Offering and Governing Regulations for Series EE and Series I Savings Bonds, TreasuryDirect, 67853-67854 [07-5888]

Download as PDF Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Rules and Regulations and conducting transactions in Treasury securities. Reducing the cap on yearly purchases will not affect the vast majority of current savings bond purchasers, approximately 98 percent of whom buy less than $5,000, our new cap, annually. DEPARTMENT OF THE TREASURY Fiscal Service 31 CFR Parts 351, 353, 359, 360, and 363 Offering and Governing Regulations for Series EE and Series I Savings Bonds, TreasuryDirect Bureau of the Public Debt, Fiscal Service, Treasury. ACTION: Final rule. AGENCY: This rule lowers the annual purchase limitation per person for Series EE and Series I savings bonds, and eliminates the definitive $10,000 denomination for Series I savings bonds. DATES: Effective: January 1, 2008. ADDRESSES: You can download this final rule at the following Internet addresses: http://www.publicdebt.treas.gov or http://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. Susan Sharp, 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.sharp@bpd.treas.gov. SUPPLEMENTARY INFORMATION: This rule lowers the annual purchase limitation for Series EE and Series I savings bonds. Prior to this rule, an investor could purchase $30,000 each of definitive and book-entry Series EE savings bonds and $30,000 each of definitive and bookentry Series I savings bonds per person, per calendar year. This rule will permit an investor to purchase a principal amount of $5,000 each of definitive and book-entry Series EE savings bonds and $5,000 each of definitive and book-entry Series I savings bonds per person, per calendar year. As a result of the change in the annual purchase limitation, we are withdrawing the $10,000 Series I definitive savings bond denomination on original issue. The change will permit Treasury to continue to offer savings options for investors with limited means and market opportunities, while encouraging those with greater financial resources to participate in marketable Treasury securities auctions, which are a more efficient means for Treasury to issue debt. Both savings bonds and marketable securities are offered to individuals through TreasuryDirect, which is an internet-accessed, bookentry system for purchasing, holding, yshivers on PROD1PC62 with RULES SUMMARY: VerDate Aug<31>2005 14:39 Nov 30, 2007 Jkt 214001 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 351 Bonds, Federal Reserve system, Government securities. 31 CFR Part 353 Banks and banking, Government securities, Federal Reserve system. 31 CFR Part 359 Bonds, Federal Reserve system, Government securities, Securities. 31 CFR Part 360 Bonds, Federal Reserve system, Government securities, Securities. 31 CFR Part 363 Bonds, Electronic funds transfer, Federal Reserve system, Government securities, Securities. I Accordingly, for the reasons set out in the preamble, 31 CFR Chapter II, Subchapter B, is amended as follows: PART 351—OFFERING OF UNITED STATES SAVINGS BONDS, SERIES EE 67853 purchased in the name and TIN of any person in any calendar year is limited to $5,000. * * * * * I 3. Revise § 351.65 to read as follows: § 351.65 What amount of book-entry Series EE savings bonds may I acquire per year? The principal amount of book-entry Series EE savings bonds that you may acquire in your name and TIN per calendar year is limited to $5,000. PART 353—REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS BONDS, SERIES EE AND HH 4. The authority citation for Part 353 continues to read as follows: I Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105, 3125. 5. Revise the heading for Part 353 to read as set forth above. I 6. Amend § 353.10 by revising paragraph (a)(1) to read as follows: I § 353.10 Amounts which may be purchased. * * * * * (a) Series EE—(1) General annual limitation. $5,000 (principal amount). * * * * * PART 359—OFFERING OF UNITED STATES SAVINGS BONDS, SERIES I 7. The authority citation for part 359 continues to read as follows: I Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105. 8. Revise the first sentence of § 359.25 to read as follows: I § 359.25 What are the denominations and prices of definitive Series I savings bonds? Definitive Series I saving bonds are issued in denominations of $50, $75, $100, $200, $500, $1,000, and $5,000. * * * I 9. Revise § 359.29 to read as follows: § 359.29 What amount of definitive Series I savings bonds may I purchase per year? Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105. The principal amount of definitive Series I savings bonds that may be purchased in the name and TIN of any person in any calendar year is limited to $5,000. I 10. Revise § 359.50 to read as follows: I 2. Amend § 351.44 by revising the first sentence to read as follows: § 359.50 What amount of book-entry Series I savings bonds may I acquire per year? § 351.44 What amount of definitive Series EE savings bonds may I purchase per year? The principal amount of book-entry Series I savings bonds that you may acquire in your name and TIN in any calendar year is limited to $5,000. 1. The authority citation for Part 351 continues to read as follows: I The principal amount of definitive Series EE savings bonds that may be PO 00000 Frm 00023 Fmt 4700 Sfmt 4700 E:\FR\FM\03DER1.SGM 03DER1 67854 Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Rules and Regulations PART 360—REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS BONDS, SERIES I 11. The authority citation for Part 360 continues to read as follows: I Authority: 5 U.S.C. 301; 31 U.S.C. 3105 and 3125. 12. Amend § 360.10 by revising paragraph (a) to read as follows: I § 360.10 Amounts which may be purchased. * * * * * (a) General annual limitation, $5,000 (par value). * * * * * PART 363—REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT 13. The authority citation for part 363 continues to read as follows: I 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. 14. Amend § 363.52 by revising the heading and paragraph (a) to read as follows: I § 363.52 What amount of book-entry Series EE and Series I savings bonds may I purchase in one year? (a) Purchase limitation. The amount of book-entry savings bonds that you may purchase in any calendar year is limited to $5,000 for Series EE savings bonds and $5,000 for Series I savings bonds. * * * * * Dated: August 16, 2007. Kenneth E. Carfine, Fiscal Assistant Secretary. [FR Doc. 07–5888 Filed 11–30–07; 8:45 am] BILLING CODE 4810–39–M ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 52 [EPA–R01–OAR–2007–0401; FRL–8496–6] Approval and Promulgation of Air Quality Implementation Plans; Massachusetts; State Implementation Plan Revision To Implement the Clean Air Interstate Rule Environmental Protection Agency (EPA). ACTION: Final rule. yshivers on PROD1PC62 with RULES AGENCY: SUMMARY: EPA is approving a State Implementation Plan (SIP) revision submitted by the State of Massachusetts on March 30, 2007. This revision VerDate Aug<31>2005 14:39 Nov 30, 2007 Jkt 214001 addresses the requirements of EPA’s Clean Air Interstate Rule (CAIR), promulgated on May 12, 2005 and subsequently revised on April 28, 2006 and December 13, 2006. EPA has determined that the SIP revision fully implements the CAIR requirements for Massachusetts. Therefore, as a consequence of the SIP approval, the Administrator of EPA will also, in a separate document, issue a final rule to withdraw the Federal Implementation Plan (FIP) concerning NOX ozoneseason emissions for Massachusetts. In the SIP revision that EPA is approving, Massachusetts will meet CAIR requirements by participating in the EPA-administered cap-and-trade program addressing NOX ozone-season emissions. Massachusetts’s SIP revision is based on EPA’s model CAIR NOX ozone season rule and is, in most respects, substantively identical to that model rule. The Massachusetts CAIR program has two major substantive differences from that model rule (expanded applicability, and a different methodology for allocating NOX allowances), both of which are consistent with the flexibility allowed under CAIR for state participation in the EPA-administered cap-and-trade program. The SIP revision complies with the statutory and regulatory requirements for approval of a CAIR NOX ozone-season program. This action is being taken in accordance with the Clean Air Act. EFFECTIVE DATE: This rule is effective on December 3, 2007. ADDRESSES: EPA has established a docket for this action under Docket Identification No. EPA–R01–OAR– 2007–0401. All documents in the docket are listed on the http:// www.regulations.gov Web site. Although listed in the index, some information may not be publicly available, i.e., CBI or other information whose disclosure is restricted by statute. Certain other material, such as copyrighted material, is not placed on the Internet and will be publicly available only in hard copy form. Publicly available docket materials are available either electronically through http:// www.regulations.gov or in hard copy at the Office of Ecosystem Protection, U.S. Environmental Protection Agency, EPA New England Regional Office, One Congress Street, Suite 1100, Boston, MA. EPA requests that if at all possible, you contact the contact listed in the FOR FURTHER INFORMATION CONTACT section to schedule your inspection. The Regional Office’s official hours of business are Monday through Friday, 8:30 a.m. to 4:30 p.m., excluding legal holidays. PO 00000 Frm 00024 Fmt 4700 Sfmt 4700 Copies of the documents relevant to this action are also available for public inspection during normal business hours, by appointment at Division of Air Quality Control, Department of Environmental Protection, One Winter Street, 8th Floor, Boston, MA 02108. FOR FURTHER INFORMATION CONTACT: If you have questions concerning today’s action, please contact Alison C. Simcox, Air Quality Planning Unit, U.S. Environmental Protection Agency, EPA New England Regional Office, One Congress Street, Suite 1100 (CAQ), Boston, MA 02114–2023, telephone number (617) 918–1684, fax number (617) 918–0684, e-mail simcox.alison@epa.gov. SUPPLEMENTARY INFORMATION: Table of Contents I. What Action Is EPA Taking? II. What Is the Regulatory History and General Requirements of CAIR and the CAIR FIPs? III. EPA Analysis of Massachusetts’s CAIR SIP Submittal A. State Budgets for Allowance Allocations B. CAIR Cap-and-Trade Programs C. Applicability Provisions for Non-EGU NOX SIP Call Sources D. NOX Allowance Allocations E. Individual Opt-in Units IV. Final Action. V. When Is This Action Effective? VI. Statutory and Executive Order Reviews. I. What Action Is EPA Taking? EPA is approving a revision to Massachusetts’s SIP, submitted on March 30, 2007. This SIP revision includes a new regulation, 310 CMR 7.32, ‘‘Massachusetts Clean Air Interstate Rule,’’ and amendments to existing regulation 310 CMR 7.28, ‘‘NOX Allowance Trading Program.’’ In its SIP revision, Massachusetts will meet CAIR requirements by requiring certain electric generating units (EGUs) to participate in the EPA-administered State CAIR cap-and-trade program addressing NOX ozone-season emissions. EPA has determined that the Massachusetts SIP as revised meets the applicable requirements of CAIR. On August 1, 2007, EPA proposed approval of the Massachusetts SIP (see 72 FR 41970). No public comments were received on EPA’s notice of proposed rulemaking (NPR). As a consequence of the SIP approval, the Administrator of EPA will also, in a separate document, issue a final rule to withdraw the FIP concerning NOX ozone-season emissions for Massachusetts. That action will delete and reserve 40 CFR 52.1140. The withdrawal of the CAIR FIP for Massachusetts is a conforming amendment that must be made once the E:\FR\FM\03DER1.SGM 03DER1

Agencies

[Federal Register Volume 72, Number 231 (Monday, December 3, 2007)]
[Rules and Regulations]
[Pages 67853-67854]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-5888]



[[Page 67853]]

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DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Parts 351, 353, 359, 360, and 363


Offering and Governing Regulations for Series EE and Series I 
Savings Bonds, TreasuryDirect

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

ACTION: Final rule.

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

SUMMARY: This rule lowers the annual purchase limitation per person for 
Series EE and Series I savings bonds, and eliminates the definitive 
$10,000 denomination for Series I savings bonds.

DATES: Effective: January 1, 2008.

ADDRESSES: You can download this final rule at the following Internet 
addresses: http://www.publicdebt.treas.gov or http://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.
    Susan Sharp, 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.sharp@bpd.treas.gov.

SUPPLEMENTARY INFORMATION: This rule lowers the annual purchase 
limitation for Series EE and Series I savings bonds. Prior to this 
rule, an investor could purchase $30,000 each of definitive and book-
entry Series EE savings bonds and $30,000 each of definitive and book-
entry Series I savings bonds per person, per calendar year. This rule 
will permit an investor to purchase a principal amount of $5,000 each 
of definitive and book-entry Series EE savings bonds and $5,000 each of 
definitive and book-entry Series I savings bonds per person, per 
calendar year. As a result of the change in the annual purchase 
limitation, we are withdrawing the $10,000 Series I definitive savings 
bond denomination on original issue.
    The change will permit Treasury to continue to offer savings 
options for investors with limited means and market opportunities, 
while encouraging those with greater financial resources to participate 
in marketable Treasury securities auctions, which are a more efficient 
means for Treasury to issue debt. Both savings bonds and marketable 
securities are offered to individuals through TreasuryDirect, which is 
an internet-accessed, book-entry system for purchasing, holding, and 
conducting transactions in Treasury securities. Reducing the cap on 
yearly purchases will not affect the vast majority of current savings 
bond purchasers, approximately 98 percent of whom buy less than $5,000, 
our new cap, annually.

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 351

    Bonds, Federal Reserve system, Government securities.

31 CFR Part 353

    Banks and banking, Government securities, Federal Reserve system.

31 CFR Part 359

    Bonds, Federal Reserve system, Government securities, Securities.

31 CFR Part 360

    Bonds, Federal Reserve system, Government securities, Securities.

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 351--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES EE

0
1. The authority citation for Part 351 continues to read as follows:

    Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105.


0
2. Amend Sec.  351.44 by revising the first sentence to read as 
follows:


Sec.  351.44  What amount of definitive Series EE savings bonds may I 
purchase per year?

    The principal amount of definitive Series EE savings bonds that may 
be purchased in the name and TIN of any person in any calendar year is 
limited to $5,000.
* * * * *

0
3. Revise Sec.  351.65 to read as follows:


Sec.  351.65  What amount of book-entry Series EE savings bonds may I 
acquire per year?

    The principal amount of book-entry Series EE savings bonds that you 
may acquire in your name and TIN per calendar year is limited to 
$5,000.

PART 353--REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS 
BONDS, SERIES EE AND HH

0
4. The authority citation for Part 353 continues to read as follows:

    Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105, 3125.


0
5. Revise the heading for Part 353 to read as set forth above.

0
6. Amend Sec.  353.10 by revising paragraph (a)(1) to read as follows:


Sec.  353.10  Amounts which may be purchased.

* * * * *
    (a) Series EE--(1) General annual limitation. $5,000 (principal 
amount).
* * * * *

PART 359--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES I

0
7. The authority citation for part 359 continues to read as follows:

    Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105.


0
8. Revise the first sentence of Sec.  359.25 to read as follows:


Sec.  359.25  What are the denominations and prices of definitive 
Series I savings bonds?

    Definitive Series I saving bonds are issued in denominations of 
$50, $75, $100, $200, $500, $1,000, and $5,000. * * *

0
9. Revise Sec.  359.29 to read as follows:


Sec.  359.29  What amount of definitive Series I savings bonds may I 
purchase per year?

    The principal amount of definitive Series I savings bonds that may 
be purchased in the name and TIN of any person in any calendar year is 
limited to $5,000.

0
10. Revise Sec.  359.50 to read as follows:


Sec.  359.50  What amount of book-entry Series I savings bonds may I 
acquire per year?

    The principal amount of book-entry Series I savings bonds that you 
may acquire in your name and TIN in any calendar year is limited to 
$5,000.

[[Page 67854]]

PART 360--REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS 
BONDS, SERIES I

0
11. The authority citation for Part 360 continues to read as follows:

    Authority: 5 U.S.C. 301; 31 U.S.C. 3105 and 3125.


0
12. Amend Sec.  360.10 by revising paragraph (a) to read as follows:


Sec.  360.10  Amounts which may be purchased.

* * * * *
    (a) General annual limitation, $5,000 (par value).
* * * * *

PART 363--REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT

0
13. 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
14. Amend Sec.  363.52 by revising the heading and paragraph (a) to 
read as follows:


Sec.  363.52  What amount of book-entry Series EE and Series I savings 
bonds may I purchase in one year?

    (a) Purchase limitation. The amount of book-entry savings bonds 
that you may purchase in any calendar year is limited to $5,000 for 
Series EE savings bonds and $5,000 for Series I savings bonds.
* * * * *

    Dated: August 16, 2007.
Kenneth E. Carfine,
Fiscal Assistant Secretary.
[FR Doc. 07-5888 Filed 11-30-07; 8:45 am]
BILLING CODE 4810-39-M