Securities Held in Treasury Direct, 70814-70817 [2010-28853]
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Federal Register / Vol. 75, No. 223 / Friday, November 19, 2010 / Rules and Regulations
Adoption of the Amendment
Accordingly, under the authority
delegated to me by the Administrator,
the FAA amends 14 CFR part 39 as
follows:
■
PART 39—AIRWORTHINESS
DIRECTIVES
1. The authority citation for part 39
continues to read as follows:
■
Authority: 49 U.S.C. 106(g), 40113, 44701.
§ 39.13
[Amended]
2. The FAA amends § 39.13 by
removing Airworthiness Directive (AD)
2009–23–51, Amendment 39–16190 (75
FR 5684, dated February 4, 2010), and
by adding a new AD to read as follows:
■
srobinson on DSKHWCL6B1PROD with RULES
2010–24–04 Sikorsky Aircraft Corporation:
Amendment 39–16522; Docket No.
FAA–2010–1136; Directorate Identifier
2010–SW–069–AD. Supersedes AD
2009–23–51; Amendment 39–16190;
Docket No. FAA–2010–0066; Directorate
Identifier 2009–SW–52–AD.
Applicability: Model S–92A helicopters,
with main gearbox (MGB) assembly, part
number (P/N) 92351–15000–042, –043, or
–044, with MGB housing, P/N 92351–15110–
042, –043, –044, –045, or –046, installed,
certificated in any category.
Compliance: Required as indicated.
To prevent loss of an MGB and subsequent
loss of control of the helicopter, do the
following:
(a) Within 10 hours time-in-service (TIS),
unless accomplished previously, and
thereafter at intervals not to exceed 10 hours
TIS, clean and inspect each MGB assembly
mounting foot pad and rib for a crack and
corrosion in the area depicted in Figure 1 and
as shown in the examples in Figures 2, 3, and
4 of Sikorsky Alert Service Bulletin No. 92–
63–020, dated September 11, 2009 (ASB). If
no crack is found, apply the corrosion
preventive compound to each foot pad and
rib area.
Note 1: When conducting a visual
inspection, use a bright, non-LED light.
(1) If you find a crack, replace the MGB
before further flight.
(2) If you find corrosion, bubbled paint, or
paint discoloration, before further flight,
repair the affected area.
Note 2: Even though MGB assembly, P/N
92351–15000–044, with MGB housing, P/N
92351–15110–046, is not included in the
ASB, following the Accomplishment
Instructions in the ASB accomplishes the
intent of this AD.
(b) To request a different method of
compliance or a different compliance time
for this AD, follow the procedures in 14 CFR
39.19. Contact the Manager, Boston Aircraft
Certification Office, ATTN: Michael Schwetz,
Aviation Safety Engineer, 12 New England
Executive Park, Burlington, MA 01803,
telephone (781) 238–7761, fax (781) 238–
7170, for information about previously
approved alternative methods of compliance.
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(c) The Joint Aircraft System/Component
(JASC) Code is 6320: Main Rotor Gearbox.
(d) Do the inspections by following the
specified portions of Sikorsky Alert Service
Bulletin No. 92–63–020, dated September 11,
2009. The Director of the Federal Register
approved this incorporation by reference
under 5 U.S.C. 552(a) and 1 CFR part 51 as
of February 19, 2010 (75 FR 5684, February
4, 2010). Copies may be obtained from
Sikorsky Aircraft Corporation, Attn: Manager,
Commercial Technical Support, mailstop
s581a, 6900 Main Street, Stratford, CT,
telephone (203) 383–4866, e-mail address
tsslibrary@sikorsky.com, or at https://
www.sikorsky.com. Copies may be inspected
at the FAA, Office of the Regional Counsel,
Southwest Region, 2601 Meacham Blvd.,
Room 663, Fort Worth, Texas, or at the
National Archives and Records
Administration (NARA). For information on
the availability of this material at NARA, call
202–741–6030, or go to: https://
www.archives.gov/federal_register/code_of_
federal_regulations/ibr_locations.html.
(e) This amendment becomes effective on
December 6, 2010.
a. In the fourth row, ‘‘§ 1206.52(c)(2)’’
should read ‘‘§ 1206.52(c)(2)(i)’’.
b. In the 11th row, ‘‘§ 1206.53(e)(5)
two times’’ should read ‘‘§ 1206.52(e)(5)
two times’’.
c. In both the 15th and 16th rows,
‘‘§ 1206.52(c) introductory text’’ should
read ‘‘§ 1206.53(c) introductory text’’.
2. On page 61071, in the table, in the
third column ‘‘And adding in its place:’’:
a. In the 18th row from the bottom of
the page, ‘‘part 207’’ should read ‘‘part
1207.’’
b. In the seventh row from the bottom
of the page, the blank entry should read
‘‘ONRR.’’
3. On page 61072, in the table, in the
third column ‘‘And adding in its place:’’,
in the 22nd row, the blank entry should
read ‘‘§ 1206.111’’.
4. On page 61073, in the table, in the
third column ‘‘And adding in its place:’’,
in the 16th row, ‘‘Associate Director’’
should read ‘‘Director’’.
Issued in Fort Worth, Texas, on November
9, 2010.
Kim Smith,
Manager, Rotorcraft Directorate, Aircraft
Certification Service.
PART 1208—SALE OF FEDERAL
ROYALTY OIL [CORRECTED]
[FR Doc. 2010–29201 Filed 11–18–10; 8:45 am]
5. On page 61081, in the table, in the
third column ‘‘And adding in its place:’’:
a. In the first row, ‘‘§ 208.8(a)’’ should
read ‘‘§ 1208.8(a)’’.
b. In the fifth row, ‘‘§ 208.7(g)’’ should
read ‘‘§ 1208.7(g)’’.
BILLING CODE 4910–13–P
DEPARTMENT OF THE INTERIOR
Amendment Table for Part 1208
[Corrected]
Bureau of Ocean Energy Management,
Regulation, and Enforcement
[FR Doc. C1–2010–24721 Filed 11–18–10; 8:45 am]
30 CFR Parts 201, 202, 203, 204, 206,
207, 208, 210, 212, 217, 218, 219, 220,
227, 228, 229, 241, 243, and 290
DEPARTMENT OF THE TREASURY
Office of Natural Resources Revenue
30 CFR Parts 1201, 1202, 1203, 1204,
1206, 1207, 1208, 1210, 1212, 1217,
1218, 1219, 1220, 1227, 1228, 1229,
1241, 1243, and 1290
[Docket No. MMS–2010–MRM–0033]
RIN 1010–AD70
Correction
In rule document 2010–24721
beginning on page 61051 in the issue of
Monday, October 4, 2010, make the
following corrections:
PART 1206—PRODUCT VALUATION
[CORRECTED]
Amendment Table for Part 1206
[Corrected]
1. On page 61070, in the table, in the
first column ‘‘Amend’’:
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Fiscal Service
31 CFR Part 363
Securities Held in Treasury Direct
Bureau of the Public Debt,
Fiscal Service, Treasury.
ACTION: Final rule.
AGENCY:
Treasury is enhancing
TreasuryDirect to permit automatic
purchases of savings bonds through a
payroll savings plan.
DATES: Effective date: November 19,
2010.
SUMMARY:
Reorganization of Title 30, Code of
Federal Regulations
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BILLING CODE 1505–01–D
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You can download this
Final Rule at the following Internet
addresses:
http:\\www.publicdebt.treas.gov,
http:\\www.gpo.gov, or
http:\\www.regulations.gov.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Elisha Whipkey, Director, Division of
Program Administration, Office of Retail
Securities, Bureau of the Public Debt, at
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srobinson on DSKHWCL6B1PROD with RULES
(304) 480–6319 or
elisha.whipkey@bpd.treas.gov.
Susan Sharp, Attorney-Adviser, Ann
Fowler, 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: United
States Savings Bonds are nonmarketable Treasury securities which
have been sold continuously since
March 1935. Savings bonds were
introduced as a means of encouraging
broad public participation in
government financing by making
Treasury securities available in small
denominations specially tailored to the
small investor. Today, savings bonds
continue to be an important savings and
investment tool for individuals, and
Treasury is committed to offering
savings bonds to the public as
efficiently as possible.
In order to reduce costs, enhance
customer service, and minimize
environmental impact, Treasury is
discontinuing the issuance of definitive
(paper) savings bonds through payroll
savings plans. In order to provide a
more efficient, electronic, automatic
method for the purchase of savings
bonds through payroll savings, Treasury
is enhancing its TreasuryDirect system
by adding a payroll savings function.
TreasuryDirect is an online account
system in which investors may hold and
conduct transactions in eligible bookentry Treasury securities. The new
payroll savings function will permit
employees, through their employer or a
financial institution, to credit funds on
a recurring basis to purchase a payroll
zero-percent certificate of indebtedness.
When the payroll zero-percent
certificate of indebtedness balance is
sufficient, a savings bond will be
automatically purchased in the amount,
series, and registration previously
selected by the employee.
Procedural Requirements
Executive Order 12866. This rule is
not a significant regulatory action
pursuant to Executive Order 12866.
Administrative Procedure Act (APA).
Because this rule relates to United
States securities, which are contracts
between Treasury and the owner of the
security, this rule falls within the
contract exception to the APA, 5 U.S.C.
553(a)(2). As a result, the notice, public
comment, and delayed effective date
provisions of the APA are inapplicable
to this rule.
Regulatory Flexibility Act. The
provisions of the Regulatory Flexibility
Act, 5 U.S.C. 601 et seq., do not apply
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to this rule because, pursuant to 5
U.S.C. 553(a)(2), it is not required to be
issued with notice and opportunity for
public comment.
Paperwork Reduction Act (PRA).
There is no new collection of
information contained in this final rule
that would be subject to the PRA, 44
U.S.C. 3501 et seq. Under the PRA, an
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless it
displays a valid OMB control number.
The Office of Management and Budget
already has approved all collections of
information in 31 CFR Part 363 under
OMB control number 1535–0138.
Congressional Review Act (CRA). This
rule is not a major rule pursuant to the
CRA, 5 U.S.C. 801 et seq., because it is
a minor amendment that is expected to
decrease costs for employers
participating in a payroll savings plan;
therefore, this rule is not expected to
lead to any of the results listed in 5
U.S.C. 804(2). This rule may take
immediate effect after we submit a copy
of it to Congress and the Comptroller
General.
periodic ACH credits from your
employer or financial institution to
purchase a payroll zero-percent
certificate of indebtedness until a
sufficient amount of payroll zeropercent certificate of indebtedness is
accumulated to enable the purchase of
a savings bond in an amount, series, and
registration that you previously selected
using functionality in your
TreasuryDirect account. (See also the
definition of payroll zero-percent
certificate of indebtedness.)
Payroll Zero-Percent Certificate of
Indebtedness is a restricted form of the
zero-percent certificate of indebtedness
that is held separately from the zeropercent certificate of indebtedness and
used only for purchases made through
the payroll savings plan. (See also the
definition for zero-percent certificate of
indebtedness.)
*
*
*
*
*
Zero-Percent Certificate of
Indebtedness is a one-day, non-interestbearing security that automatically
matures and is rolled over each day
until you request that it be redeemed.
■ 6. Add § 363.30 to read as follows:
List of Subjects in 31 CFR Part 363
Bonds, Electronic funds transfer,
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:
§ 363.30 What actions may Treasury take if
funds used to purchase a security were
credited or debited in error or through
fraud?
PART 363—REGULATIONS
GOVERNING SECURITIES HELD IN
TREASURYDIRECT®
1. 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.
2. Amend § 363.6 by removing the
definition of ‘‘Certificate of
indebtedness’’.
■ 3. In Part 363, revise all references to
‘‘certificate of indebtedness’’ to read
‘‘zero-percent certificate of
indebtedness’’ wherever they appear.
■ 4. In Part 363, revise all references to
‘‘certificates of indebtedness’’ to read
‘‘zero-percent certificates of
indebtedness’’ wherever they appear.
■ 5. Amend § 363.6 by adding
definitions of ‘‘Payroll Savings Plan,’’
‘‘Payroll Zero-Percent Certificate of
Indebtedness,’’ and ‘‘Zero-Percent
Certificate of Indebtedness’’ in
alphabetical order to read as follows:
■
§ 363.6
Definitions.
*
*
*
*
*
Payroll Savings Plan is a method for
the purchase of savings bonds using
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(a) If Treasury sustains a loss because
the funds used to purchase a security
were debited from an account at a
financial institution from which the
TreasuryDirect account owner did not
have the right to authorize such ACH
debit entry, we reserve the right to
redeem that security from the account
and use the proceeds to reimburse
Treasury for the loss. If such security
has been transferred to another
TreasuryDirect account, we reserve the
right to reverse the transfer, redeem the
security, and use the proceeds to
reimburse Treasury for the loss. If such
security has been redeemed or has
matured and the proceeds paid to the
account owner, we reserve the right to
take any action that we deem
appropriate, including redeeming other
securities remaining in the account and
using the proceeds to reimburse
Treasury for the loss.
(b) If an employer or a third-party
agent acting on behalf of one or more
employers certifies, under penalty of
perjury, that it has made an erroneous
ACH credit entry to purchase a
TreasuryDirect certificate of
indebtedness, we reserve the right to
redeem securities from the
TreasuryDirect account to which the
entry was made in the amount of the
erroneous entry and return the funds.
No action will be taken if the
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Federal Register / Vol. 75, No. 223 / Friday, November 19, 2010 / Rules and Regulations
certification is not received by Treasury
within 45 days of the erroneous entry.
We will only return funds if the
erroneous entry was made to an account
that does not belong to the intended
recipient, is a duplicate payment, is in
an amount that is greater than was
authorized by the recipient, or was
made in error because the employee was
not in a pay status. We reserve the right
to refuse to return an entry. By
requesting that Treasury correct an
erroneous entry, the employer agrees to
indemnify Treasury for any loss that
Treasury may incur as a result of the
correction of the error and agrees to
provide such information and assistance
as Treasury may require.
(c) If a financial institution, except a
financial institution acting on behalf of
an employer, makes an erroneous ACH
credit entry to a TreasuryDirect®
account and provides a certification as
to the circumstances of the erroneous
entry within 6 months of the entry date,
we will notify the account owner of the
erroneous ACH credit entry and attempt
to resolve the issue. We reserve the right
to place a hold on and to redeem
securities from the TreasuryDirect®
account to which the ACH credit entry
was made in the amount of the
erroneous credit entry and return the
funds to the financial institution. The
financial institution agrees to indemnify
Treasury for any loss that Treasury may
incur as a result of the correction of the
error and agrees to provide information
and assistance as Treasury may require.
■ 7. Amend § 363.37 by revising
paragraphs (b) and (c) and adding
paragraph (d) to read as follows:
§ 363.37 How do I purchase and make
payment for eligible Treasury securities
through my TreasuryDirect® account?
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*
*
*
*
*
(b) Payment for savings bonds and
marketable Treasury securities. You can
pay for eligible savings bonds and
marketable Treasury securities by either
a debit from your designated account at
a United States financial institution
using the ACH method, or by using the
redemption proceeds of your zeropercent certificate of indebtedness. You
can pay for savings bonds automatically
using the redemption proceeds of your
payroll zero-percent certificate of
indebtedness through the payroll
savings plan.
(c) Payment for zero-percent
certificate of indebtedness. You can pay
for a zero-percent certificate of
indebtedness by:
(1) a credit from your financial
institution or employer using the ACH
method to your TreasuryDirect®
account;
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(2) a debit from your designated
account at a financial institution using
the ACH method, limited to $1000 or
less per transaction; or
(3) using the proceeds of maturing
securities held in your TreasuryDirect®
account.
(d) Payment for a payroll zero-percent
certificate of indebtedness. The only
method available to purchase a payroll
zero-percent certificate of indebtedness
is to arrange for your employer or
financial institution to send a credit by
the ACH method to purchase a payroll
zero-percent certificate of indebtedness
in your TreasuryDirect® account.
■ 8. Amend § 363.45 by revising
paragraph (f) to read as follows:
payroll zero-percent certificate of
indebtedness to purchase a savings
bond in the amount, series, and
registration that you selected, the
TreasuryDirect® system will
automatically redeem your payroll zeropercent certificate of indebtedness and
purchase your selected savings bond.
§ 363.45 What are the rules for judicial and
administrative actions involving securities
held in TreasuryDirect®?
Subpart D—Zero-Percent Certificate of
Indebtedness
*
■
*
*
*
*
(f) Internal Revenue Service (IRS) levy.
We will honor an IRS notice of levy
under section 6331 of the Internal
Revenue Code:
(1) Against the owner, as owner is
defined in § 363.6 of this part, including
a levy against the owner in the capacity
of nominee, transferee, or alter ego;
(2) Against a secondary owner, if the
secondary owner has the right to
conduct transactions in a security at the
date and time the notice of levy is
delivered to Public Debt; or
(3) Against an owner’s property to
which a federal tax lien is attached.
*
*
*
*
*
■ 9. Add §§ 363.59 and 363.60 to read
as follows:
§ 363.59
What is a payroll savings plan?
A payroll savings plan is an automatic
method of purchasing savings bonds.
(See the definition in § 363.6.) You may
open your payroll savings plan by
selecting an amount, series, and
registration for your savings bond
purchases using functionality in your
TreasuryDirect® account. Each bond
purchase must be in a minimum amount
of $25 with additional one-cent
increments above that amount, up to a
maximum amount of $5000, in any one
transaction. The series may be either a
Series EE or Series I savings bond. The
registration may be any authorized form
of registration for an electronic savings
bond. You must also initiate a request
to your employer or your financial
institution to send credits on a recurring
basis to your payroll savings plan
through the ACH method to purchase a
payroll zero-percent certificate of
indebtedness. (See Subpart D for more
information about a payroll zero-percent
certificate of indebtedness.) When you
have accumulated a sufficient amount of
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§ 363.60 How do I discontinue my
participation in my payroll savings plan?
You may discontinue your
participation in your payroll savings
plan by arranging with your employer or
financial institution to discontinue
sending funds.
■ 10. Revise the heading for Subpart D
to read as follows:
11. Add an undesignated center
heading prior to § 363.130, to read as
follows:
GENERAL
12. Amend § 363.131 by revising the
first sentence and adding a fifth
sentence to read as follows:
■
§ 363.131 What is a TreasuryDirect® zeropercent certificate of indebtedness?
A TreasuryDirect® zero-percent
certificate of indebtedness is a noninterest-bearing security that is issued
daily, with a one-day maturity, which
automatically rolls over at maturity
until you request redemption. * * *
The payroll zero-percent certificate of
indebtedness is a restricted form of the
zero-percent certificate of indebtedness
that is held separately from the zeropercent certificate of indebtedness and
used only for purchases made through
the payroll savings plan.
§ 363.143
■
[Removed]
13. Remove § 363.143.
§§ 363.138, 363.139, 363.140, 363.141,
363.142, 363.144, 363.145, 363.146
[Redesignated as §§ 363.141, 363.138,
363.142, 363.143, 363.144, 363.145, 363.139,
and 363.140]
14. Redesignate §§ 363.138, 363.139,
363.140, 363.141, 363.142, 363.144,
363.145, 363.146 as §§ 363.141, 363.138,
363.142, 363.143, 363.144, 363.145,
363.139, and 363.140 respectively.
■ 15. Add an undesignated center
heading prior to § 363.141 to read as
follows:
■
ZERO-PERCENT CERTIFICATE OF
INDEBTEDNESS
16. Revise newly redesignated
§ 363.141 to read as follows:
■
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§ 363.141 How do I purchase a zeropercent certificate of indebtedness?
§ 363.147 How do I purchase a payroll
zero-percent certificate of indebtedness?
(a) Primary and linked accounts. You
may purchase a zero-percent certificate
of indebtedness through one or more of
the following four methods:
(1) Payroll deduction, in which your
employer sends funds through the ACH
method to your TreasuryDirect®
account;
(2) deposit by your financial
institution, in which your financial
institution sends funds by the ACH
method to your TreasuryDirect® account
on a recurring or one-time basis;
(3) through the Buy Direct function of
your TreasuryDirect® account, in which
you direct us to debit funds from your
financial institution account to purchase
a zero-percent 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 zeropercent certificate of indebtedness, you
will not be permitted to schedule a
redemption to your financial institution
from the zero-percent certificate of
indebtedness within five business days
after the settlement date of the debit
entry; and
(4) by using the proceeds from the
redemption of a savings bond, the
proceeds of a maturing security, or an
interest payment from a security to
purchase a zero-percent certificate of
indebtedness.
(b) Payroll savings plan. You may
purchase a payroll zero-percent
certificate of indebtedness for your
payroll savings plan through payroll
deduction, in which your employer
sends funds through the ACH method to
your TreasuryDirect® payroll savings
plan, or through a credit using the ACH
method by your financial institution, in
which your financial institution sends
funds by the ACH method to your
TreasuryDirect® payroll savings plan.
■ 17. Amend the heading of the newly
redesignated § 363.144 by removing the
phrase ‘‘for cash.’’
■ 19. Add an undesignated center
heading after the newly redesignated
§ 363.145, to read as follows:
You may purchase a payroll zeropercent certificate of indebtedness
through your TreasuryDirect® account
using your payroll savings plan. (See
§§ 363.59 and 363.60 for more
information on opening a payroll
savings plan.) The only method of
purchase for a payroll zero-percent
certificate of indebtedness is a credit of
funds from your employer or financial
institution using the ACH method. You
cannot purchase a payroll zero-percent
certificate of indebtedness by using a
debit from your financial institution.
PAYROLL ZERO-PERCENT
CERTIFICATE OF INDEBTEDNESS
20. Add §§ 363.146 through 363.148,
to read as follows:
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■
§ 363.146 Who may purchase a payroll
zero-percent certificate of indebtedness?
Only an individual TreasuryDirect®
account owner may purchase a payroll
zero-percent certificate of indebtedness,
only through his or her primary
account, and only through the payroll
savings plan.
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§ 363.148 Can I redeem all or a portion of
my accumulated payroll zero-percent
certificate of indebtedness?
You may redeem all or a portion of
your accumulated payroll zero-percent
certificate of indebtedness to any
financial institution that is of record in
your TreasuryDirect® account.
Richard L. Gregg,
Fiscal Assistant Secretary.
[FR Doc. 2010–28853 Filed 11–18–10; 8:45 am]
BILLING CODE 4810–39–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2010–1039]
Drawbridge Operation Regulation;
Upper Mississippi River, Dubuque, IA
Coast Guard, DHS.
Notice of temporary deviation
from regulations.
AGENCY:
ACTION:
The Commander, Eighth
Coast Guard District, has issued a
temporary deviation from the regulation
governing the operation of the Illinois
Central Railroad Drawbridge across the
Upper Mississippi River, mile 579.9, at
Dubuque, Iowa. The deviation is
necessary to allow the bridge owner
time to perform preventive maintenance
that is essential to the continued safe
operation of the drawbridge.
Maintenance is scheduled in the winter
and when there is less impact on
navigation; instead of scheduling work
in the summer, when river traffic
increases. This deviation allows the
bridge to open on signal if at least 24
hours advance notice is given.
DATES: This deviation is effective from
12:01 a.m., December 13, 2010 to 7 a.m.
March 1, 2011.
ADDRESSES: Documents mentioned in
this preamble as being available in the
SUMMARY:
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70817
docket are part of docket USCG–2010–
1039 and are available online by going
to https://www.regulations.gov, inserting
USCG–2010–1039 in the ‘‘Keyword’’ box
and then clicking ‘‘Search’’. They are
also available for inspection or copying
at 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.
and 5 p.m., Monday through Friday,
except Federal holidays.
If
you have questions on this rule, call or
e-mail Eric A. Washburn, Bridge
Administrator, Coast Guard; telephone
314–269–2378, e-mail
Eric.Washburn@uscg.mil. If you have
questions on viewing the docket, call
Renee V. Wright, Program Manager,
Docket Operations, telephone 202–366–
9826.
FOR FURTHER INFORMATION CONTACT:
The
Chicago, Central & Pacific Railroad
requested a temporary deviation for the
Illinois Central Railroad Drawbridge,
across the Upper Mississippi River, mile
579.9, at Dubuque, Iowa to open on
signal if at least 24 hours advance notice
is given for 79 days from 12:01 a.m.,
December 13, 2010 to 7 a.m., March 1,
2011 to allow the bridge owner time for
preventive maintenance. The Illinois
Central Railroad Drawbridge currently
operates in accordance with 33 CFR
117.5, which states the general
requirement that drawbridges shall open
promptly and fully for the passage of
vessels when a request to open is given
in accordance with the subpart.
There are no alternate routes for
vessels transiting this section of the
Upper Mississippi River.
Winter conditions on the Upper
Mississippi River coupled with the
closure of Army Corps of Engineer’s
Lock No. 20 (Mile 343.2 UMR), Lock No.
21 (Mile 324.9 UMR) and Lock No. 22
(Mile 301.2 UMR) until 4:30 p.m.,
March 4, 2011 will preclude any
significant navigation demands for the
drawspan opening.
The Illinois Central Railroad
Drawbridge, in the closed-to-navigation
position, provides a vertical clearance of
19.9 feet above normal pool. Navigation
on the waterway consists primarily of
commercial tows and recreational
watercraft. The drawbridge will open if
at least 24 hours advance notice is
given. This temporary deviation has
been coordinated with waterway users.
No objections were received.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
SUPPLEMENTARY INFORMATION:
E:\FR\FM\19NOR1.SGM
19NOR1
]]>Agencies
[Federal Register Volume 75, Number 223 (Friday, November 19, 2010)]
[Rules and Regulations]
[Pages 70814-70817]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-28853]
=======================================================================
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 363
Securities Held in Treasury Direct
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Final rule.
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SUMMARY: Treasury is enhancing TreasuryDirect to permit automatic
purchases of savings bonds through a payroll savings plan.
DATES: Effective date: November 19, 2010.
ADDRESSES: You can download this Final Rule at the following Internet
addresses: http:[bsol][bsol]www.publicdebt.treas.gov,
http:[bsol][bsol]www.gpo.gov, or http:[bsol][bsol]www.regulations.gov.
FOR FURTHER INFORMATION CONTACT: Elisha Whipkey, Director, Division of
Program Administration, Office of Retail Securities, Bureau of the
Public Debt, at
[[Page 70815]]
(304) 480-6319 or elisha.whipkey@bpd.treas.gov.
Susan Sharp, Attorney-Adviser, Ann Fowler, 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: United States Savings Bonds are non-
marketable Treasury securities which have been sold continuously since
March 1935. Savings bonds were introduced as a means of encouraging
broad public participation in government financing by making Treasury
securities available in small denominations specially tailored to the
small investor. Today, savings bonds continue to be an important
savings and investment tool for individuals, and Treasury is committed
to offering savings bonds to the public as efficiently as possible.
In order to reduce costs, enhance customer service, and minimize
environmental impact, Treasury is discontinuing the issuance of
definitive (paper) savings bonds through payroll savings plans. In
order to provide a more efficient, electronic, automatic method for the
purchase of savings bonds through payroll savings, Treasury is
enhancing its TreasuryDirect system by adding a payroll savings
function. TreasuryDirect is an online account system in which investors
may hold and conduct transactions in eligible book-entry Treasury
securities. The new payroll savings function will permit employees,
through their employer or a financial institution, to credit funds on a
recurring basis to purchase a payroll zero-percent certificate of
indebtedness. When the payroll zero-percent certificate of indebtedness
balance is sufficient, a savings bond will be automatically purchased
in the amount, series, and registration previously selected by the
employee.
Procedural Requirements
Executive Order 12866. This rule is not a significant regulatory
action pursuant to Executive Order 12866.
Administrative Procedure Act (APA). Because this rule relates to
United States securities, which are contracts between Treasury and the
owner of the security, this rule falls within the contract exception to
the APA, 5 U.S.C. 553(a)(2). As a result, the notice, public comment,
and delayed effective date provisions of the APA are inapplicable to
this rule.
Regulatory Flexibility Act. The provisions of the Regulatory
Flexibility Act, 5 U.S.C. 601 et seq., do not apply to this rule
because, pursuant to 5 U.S.C. 553(a)(2), it is not required to be
issued with notice and opportunity for public comment.
Paperwork Reduction Act (PRA). There is no new collection of
information contained in this final rule that would be subject to the
PRA, 44 U.S.C. 3501 et seq. Under the PRA, an agency may not conduct or
sponsor, and a person is not required to respond to, a collection of
information unless it displays a valid OMB control number. The Office
of Management and Budget already has approved all collections of
information in 31 CFR Part 363 under OMB control number 1535-0138.
Congressional Review Act (CRA). This rule is not a major rule
pursuant to the CRA, 5 U.S.C. 801 et seq., because it is a minor
amendment that is expected to decrease costs for employers
participating in a payroll savings plan; therefore, this rule is not
expected to lead to any of the results listed in 5 U.S.C. 804(2). This
rule may take immediate effect after we submit a copy of it to Congress
and the Comptroller General.
List of Subjects in 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 363--REGULATIONS GOVERNING SECURITIES HELD IN
TREASURYDIRECT[supreg]
0
1. 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
2. Amend Sec. 363.6 by removing the definition of ``Certificate of
indebtedness''.
0
3. In Part 363, revise all references to ``certificate of
indebtedness'' to read ``zero-percent certificate of indebtedness''
wherever they appear.
0
4. In Part 363, revise all references to ``certificates of
indebtedness'' to read ``zero-percent certificates of indebtedness''
wherever they appear.
0
5. Amend Sec. 363.6 by adding definitions of ``Payroll Savings Plan,''
``Payroll Zero-Percent Certificate of Indebtedness,'' and ``Zero-
Percent Certificate of Indebtedness'' in alphabetical order to read as
follows:
Sec. 363.6 Definitions.
* * * * *
Payroll Savings Plan is a method for the purchase of savings bonds
using periodic ACH credits from your employer or financial institution
to purchase a payroll zero-percent certificate of indebtedness until a
sufficient amount of payroll zero-percent certificate of indebtedness
is accumulated to enable the purchase of a savings bond in an amount,
series, and registration that you previously selected using
functionality in your TreasuryDirect account. (See also the definition
of payroll zero-percent certificate of indebtedness.)
Payroll Zero-Percent Certificate of Indebtedness is a restricted
form of the zero-percent certificate of indebtedness that is held
separately from the zero-percent certificate of indebtedness and used
only for purchases made through the payroll savings plan. (See also the
definition for zero-percent certificate of indebtedness.)
* * * * *
Zero-Percent Certificate of Indebtedness is a one-day, non-
interest-bearing security that automatically matures and is rolled over
each day until you request that it be redeemed.
0
6. Add Sec. 363.30 to read as follows:
Sec. 363.30 What actions may Treasury take if funds used to purchase
a security were credited or debited in error or through fraud?
(a) If Treasury sustains a loss because the funds used to purchase
a security were debited from an account at a financial institution from
which the TreasuryDirect account owner did not have the right to
authorize such ACH debit entry, we reserve the right to redeem that
security from the account and use the proceeds to reimburse Treasury
for the loss. If such security has been transferred to another
TreasuryDirect account, we reserve the right to reverse the transfer,
redeem the security, and use the proceeds to reimburse Treasury for the
loss. If such security has been redeemed or has matured and the
proceeds paid to the account owner, we reserve the right to take any
action that we deem appropriate, including redeeming other securities
remaining in the account and using the proceeds to reimburse Treasury
for the loss.
(b) If an employer or a third-party agent acting on behalf of one
or more employers certifies, under penalty of perjury, that it has made
an erroneous ACH credit entry to purchase a TreasuryDirect certificate
of indebtedness, we reserve the right to redeem securities from the
TreasuryDirect account to which the entry was made in the amount of the
erroneous entry and return the funds. No action will be taken if the
[[Page 70816]]
certification is not received by Treasury within 45 days of the
erroneous entry. We will only return funds if the erroneous entry was
made to an account that does not belong to the intended recipient, is a
duplicate payment, is in an amount that is greater than was authorized
by the recipient, or was made in error because the employee was not in
a pay status. We reserve the right to refuse to return an entry. By
requesting that Treasury correct an erroneous entry, the employer
agrees to indemnify Treasury for any loss that Treasury may incur as a
result of the correction of the error and agrees to provide such
information and assistance as Treasury may require.
(c) If a financial institution, except a financial institution
acting on behalf of an employer, makes an erroneous ACH credit entry to
a TreasuryDirect[supreg] account and provides a certification as to the
circumstances of the erroneous entry within 6 months of the entry date,
we will notify the account owner of the erroneous ACH credit entry and
attempt to resolve the issue. We reserve the right to place a hold on
and to redeem securities from the TreasuryDirect[supreg] account to
which the ACH credit entry was made in the amount of the erroneous
credit entry and return the funds to the financial institution. The
financial institution agrees to indemnify Treasury for any loss that
Treasury may incur as a result of the correction of the error and
agrees to provide information and assistance as Treasury may require.
0
7. Amend Sec. 363.37 by revising paragraphs (b) and (c) and adding
paragraph (d) to read as follows:
Sec. 363.37 How do I purchase and make payment for eligible Treasury
securities through my TreasuryDirect[supreg] account?
* * * * *
(b) Payment for savings bonds and marketable Treasury securities.
You can pay for eligible savings bonds and marketable Treasury
securities by either a debit from your designated account at a United
States financial institution using the ACH method, or by using the
redemption proceeds of your zero-percent certificate of indebtedness.
You can pay for savings bonds automatically using the redemption
proceeds of your payroll zero-percent certificate of indebtedness
through the payroll savings plan.
(c) Payment for zero-percent certificate of indebtedness. You can
pay for a zero-percent certificate of indebtedness by:
(1) a credit from your financial institution or employer using the
ACH method to your TreasuryDirect[supreg] account;
(2) a debit from your designated account at a financial institution
using the ACH method, limited to $1000 or less per transaction; or
(3) using the proceeds of maturing securities held in your
TreasuryDirect[supreg] account.
(d) Payment for a payroll zero-percent certificate of indebtedness.
The only method available to purchase a payroll zero-percent
certificate of indebtedness is to arrange for your employer or
financial institution to send a credit by the ACH method to purchase a
payroll zero-percent certificate of indebtedness in your
TreasuryDirect[supreg] account.
0
8. Amend Sec. 363.45 by revising paragraph (f) to read as follows:
Sec. 363.45 What are the rules for judicial and administrative
actions involving securities held in TreasuryDirect[supreg]?
* * * * *
(f) Internal Revenue Service (IRS) levy. We will honor an IRS
notice of levy under section 6331 of the Internal Revenue Code:
(1) Against the owner, as owner is defined in Sec. 363.6 of this
part, including a levy against the owner in the capacity of nominee,
transferee, or alter ego;
(2) Against a secondary owner, if the secondary owner has the right
to conduct transactions in a security at the date and time the notice
of levy is delivered to Public Debt; or
(3) Against an owner's property to which a federal tax lien is
attached.
* * * * *
0
9. Add Sec. Sec. 363.59 and 363.60 to read as follows:
Sec. 363.59 What is a payroll savings plan?
A payroll savings plan is an automatic method of purchasing savings
bonds. (See the definition in Sec. 363.6.) You may open your payroll
savings plan by selecting an amount, series, and registration for your
savings bond purchases using functionality in your
TreasuryDirect[supreg] account. Each bond purchase must be in a minimum
amount of $25 with additional one-cent increments above that amount, up
to a maximum amount of $5000, in any one transaction. The series may be
either a Series EE or Series I savings bond. The registration may be
any authorized form of registration for an electronic savings bond. You
must also initiate a request to your employer or your financial
institution to send credits on a recurring basis to your payroll
savings plan through the ACH method to purchase a payroll zero-percent
certificate of indebtedness. (See Subpart D for more information about
a payroll zero-percent certificate of indebtedness.) When you have
accumulated a sufficient amount of payroll zero-percent certificate of
indebtedness to purchase a savings bond in the amount, series, and
registration that you selected, the TreasuryDirect[supreg] system will
automatically redeem your payroll zero-percent certificate of
indebtedness and purchase your selected savings bond.
Sec. 363.60 How do I discontinue my participation in my payroll
savings plan?
You may discontinue your participation in your payroll savings plan
by arranging with your employer or financial institution to discontinue
sending funds.
0
10. Revise the heading for Subpart D to read as follows:
Subpart D--Zero-Percent Certificate of Indebtedness
0
11. Add an undesignated center heading prior to Sec. 363.130, to read
as follows:
GENERAL
0
12. Amend Sec. 363.131 by revising the first sentence and adding a
fifth sentence to read as follows:
Sec. 363.131 What is a TreasuryDirect[supreg] zero-percent
certificate of indebtedness?
A TreasuryDirect[supreg] zero-percent certificate of indebtedness
is a non-interest-bearing security that is issued daily, with a one-day
maturity, which automatically rolls over at maturity until you request
redemption. * * * The payroll zero-percent certificate of indebtedness
is a restricted form of the zero-percent certificate of indebtedness
that is held separately from the zero-percent certificate of
indebtedness and used only for purchases made through the payroll
savings plan.
Sec. 363.143 [Removed]
0
13. Remove Sec. 363.143.
Sec. Sec. 363.138, 363.139, 363.140, 363.141, 363.142, 363.144,
363.145, 363.146 [Redesignated as Sec. Sec. 363.141, 363.138,
363.142, 363.143, 363.144, 363.145, 363.139, and 363.140]
0
14. Redesignate Sec. Sec. 363.138, 363.139, 363.140, 363.141, 363.142,
363.144, 363.145, 363.146 as Sec. Sec. 363.141, 363.138, 363.142,
363.143, 363.144, 363.145, 363.139, and 363.140 respectively.
0
15. Add an undesignated center heading prior to Sec. 363.141 to read
as follows:
ZERO-PERCENT CERTIFICATE OF INDEBTEDNESS
0
16. Revise newly redesignated Sec. 363.141 to read as follows:
[[Page 70817]]
Sec. 363.141 How do I purchase a zero-percent certificate of
indebtedness?
(a) Primary and linked accounts. You may purchase a zero-percent
certificate of indebtedness through one or more of the following four
methods:
(1) Payroll deduction, in which your employer sends funds through
the ACH method to your TreasuryDirect[supreg] account;
(2) deposit by your financial institution, in which your financial
institution sends funds by the ACH method to your
TreasuryDirect[supreg] account on a recurring or one-time basis;
(3) through the Buy Direct function of your TreasuryDirect[supreg]
account, in which you direct us to debit funds from your financial
institution account to purchase a zero-percent 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 zero-percent certificate of
indebtedness, you will not be permitted to schedule a redemption to
your financial institution from the zero-percent certificate of
indebtedness within five business days after the settlement date of the
debit entry; and
(4) by using the proceeds from the redemption of a savings bond,
the proceeds of a maturing security, or an interest payment from a
security to purchase a zero-percent certificate of indebtedness.
(b) Payroll savings plan. You may purchase a payroll zero-percent
certificate of indebtedness for your payroll savings plan through
payroll deduction, in which your employer sends funds through the ACH
method to your TreasuryDirect[supreg] payroll savings plan, or through
a credit using the ACH method by your financial institution, in which
your financial institution sends funds by the ACH method to your
TreasuryDirect[supreg] payroll savings plan.
0
17. Amend the heading of the newly redesignated Sec. 363.144 by
removing the phrase ``for cash.''
0
19. Add an undesignated center heading after the newly redesignated
Sec. 363.145, to read as follows:
PAYROLL ZERO-PERCENT CERTIFICATE OF INDEBTEDNESS
0
20. Add Sec. Sec. 363.146 through 363.148, to read as follows:
Sec. 363.146 Who may purchase a payroll zero-percent certificate of
indebtedness?
Only an individual TreasuryDirect[supreg] account owner may
purchase a payroll zero-percent certificate of indebtedness, only
through his or her primary account, and only through the payroll
savings plan.
Sec. 363.147 How do I purchase a payroll zero-percent certificate of
indebtedness?
You may purchase a payroll zero-percent certificate of indebtedness
through your TreasuryDirect[supreg] account using your payroll savings
plan. (See Sec. Sec. 363.59 and 363.60 for more information on opening
a payroll savings plan.) The only method of purchase for a payroll
zero-percent certificate of indebtedness is a credit of funds from your
employer or financial institution using the ACH method. You cannot
purchase a payroll zero-percent certificate of indebtedness by using a
debit from your financial institution.
Sec. 363.148 Can I redeem all or a portion of my accumulated payroll
zero-percent certificate of indebtedness?
You may redeem all or a portion of your accumulated payroll zero-
percent certificate of indebtedness to any financial institution that
is of record in your TreasuryDirect[supreg] account.
Richard L. Gregg,
Fiscal Assistant Secretary.
[FR Doc. 2010-28853 Filed 11-18-10; 8:45 am]
BILLING CODE 4810-39-P
