or by telephone, you must pay for any securities 
awarded to you by debit entry to a deposit account. If a depository 
institution or dealer is submitting your bids for securities to be held 
in Legacy Treasury Direct, payment may be either by debit entry to a 
deposit account or by allowing us to charge the Federal Reserve Bank 
funds account of a depository institution.
    (2) Bidding and payment by paper form. If you are mailing bids to 
us on a paper form, you may either enclose your payment with the form 
or pay for any securities awarded to you by debit entry to a deposit 
account. For bills, you may pay by depository institution (cashier's or 
teller's) check, certified check, or currently dated Treasury or fiscal 
agency check made payable to you. For notes or bonds, in addition to 
the payment options for bills, you may also pay by personal check. If 
you submit a personal check, make it payable to Legacy Treasury Direct 
and mail it with the bid to the Federal Reserve Bank handling your 
account. In your payment amount you must include the par amount and any 
announced accrued interest and/or inflation adjustment.
    (3) Payment by maturing securities. You may use maturing securities 
held in Legacy Treasury Direct as payment for reinvestments into new 
securities that we are offering, as long as we receive the appropriate 
transaction request on time.
    (d) Commercial book-entry system. Unless you make other provisions, 
payment of the settlement amount must be by charge to the funds account 
of a depository institution at a Federal Reserve Bank.

0
9. Section 356.22 is amended by revising paragraph (a) to read as 
follows:


Sec.  356.22  Does the Treasury have any limitations on auction awards?

    (a) Awards to noncompetitive bidders. The maximum award to any 
noncompetitive bidder is $5 million. This limit does not apply to 
bidders bidding solely through TreasuryDirect or Legacy Treasury Direct 
reinvestment requests.
* * * * *

0
10. Section 356.25 is amended by revising paragraphs (a) and (b), 
redesignating paragraph (c) as paragraph (d), adding a new paragraph 
(c), and revising newly redesignated paragraph (d) to read as follows:

[[Page 57441]]

Sec.  356.25  How does the settlement process work?

* * * * *
    (a) Payment by debit entry to a deposit account. If you are paying 
by debit entry to a deposit account as provided for in Sec.  356.17 (b) 
and (c), we will charge the settlement amount to the specified account 
on the issue date.
    (b) Payment by authorized charge to a funds account. Where the 
submitter's method of payment is an authorized charge to the funds 
account of a depository institution as provided for in Sec.  356.17 
(c)(1) and (d), we will charge the settlement amount to the specified 
funds account on the issue date.
    (c) Payment through a certificate of indebtedness. If you are 
paying with the redemption proceeds of your certificate of indebtedness 
as provided for in Sec.  356.17(b), we will redeem the certificate of 
indebtedness for the settlement amount of the security and apply the 
proceeds on the issue date.
    (d) Payment with bids. If you paid the par amount with your bids as 
provided for in Sec.  356.17 (c)(2), you may have to pay an additional 
amount, or we may have to pay an amount to you, as follows:
    (1) When we owe an amount to you. If the amount you paid is more 
than the settlement amount, we will refund the balance to you after the 
auction. This will generally occur if you submit payment with your 
bids. A typical example would be an auction where the price is a 
discount from par and there is no accrued interest.
    (2) When you must remit an additional amount. If the settlement 
amount is more than the amount you paid, we will notify you of the 
additional amount due. You may owe us such an additional amount if the 
auction calculations result in a premium or if accrued interest or an 
inflation adjustment is due. If your securities are to be held in 
TreasuryDirect, we will collect this amount through the same payment 
method that you previously authorized for the transaction. If your 
securities are to be held in Legacy Treasury Direct, you will be 
responsible for remitting this additional amount immediately.

0
11. Section 356.30 is amended by redesignating current paragraph (c)(2) 
as paragraph (c)(3) and by adding a new paragraph (c)(2) and revising 
newly redesignated paragraph (c)(3) to read as follows:


Sec.  356.30  When does the Treasury pay principal and interest on 
securities?

* * * * *
    (c) * * *
    (2) TreasuryDirect. We discharge our payment obligations when we 
make payment to a depository institution for credit to the account 
specified by the owner of the security, when we make payment for a 
certificate of indebtedness to be issued and held in the owner's 
account, or when we make payment according to the instructions of the 
security's owner or the owner's legal representative.
    (3) Legacy Treasury Direct. We discharge our payment obligations 
when we make payment to a depository institution for credit to the 
account specified by the owner of the security, or when we make payment 
according to the instructions of the security's owner or the owner's 
legal representative.

PART 357--REGULATIONS GOVERNING BOOK-ENTRY TREASURY BONDS, NOTES 
AND BILLS HELD IN LEGACY TREASURY DIRECT[supreg]

0
12. The authority citation for part 357 continues to read as follows:

    Authority: 31 U.S.C. chapter 31; 12 U.S.C. 391; 5 U.S.C. 301.


0
13. Amend part 357 by revising ``TreasuryDirect'' or ``Legacy Treasury 
Direct'' to read ``TreasuryDirect [supreg]'' or ``Legacy Treasury 
Direct [supreg]'' the first time they appear in each section or section 
heading in the part.

0
14. Amend 357.0 by revising paragraph (a) to read as follows:


Sec.  357.0  Book-entry systems.

    (a) Treasury securities. Treasury securities are maintained in one 
of the following book-entry systems:
    (1) Commercial book-entry system. The commercial book-entry system 
is the book-entry system in which Treasury securities are held in a 
tiered system through securities intermediaries such as financial 
institutions or brokerage firms. A Treasury security is maintained in 
the commercial book-entry system if it is credited by a Federal Reserve 
Bank to a Participant's Securities Account. The regulations governing 
the commercial book-entry system are found at subpart B of this part, 
and are referred to as Treasury/Reserve Automated Debt Entry System 
(TRADES).
    (2) Legacy Treasury Direct. The Legacy Treasury Direct system is a 
non-Internet-based book-entry system maintained by Treasury for 
purchasing and holding marketable Treasury securities as book-entry 
products. A Treasury security is maintained in Legacy Treasury Direct 
if it is credited to a Legacy Treasury Direct account as described in 
Sec.  357.20 of this part. Treasury securities are held directly by the 
Department of the Treasury in accounts maintained in the investor's 
name. A Legacy Treasury Direct account may be accessed through a 
designated Federal Reserve Bank or the Bureau of the Public Debt. See 
subpart C of this part for rules pertaining to Legacy Treasury Direct.
    (3) TreasuryDirect. TreasuryDirect is a book-entry, online system 
maintained by the Department of the Treasury for purchasing and holding 
eligible marketable Treasury securities, United States Savings Bonds, 
and certificates of indebtedness in electronic form as a computer 
record on the books of Treasury. The regulations governing 
TreasuryDirect are found at 31 CFR part 363.
* * * * *

0
15. Amend Sec.  357.2 by revising the definitions of ``Book-entry 
security'' and ``Original issue,'' in alphabetical order, to read as 
follows:


Sec.  357.2  Definitions.

* * * * *
    Book-entry security means a Treasury security maintained as a 
computer record in the commercial book-entry system, Legacy Treasury 
Direct, or TreasuryDirect.
* * * * *
    Original issue means Treasury's offering of a marketable Treasury 
security to the public and its issuance in book-entry form to be 
maintained in the commercial book-entry system, Legacy Treasury Direct, 
or TreasuryDirect.
* * * * *

0
16. Amend Sec.  357.22 by revising the second sentence in paragraph 
(a), the fourth sentence in paragraph (a), the first sentence of 
paragraph (a)(1), and paragraph (a)(3) to read as follows:


Sec.  357.22  Transfers.

    (a) General. * * * A security may be transferred among accounts in 
Legacy Treasury Direct, the commercial book-entry system, and 
TreasuryDirect. * * * The Department may delay transfer of a newly 
purchased security from a Legacy Treasury Direct account to an account 
in commercial book entry or TreasuryDirect for a period not to exceed 
(30) calendar days from the date of issue.
    (1) Identification of securities to be transferred. The owner must 
identify the securities to be transferred, in the manner required by 
the transaction request. * * *
* * * * *
    (3) When transfer effective.

[[Page 57442]]

    (i) Transfer within Legacy Treasury Direct or to Legacy Treasury 
Direct from the commercial book-entry system or TreasuryDirect. A 
transfer of a security within Legacy Treasury Direct, or to Legacy 
Treasury Direct from another book-entry system, is effective when an 
appropriate entry is made in the name of the transferee on the Legacy 
Treasury Direct records.
    (ii) Transfer from Legacy Treasury Direct to the commercial book-
entry system. A transfer of a security from Legacy Treasury Direct to 
the commercial book-entry system is effective as provided in Subpart B. 
If a transfer cannot be completed, and the security is sent back to 
Legacy Treasury Direct, the Department will redeposit the security in 
the original account.
    (iii) Transfer from Legacy Treasury Direct to TreasuryDirect. A 
transfer of a security from Legacy Treasury Direct to TreasuryDirect is 
effective as provided in 31 CFR part 363. If the transfer cannot be 
completed, the Department will redeposit the security in the original 
account.
* * * * *

PART 363--REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT

0
17. The authority citation for part 363 continues to read as follows:

    Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3102, et seq.; 
31 U.S.C. 3121, et seq.


0
18. Amend part 363 by revising ``TreasuryDirect'' or ``Legacy Treasury 
Direct'' to read ``TreasuryDirect[supreg]'' or ``Legacy Treasury 
Direct[supreg]'' the first time they appear in each section or section 
heading in the part.


Sec.  363.3  [Removed and reserved]

0
19. Remove and reserve Sec.  363.3.

0
20. Revise Sec.  363.4 to read as follows:


Sec.  363.4  How is TreasuryDirect different from the Legacy Treasury 
Direct system and the commercial book-entry system?

    (a) TreasuryDirect. TreasuryDirect is a book-entry, online system 
maintained by Treasury for purchasing, holding and conducting permitted 
transactions in eligible Treasury securities in electronic form as a 
computer record on the books of Treasury. TreasuryDirect currently 
provides for the purchase and holding of eligible book-entry savings 
bonds, certificates of indebtedness, and eligible marketable Treasury 
securities.
    (b) Legacy Treasury Direct. The Legacy Treasury Direct system is a 
non-Internet-based book-entry system maintained by Treasury for 
purchasing, holding, and conducting permitted transactions in eligible 
marketable Treasury securities as book-entry products. The terms and 
conditions for the Legacy Treasury Direct system are found at 31 CFR 
part 357, subpart C.
    (c) Commercial book-entry system. The commercial book-entry system 
is the book-entry system in which Treasury securities are held in a 
tiered system through securities intermediaries such as financial 
institutions or brokerage firms. The regulations governing the 
commercial book-entry system are found at 31 CFR part 357, subpart B, 
and may be referred to in that part as Treasury/Reserve Automated Debt 
Entry System (TRADES).

0
21. Amend Sec.  363.5 by redesignating paragraphs (a) and (b) as 
paragraphs (b) and (c), adding paragraph (a), and revising the newly 
redesignated paragraph (c), to read as follows:


Sec.  363.5  How do I contact Public Debt?

    (a) You may use the ``Contact Us'' feature within TreasuryDirect to 
communicate information to us over a secure Internet connection.
* * * * *
    (c) Letters should be addressed to: Bureau of the Public Debt, 
TreasuryDirect, P.O. Box 5312, Parkersburg, WV 26106-5312.

0
22. Amend Sec.  363.6 by removing the definition of ``Depository 
financial institution,'' adding the definitions of ``Commercial book-
entry system,'' ``Financial institution,'' ``Legacy Treasury Direct 
system,'' ``Marketable Treasury security,'' ``Sell Direct,'' and 
``Tender'' in alphabetical order and revising the definition of 
``Certificate of Indebtedness'' and ``Transfer,'' to read as follows:


Sec.  363.6  What special terms do I need to know to understand this 
part?

* * * * *
    Certificate of Indebtedness is a one-day non-interest-bearing 
security held within your primary or linked account, including a minor 
account for which you are the custodian, that automatically matures and 
is rolled over each day until you request that it be redeemed.
    Commercial book-entry system refers to the book-entry system in 
which you hold your Treasury securities in a tiered system through 
securities intermediaries such as financial institutions or brokerage 
firms. (See Sec.  363.4.)
* * * * *
    Financial institution, or depository financial institution, means 
an entity described in 12 U.S.C. 461 (b)(1)(A)(i)-(vi).
* * * * *
    Legacy Treasury Direct system is a non-Internet-based book-entry 
system maintained by Treasury since 1986 for purchasing and holding 
marketable Treasury securities directly with Treasury as book-entry 
products. (See Sec.  363.4.)
* * * * *
    Marketable Treasury security refers to a Treasury bill, note, or 
bond that is negotiable and transferable, that is, may be bought and 
sold in the secondary market.
* * * * *
    Sell Direct[reg] is a service in which Treasury, through our agent, 
will sell your marketable Treasury security held in TreasuryDirect or 
Legacy Treasury Direct on the open market for a fee.
* * * * *
    Tender means an offer, or bid, to purchase a marketable Treasury 
security.
* * * * *
    Transfer is a transaction to move a security, or a portion of a 
security, from one account to another within TreasuryDirect, or to move 
a marketable Treasury security to or from a TreasuryDirect account and 
an account in Legacy Treasury Direct or the commercial book-entry 
system.
* * * * *

0
23. Amend Sec.  363.10 by revising the heading, paragraph (a)(2), and 
the last sentence of paragraph (b)(1) to read as follows:


Sec.  363.10  What is a TreasuryDirect account?

* * * * *
    (a) * * *
    (2) Gifts of savings bonds that have not yet been delivered;
* * * * *
    (b) * * *
    (1) * * * You may also buy and deliver gift savings bonds from your 
custom account.
* * * * *

0
24. Amend Sec.  363.21 by revising the heading, and paragraphs (a), 
(b), (c), (d), and (e) to read as follows:


Sec.  363.21  What transactions can I perform online through my 
TreasuryDirect account?

* * * * *
    (a) You can purchase, transfer, and change the registration of an 
eligible Treasury security, including a transfer of a marketable 
security for a Sell Direct transaction;
    (b) You can redeem a savings bond;
    (c) You can deliver a gift savings bond to the account of the 
recipient;
    (d) You can grant and revoke the right to view an eligible security 
to a

[[Page 57443]]

secondary owner or beneficiary named on the security, if the secondary 
owner or beneficiary is a TreasuryDirect account owner;
    (e) You, as the primary owner, can grant certain transaction rights 
to the secondary owner, and you can also revoke those rights. The 
secondary owner can exercise those rights, provided they have not been 
revoked, if the secondary owner is a TreasuryDirect account owner;
* * * * *

0
25. Amend Sec.  363.22 by revising paragraph (c) to read as follows:


Sec.  363.22  Who has the right to conduct online transactions in book-
entry securities?

* * * * *
    (c) Primary owner with secondary owner form of registration. (1) 
The primary owner can conduct any permitted transaction in a security 
held in the primary owner's TreasuryDirect account. (See Sec.  
363.20(e)).
    (2) If the primary owner has given the secondary owner the right to 
conduct transactions in a security, and has not revoked that right, 
then the secondary owner can conduct transactions in the security. 
Transactions that may be conducted by the secondary owner include 
transferring a marketable security, including a transfer for a Sell 
Direct transaction, redeeming a savings bond, and changing the 
destination of interest and redemption payments for marketable 
securities.
* * * * *

0
26. Amend Sec.  363.26 by revising paragraph (a) and adding paragraph 
(c), to read as follows:


Sec.  363.26  What is a transfer?

    (a) A transfer is a transaction to:
    (1) Move a Treasury security, or a portion of a Treasury security, 
from one account to another within TreasuryDirect ;
    (2) Move a marketable Treasury security to or from a TreasuryDirect 
account and an account in Legacy Treasury Direct or the commercial 
book-entry system.
* * * * *
    (c) Gift delivery is not a transfer. A transfer does not include 
delivery of a gift savings bond from the donor to the recipient. This 
is referred to as a delivery.

0
27. Amend Sec.  363.27 by:
0
a. Redesignating paragraphs (a) through (f) as paragraphs (b) through 
(g);
0
b. Adding a new paragraph (a) to read as set forth below; and
0
c. Revising the first sentence of the newly redesignated paragraph 
(e)(2), and revising the newly redesignated paragraphs (e)(3), (e)(4), 
(e)(6), and (e)(7), to read as follows:


Sec.  363.27  What do I need to know about accounts for minors who have 
not had a legal guardian appointed by a court?

    (a) We do not permit a minor to purchase securities.
* * * * *
    (e) * * *
    (2) The custodian may redeem savings bonds on behalf of the minor 
through the minor's account. * * *
    (3) The custodian may not purchase gift savings bonds from the 
minor's account.
    (4) The custodian may transfer a security to another TreasuryDirect 
account, provided the account is a linked account bearing the name and 
taxpayer identification number of the minor. The custodian can transfer 
a marketable Treasury security to an account in Legacy Treasury Direct 
or the commercial book-entry system, and may request a Sell Direct 
transaction.
* * * * *
    (6) Gift savings bonds may be delivered to the minor's account.
    (7) The custodian may grant rights to view and conduct transactions 
in the security as may be permitted by Sec.  363.22.
* * * * *

0
28. Revise Sec. Sec.  363.36, 363.37, and 363.38 to read as follows:


Sec.  363.36  What securities can I purchase and hold in my 
TreasuryDirect account?

    You can purchase and hold eligible Treasury securities in your 
account. Eligible securities are Series EE and Series I savings bonds, 
certificates of indebtedness, and marketable Treasury securities that 
are available for purchase through the TreasuryDirect Web site. In 
addition, you can hold converted savings bonds and eligible marketable 
Treasury securities that have been transferred from the Legacy Treasury 
Direct system or the commercial book-entry system.


Sec.  363.37  How do I purchase and make payment for eligible Treasury 
securities through my TreasuryDirect account?

    (a) Online purchase. Purchases of eligible Treasury securities 
through your TreasuryDirect account must be made online.
    (b) Payment for savings bonds and marketable Treasury securities. 
You can pay for eligible savings bonds and marketable Treasury 
securities by either a debit to your designated account at a United 
States financial institution using the ACH method, or by using the 
redemption proceeds of your certificate of indebtedness.
    (c) Payment for certificate of indebtedness. You can pay for a 
certificate of indebtedness by a direct deposit from your financial 
institution or employer to your TreasuryDirect account using the ACH 
method; by a debit from your designated account at a financial 
institution using the ACH method, but the amount of the debit is 
limited to $1000 or less; or by using the proceeds of maturing 
securities held in your Treasury Direct account.


Sec.  363.38  What happens if my financial institution returns an ACH 
debit?

    If your designated financial institution returns an ACH debit, we 
reserve the right to reinitiate the debit at our option. We also 
reserve the right to reverse the transaction, thereby removing the 
security from your TreasuryDirect account. If the ACH return occurs 
after the security has been redeemed, transferred, or has matured and 
the proceeds paid, we reserve the right to reverse previously processed 
security transactions. We are not responsible for any fees your 
financial institution may charge relating to returned ACH debits.

0
29. Revise Sec.  363.40 to read as follows:


Sec.  363.40  How are payments of principal and interest made?

    (a) Payment of a savings bond that has reached final maturity. We 
will purchase a certificate of indebtedness in your TreasuryDirect 
account using the proceeds of a matured savings bond.
    (b) Payments of interest and principal (except a savings bond that 
has reached final maturity). (1) We provide two methods of receiving 
payments of principal and interest:
    (i) Payment to your account at a financial institution by the ACH 
method, or
    (ii) Payment to your TreasuryDirect account to purchase a 
certificate of indebtedness.
    (2) You may select different payment destinations for principal and 
interest for a marketable Treasury security. You may change your 
payment destination at any time, unless the security is in the closed 
book period. (See Sec.  363.210.)
    (3) If we are unable to deliver a payment, we will use the payment 
to purchase a certificate of indebtedness in your TreasuryDirect 
account.

0
30. Amend Sec.  363.44 by revising paragraph (a)(1) to read as follows:

[[Page 57444]]

Sec.  363.44  What happens when a TreasuryDirect account owner dies and 
the estate is entitled to securities held in the account?

    (a) Estate is being administered. (1) For an estate that is being 
administered, the legal representative of the estate may request 
payment of securities, if the securities are eligible for payment, to 
the estate or to the persons entitled, or may:
    (i) Request transfer of securities to the TreasuryDirect account of 
the persons entitled, if the securities are eligible for transfer;
    (ii) Request transfer of marketable Treasury securities to the 
commercial book-entry system; or
    (iii) Request a Sell Direct transaction.
* * * * *


Sec. Sec.  363.80-363.81  [Removed and reserved]

0
31. Remove and reserve Sec.  363.80 and Sec.  363.81.


Sec.  363.82  [Redesignated]

0
32. Redesignate Sec.  363.82 as Sec.  363.101.


Sec.  363.82  [Added and reserved]

0
32a. Add and reserve new Sec. 363.82.

0
33. Add Sec.  363.100 to read as follows:


Sec.  363.100  What are the rules for purchasing and delivering gift 
savings bonds to minors?

    (a) A TreasuryDirect account owner can purchase a savings bond as a 
gift with a minor as the recipient.
    (b) An account owner can deliver a bond purchased as a gift to a 
minor. The account owner must deliver the security to the minor's 
linked account. Once delivered, the bond will be under the control of 
the custodian of the minor's account. (See Sec.  363.27.)

0
34. Revise the newly redesignated Sec.  363.101 to read as follows:


Sec.  363.101  Can an account owner transfer a book-entry savings bond 
to a minor?

    An account owner can transfer a book-entry savings bond held in 
TreasuryDirect to a minor as a gift or pursuant to one of the specified 
exceptions in Sec.  363.55(a).

0
35. Amend Sec.  363.138 by revising paragraph (c) to read as follows:


Sec.  363.138  How do I purchase a certificate of indebtedness?

* * * * *
    (c) through the Buy Direct[supreg] function of your TreasuryDirect 
account, in which you direct us to debit funds from your account at a 
financial institution to purchase a certificate of indebtedness. This 
method is limited to an amount no greater than $1000 per transaction. 
When you use the Buy Direct function to debit funds to purchase all or 
a portion of a certificate of indebtedness, you will not be permitted 
to schedule a redemption for cash from your certificate of indebtedness 
within five business days after the date of the debit entry; or
* * * * *

0
36. Revise Sec.  363.142 to read as follows:


Sec.  363.142  Can I redeem my certificate of indebtedness for cash?

    You can redeem part or all of the value of your certificate of 
indebtedness at any time, with one exception: if you purchased all or a 
portion of your certificate of indebtedness through a debit using the 
ACH method, you may not schedule a redemption from your certificate of 
indebtedness within five business days after the date of the debit 
entry.

0
37. Redesignate Subpart F as Subpart H.

0
38. Redesignate Sec.  363.200 through Sec.  363.202 as Sec.  363.250 
through Sec.  363.252.

0
39. Add a new subpart F to read as follows:
Subpart F--Marketable Treasury Securities
Sec.
363.200 What Treasury securities does this subpart govern?
363.201 What other regulations govern book-entry marketable book-
entry Treasury bills, notes, and bonds?
363.202 What marketable Treasury securities may I purchase and hold 
through my TreasuryDirect account?
363.203 After I purchase my marketable Treasury security in 
TreasuryDirect, is there a period of time during which I may not 
transfer the security?
363.204 What registrations are available for my marketable Treasury 
securities held in TreasuryDirect?
363.205 How do I reinvest the proceeds of a maturing security held 
in TreasuryDirect?
363.206 How can I transfer my marketable Treasury security into my 
TreasuryDirect account from another book-entry system?
363.207 Can I transfer my marketable Treasury security from my 
TreasuryDirect account to another TreasuryDirect account?
363.208 Can I transfer my marketable Treasury security from my 
TreasuryDirect account to an account in another book-entry system?
363.209 How can I direct that my marketable Treasury security be 
sold on the open market (Sell Direct[supreg])?
363.210 Is there any period of time during which I will be unable to 
process certain transactions regarding my security?
363.211-363.249 [Reserved]
Subpart F--Marketable Treasury Securities


Sec.  363.200  What Treasury securities does this subpart govern?

    This subpart provides the rules for holding marketable Treasury 
bills, notes, and bonds in book-entry form in TreasuryDirect.


Sec.  363.201  What other regulations govern book-entry marketable 
book-entry Treasury bills, notes, and bonds?

    (a) 31 CFR part 356 governs the sale and issue of marketable book-
entry Treasury securities on or after March 1, 1993, whether held in 
TreasuryDirect, Legacy Treasury Direct, or the commercial book-entry 
system.
    (b) 31 CFR part 357 governs holding marketable book-entry Treasury 
bills, notes, and bonds in the Legacy Treasury Direct system and in the 
commercial book-entry system.


Sec.  363.202  What marketable Treasury securities may I purchase and 
hold through my TreasuryDirect account?

    (a) Purchase. You may purchase any marketable Treasury security 
that is available for purchase through the TreasuryDirect Web site.
    (b) Hold. You may transfer into the system and maintain in your 
TreasuryDirect account any eligible marketable book-entry Treasury 
bill, note, or bond.


Sec.  363.203  After I purchase my marketable Treasury security in 
TreasuryDirect, is there a period of time during which I may not 
transfer the security?

    Once you purchase a marketable Treasury security in TreasuryDirect, 
you may not transfer that security for a period of 45 calendar days 
after the issue date of the security, or the term of the security, 
whichever is less.


Sec.  363.204  What registrations are available for my marketable 
Treasury securities held in TreasuryDirect?

    You may register your marketable Treasury securities in any form of 
registration permitted by Sec.  363.20 of this part.


Sec.  363.205  How do I reinvest the proceeds of a maturing security 
held in TreasuryDirect?

    You can reinvest the proceeds of a maturing security held in 
TreasuryDirect by first directing that the proceeds from the maturing 
security be used to purchase a certificate of indebtedness in your 
account, and then using the redemption proceeds of your certificate of 
indebtedness to purchase another security. Any purchase using the 
proceeds from a certificate of indebtedness is considered a 
reinvestment.

[[Page 57445]]

Sec.  363.206  How can I transfer my marketable Treasury security into 
my TreasuryDirect account from another book-entry system?

    (a) Legacy Treasury Direct to TreasuryDirect. 31 CFR part 357, 
subpart C, governs the transfer of a marketable book-entry Treasury 
security from your Legacy Treasury Direct account into TreasuryDirect.
    (b) Commercial book-entry system to TreasuryDirect. You may 
transfer your marketable Treasury security from the commercial book-
entry system by contacting the financial institution or broker that 
handles your commercial book-entry account.
    (c) Form of registration upon transfer to TreasuryDirect. When your 
security is transferred into your TreasuryDirect account, it will be 
transferred into your account in your name in the sole owner form of 
registration, regardless of the form of registration prior to the 
transfer. After the transfer is completed, you can change the 
registration to any form of registration permitted by Sec.  363.20.
    (d) Amounts transferred. You can only transfer in increments of 
$1000.


Sec.  363.207  Can I transfer my marketable Treasury security from my 
TreasuryDirect account to another TreasuryDirect account?

    After the initial 45-calendar day holding period for your 
marketable Treasury security (see Sec.  363.203) you can transfer your 
security to another TreasuryDirect account in increments of $1000.


Sec.  363.208  Can I transfer my marketable Treasury security from my 
TreasuryDirect account to an account in another book-entry system?

    After the initial 45-calendar day holding period for your 
marketable Treasury security (see Sec.  363.203) you can transfer your 
security to an account in Legacy Treasury Direct or to an account in 
the commercial book-entry system in increments of $1000.


Sec.  363.209  How can I direct that my marketable Treasury security be 
sold on the open market (Sell Direct[supreg])?

    (a) Sell Direct. We offer a service, referred to as Sell Direct, in 
which we will sell your marketable Treasury security for you on the 
open market at your request. We will transfer your security to an 
account in the commercial book-entry system maintained by our agent, 
and will sell the security on your behalf. By authorizing the transfer 
and sale of the security, you agree to accept the price received by our 
agent. If our agent is unable to obtain at least one price quote for 
the security, the security will be returned to your TreasuryDirect 
account.
    (b) Fee. We charge a fee for each security sold on your behalf. By 
authorizing the sale of the security, you authorize our agent to deduct 
the fee from the proceeds of the sale. If our agent is unable to 
complete the sale, no fee will be charged. The amount of the fee is 
published in the Federal Register.
    (c) Definitions. The following definitions will help you understand 
this section and the confirmation that you will receive after the sale 
is completed.
    (1) The trade date is the date that your security is sold.
    (2) A security, for the purpose of this section, is any amount 
represented by a separate CUSIP number (see definition of CUSIP in 31 
CFR part 356).
    (3) The settlement date is the date that the proceeds of the sale 
are released to the financial institution that you designated to 
receive the proceeds.
    (4) The yield to maturity, or yield, is the annualized rate of 
return to maturity on a fixed principal security expressed as a 
percentage. For an inflation-indexed security, yield means real yield, 
as defined in 31 CFR part 356.
    (d) On the settlement date, our agent will release the settlement 
proceeds, less the fee, to the account at the financial institution 
that you designated.
    (e) When the transaction is complete, our agent will send you a 
confirmation. The confirmation will include the price, trade date, 
settlement date, settlement amount or net amount, transaction fee, and 
yield to maturity.
    (f) We are not liable for changes in market conditions affecting 
the price received for the security, or for any loss that you may incur 
as a result of the sale or the inability of our agent to complete the 
sale.
    (g) We reserve the right to terminate the Sell Direct[supreg] 
service at any time.


Sec.  363.210  Is there any period of time during which I will be 
unable to process certain transactions regarding my security?

    A closed book period will be in effect for four business days prior 
to the date a marketable security interest or redemption payment is 
made. This means that certain transactions made during the closed book 
period will be delayed until after the closed book period is completed 
and the payment is made. You will be unable to transfer the security, 
change the payment destination, change the registration of the 
security, or use Treasury's Sell Direct[supreg] service during this 
closed book period.


Sec. Sec.  363.211-363.249  [Added and reserved]

0
40. Add and reserve Sec. Sec. 363.211 through 363.249 in subpart F.

Subpart G--[Added and reserved]

0
41. Add and reserve Subpart G.

    Dated: September 26, 2005.
Donald V. Hammond,
Fiscal Assistant Secretary.
[FR Doc. 05-19552 Filed 9-27-05; 12:41 pm]
BILLING CODE 4810-39-P