Offering of United States Savings Bonds, Series I, 65543-65544 [E8-26173]
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Federal Register / Vol. 73, No. 214 / Tuesday, November 4, 2008 / Rules and Regulations
from such other person under
§ 404.503(b).
*
*
*
*
*
■ 3. Amend § 404.503 by adding a
second sentence to paragraph (a) and
revising paragraph (b) introductory text
to read as follows:
§ 404.503
Underpayments.
*
*
*
*
*
(a) Individual underpaid is living.
* * * However, if we determine that
the individual to whom an
underpayment is due also received an
overpayment as defined in § 404.501(a)
for a different period, we will apply any
underpayment due the individual to
reduce that overpayment, unless we
have waived recovery of the
overpayment under the provisions of
§§ 404.506 through 404.512.
(b) Individual dies before adjustment
of underpayment. If an individual who
has been underpaid dies before
receiving payment or negotiating a
check or checks representing such
payment, we first apply any amounts
due the deceased individual against any
overpayments as defined in § 404.501(a)
owed by the deceased individual, unless
we have waived recovery of such
overpayment under the provisions of
§§ 404.506 through 404.512. We then
will distribute any remaining
underpayment to the living person (or
persons) in the highest order of priority
as follows:
*
*
*
*
*
PART 416—SUPPLEMENTAL
SECURITY INCOME FOR THE AGED,
BLIND, AND DISABLED
Subpart E—[Amended]
4. The authority citation for subpart E
of part 416 continues to read as follows:
■
Authority: Secs. 702(a)(5), 1147, 1601,
1602, 1611(c) and (e), and 1631(a)–(d) and (g)
of the Social Security Act (42 U.S.C.
902(a)(5), 1320b–17, 1381, 1381a, 1382(c)
and (e), and 1383(a)–(d) and (g)); 31 U.S.C.
3720A.
5. Amend § 416.570 by revising the
section heading, redesignating the
existing text as paragraph (a), adding a
heading to redesignated paragraph (a),
and adding new paragraph (b) to read as
follows:
■
dwashington3 on PRODPC61 with RULES
§ 416.570
Adjustment.
(a) General. * * *
(b) Overpayment made to
representative payee after the recipient’s
death. A representative payee or his
estate is solely liable for repaying an
overpayment made to the representative
payee on behalf of a recipient after the
recipient’s death. In such case, we will
VerDate Aug<31>2005
15:01 Nov 03, 2008
Jkt 217001
recover the overpayment according to
paragraph (a) of this section, except that:
(1) We will not adjust any other
payment due to the eligible spouse of
the overpaid representative payee to
recover the overpayment, and
(2) If the overpaid representative
payee dies before we complete
adjustment, we will not seek to recover
the overpayment from the eligible
spouse or the estate of the eligible
spouse.
[FR Doc. E8–26224 Filed 11–3–08; 8:45 am]
BILLING CODE 4191–02–P
DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 359
Offering of United States Savings
Bonds, Series I
Bureau of the Public Debt,
Fiscal Service, Treasury.
ACTION: Final rule.
AGENCY:
SUMMARY: A Series I savings bond
accrues interest based on both a fixed
rate of return and a semiannual inflation
rate. A single, annual interest rate called
the composite rate reflects the combined
effects of the fixed rate and the
semiannual inflation rate. This
amendment clarifies that the fixed rate
of return and the composite rate will
always be greater than or equal to 0%.
This amendment is for clarification
purposes only and makes no substantive
change to the existing regulations.
DATES: Effective: November 4, 2008.
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:
Karthik Ramanathan, Director, Office of
Debt Management, Domestic Finance,
Departmental Offices, Department of the
Treasury, at (202) 622–2042 or
karthik.ramanathan@do.treas.gov.
Elisha Whipkey, Director, Division of
Program Administration, Office of Retail
Securities, Bureau of the Public Debt, at
(304) 480–6319 or
elisha.whipkey@bpd.treas.gov.
Dean Adams, Attorney-Adviser,
Edward Gronseth, Deputy Chief
Counsel, Office of the Chief Counsel,
Bureau of the Public Debt, at (304) 480–
8692 or dean.adams@bpd.treas.gov.
SUPPLEMENTARY INFORMATION: A Series I
savings bond accrues interest based on
both a fixed rate of return and a
semiannual inflation rate. The Secretary
of the Treasury determines the fixed rate
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Fmt 4700
Sfmt 4700
65543
of return. The fixed rate is established
for the life of the bond. This amendment
clarifies that the fixed rate of return will
always be greater than or equal to 0%.
The Department of the Treasury issues
these regulations pursuant to the
authority contained in 5 U.S.C. 301 and
31 U.S.C. 3105.
The composite rate is a single, annual
interest rate that reflects the combined
effects of the fixed rate and the
semiannual inflation rate. The
composite rate could possibly be less
than the fixed rate in deflationary
situations. This amendment clarifies
that the composite rate will always be
greater than or equal to 0%.
This amendment makes no
substantive change to the regulations
but will benefit investors by clarifying
that neither the fixed rate of return nor
the composite rate will be negative
under any market conditions.
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 in 31 CFR Part 359
Bonds, Federal Reserve system,
Government securities, Securities.
■ Accordingly, for the reasons set out in
the preamble, 31 CFR Chapter II,
Subchapter B, is amended as follows:
PART 359—OFFERING OF UNITED
STATES SAVINGS BONDS, SERIES I
1. 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.
■
2. Revise § 359.10 to read as follows:
§ 359.10
What is the fixed rate of return?
The Secretary, or the Secretary’s
designee, determines the fixed rate of
return. The fixed rate is established for
the life of the bond. The fixed rate will
always be greater than or equal to
E:\FR\FM\04NOR1.SGM
04NOR1
65544
Federal Register / Vol. 73, No. 214 / Tuesday, November 4, 2008 / Rules and Regulations
0.00%.1 The most recently announced
fixed rate is only for bonds purchased
during the six months following the
announcement, or for any other period
of time announced by the Secretary.
■ 3. Revise § 359.13 to read as follows:
§ 359.13
What are composite rates?
Composite rates are single, annual
interest rates that reflect the combined
effects of the fixed rate and the
semiannual inflation rate. The
composite rate will always be greater
than or equal to 0.00%.
Dated: October 28, 2008.
Kenneth E. Carfine,
Fiscal Assistant Secretary.
[FR Doc. E8–26173 Filed 10–29–08; 4:15 pm]
BILLING CODE 4810–39–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket No. USCG–2008–1055]
RIN 1625–AA00
Safety Zone; Shoreacres Country Club
Fireworks, Lake Bluff, IL
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
dwashington3 on PRODPC61 with RULES
SUMMARY: The Coast Guard is
establishing a temporary safety zone on
Lake Michigan in Lake Bluff Illinois.
This zone is intended to restrict vessels
from a portion of Sector Lake Michigan
during the November 8, 2008 Shoreacres
Country Club Fireworks. This temporary
safety zone is necessary to protect
spectators and vessels from the hazards
associated with fireworks events.
DATES: This rule is effective from 8:30
p.m. to 9:30 p.m. on November 8, 2008.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are part of docket USCG–2008–
1055 and are available online at
https://www.regulations.gov. They are
also available for inspection or copying
at two locations: The Docket
Management Facility (M–30), U.S.
Department of Transportation, West
Building Ground Floor, Room W12–140,
1200 New Jersey Avenue, SE.,
Washington, DC 20590, between 9 a.m.
1 However, the fixed rate is not a guaranteed
minimum rate. The composite rate is composed of
both the fixed rate and a semiannual inflation rate,
which could possibly be less than the fixed rate or
negative in deflationary situations. In all cases,
however, the composite rate will always be greater
than or equal to 0.00%.
VerDate Aug<31>2005
15:01 Nov 03, 2008
Jkt 217001
and 5 p.m., Monday through Friday,
except Federal holidays, and the U.S.
Coast Guard Sector Lake Michigan, 2420
S. Lincoln Memorial Drive, Milwaukee,
WI 53110, between 7 a.m. and 3:30 p.m.,
Monday through Friday, except Federal
holidays.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
rule, contact Petty Officer Eric Vogel,
U.S. Coast Guard Sector Lake Michigan,
2420 S. Lincoln Memorial Drive,
Milwaukee, WI 53110, at (414) 747–
7154. If you have questions on viewing
the docket call Renee V. Wright,
Program Manager, Docket Operations,
telephone (202) 366–9826.
SUPPLEMENTARY INFORMATION:
Discussion of Rule
The proposed safety zone will
encompass all waters of Lake Michigan
within the arc of a circle with a 1000
foot radius from the fireworks launch
site at position 42°17′59″ N, 087°50′03″
W. (NAD 83).
All persons and vessels shall comply
with the instructions of the Coast Guard
Captain of the Port or the on-scene
representative. Entry into, transiting, or
anchoring within the safety zone is
prohibited unless authorized by the
Captain of the Port Sector Lake
Michigan or his on-scene representative.
The Captain of the Port or his on-scene
representative may be contacted via
VHF Channel 16.
Regulatory Information
The Coast Guard is issuing this
temporary final rule without prior
notice and opportunity to comment
pursuant to authority under section 4(a)
of the Administrative Procedure Act
(APA) (5 U.S.C. 553(b)). This provision
authorizes an agency to issue a rule
without prior notice and opportunity to
comment when an agency for good
cause finds that those procedures are
‘‘impracticable, unnecessary, or contrary
to the public interest.’’ Under U.S.C. 553
(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice
of proposed rulemaking (NPRM) with
respect to this rule because immediate
action is necessary to ensure the safety
of spectators and vessels in the vicinity
of the fireworks events on the date and
times this rule will be effective and
delay would be contrary to the public
interest.
Under 5 U.S.C. 553(d)(3), the Coast
Guard finds that good cause exists for
making this rule effective less than 30
days after publication in the Federal
Register. Delaying the effective date of
this rule would be contrary to the public
interest of ensuring the safety of
spectators and vessels during this event
and immediate action is necessary to
prevent possible loss of life or property.
Regulatory Analyses
We developed this rule after
considering numerous statutes and
executive orders related to rulemaking.
Below we summarize our analyses
based on 13 of these statutes or
executive orders.
Background and Purpose
This temporary safety zone is
necessary to ensure the safety of vessels
and spectators from the hazards
associated with fireworks events. Based
on recent accidents that have occurred
in other Captain of the Port zones, the
Captain of the Port Sector Lake
Michigan has determined that fireworks
events pose significant risks to public
safety and property. The likely
combination of large numbers of
recreational vessels, congested
waterways, and alcohol use, could
easily result in serious injuries or
fatalities.
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Regulatory Planning and Review
This rule is not a ‘‘significant
regulatory action’’ under section 3(f) of
Executive Order 12866, Regulatory
Planning and Review, and does not
require an assessment of potential costs
and benefits under section 6(a)(3) of that
Order. The Office of Management and
Budget has not reviewed it under that
Order.
This determination is based on the
minimal time that vessels will be
restricted from the zone and the zone is
an area where the Coast Guard expects
insignificant adverse impact to mariners
from the zones’ activation.
Small Entities
Under the Regulatory Flexibility Act
(5 U.S.C. 601–612), we have considered
whether this rule will have a significant
economic impact on a substantial
number of small entities. The term
‘‘small entities’’ comprises small
businesses, not-for-profit organizations
that are independently owned and
operated and are not dominant in their
fields, and governmental jurisdictions
with populations of less than 50,000.
The Coast Guard certifies under 5
U.S.C. 605(b) that this rule will not have
a significant economic impact on a
substantial number of small entities.
This rule will affect the following
entities, some of which might be small
entities: The owners or operators of
vessels intending to transit or anchor in
a portion of Lake Michigan, Lake Bluff,
IL between 8:30 p.m. and 9:30 p.m. on
November 8, 2008.
This safety zone will not have a
significant economic impact on a
E:\FR\FM\04NOR1.SGM
04NOR1
]]>Agencies
[Federal Register Volume 73, Number 214 (Tuesday, November 4, 2008)]
[Rules and Regulations]
[Pages 65543-65544]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-26173]
=======================================================================
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 359
Offering of United States Savings Bonds, Series I
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: A Series I savings bond accrues interest based on both a fixed
rate of return and a semiannual inflation rate. A single, annual
interest rate called the composite rate reflects the combined effects
of the fixed rate and the semiannual inflation rate. This amendment
clarifies that the fixed rate of return and the composite rate will
always be greater than or equal to 0%. This amendment is for
clarification purposes only and makes no substantive change to the
existing regulations.
DATES: Effective: November 4, 2008.
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: Karthik Ramanathan, Director, Office
of Debt Management, Domestic Finance, Departmental Offices, Department
of the Treasury, at (202) 622-2042 or karthik.ramanathan@do.treas.gov.
Elisha Whipkey, Director, Division of Program Administration,
Office of Retail Securities, Bureau of the Public Debt, at (304) 480-
6319 or elisha.whipkey@bpd.treas.gov.
Dean Adams, Attorney-Adviser, Edward Gronseth, Deputy Chief
Counsel, Office of the Chief Counsel, Bureau of the Public Debt, at
(304) 480-8692 or dean.adams@bpd.treas.gov.
SUPPLEMENTARY INFORMATION: A Series I savings bond accrues interest
based on both a fixed rate of return and a semiannual inflation rate.
The Secretary of the Treasury determines the fixed rate of return. The
fixed rate is established for the life of the bond. This amendment
clarifies that the fixed rate of return will always be greater than or
equal to 0%. The Department of the Treasury issues these regulations
pursuant to the authority contained in 5 U.S.C. 301 and 31 U.S.C. 3105.
The composite rate is a single, annual interest rate that reflects
the combined effects of the fixed rate and the semiannual inflation
rate. The composite rate could possibly be less than the fixed rate in
deflationary situations. This amendment clarifies that the composite
rate will always be greater than or equal to 0%.
This amendment makes no substantive change to the regulations but
will benefit investors by clarifying that neither the fixed rate of
return nor the composite rate will be negative under any market
conditions.
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 in 31 CFR Part 359
Bonds, 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 359--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES I
0
1. 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
2. Revise Sec. 359.10 to read as follows:
Sec. 359.10 What is the fixed rate of return?
The Secretary, or the Secretary's designee, determines the fixed
rate of return. The fixed rate is established for the life of the bond.
The fixed rate will always be greater than or equal to
[[Page 65544]]
0.00%.\1\ The most recently announced fixed rate is only for bonds
purchased during the six months following the announcement, or for any
other period of time announced by the Secretary.
---------------------------------------------------------------------------
\1\ However, the fixed rate is not a guaranteed minimum rate.
The composite rate is composed of both the fixed rate and a
semiannual inflation rate, which could possibly be less than the
fixed rate or negative in deflationary situations. In all cases,
however, the composite rate will always be greater than or equal to
0.00%.
0
3. Revise Sec. 359.13 to read as follows:
Sec. 359.13 What are composite rates?
Composite rates are single, annual interest rates that reflect the
combined effects of the fixed rate and the semiannual inflation rate.
The composite rate will always be greater than or equal to 0.00%.
Dated: October 28, 2008.
Kenneth E. Carfine,
Fiscal Assistant Secretary.
[FR Doc. E8-26173 Filed 10-29-08; 4:15 pm]
BILLING CODE 4810-39-P
