United States Savings Bonds, Series EE, HH and I, 66855-66856 [2011-27740]

Download as PDF Federal Register / Vol. 76, No. 209 / Friday, October 28, 2011 / Rules and Regulations DEPARTMENT OF THE TREASURY Fiscal Service 31 CFR Parts 351, 353, 359, and 360 United States Savings Bonds, Series EE, HH and I Bureau of the Public Debt, Fiscal Service, Treasury. ACTION: Final rule. AGENCY: Treasury is discontinuing the over-the-counter sales of definitive (paper) savings bonds. This includes sales through financial institutions and mail-in orders. The elimination of definitive savings bond issuances will reduce program costs, enhance customer service, and minimize environmental impact. SUMMARY: Effective date: January 1, 2012. ADDRESSES: 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. DATES: FOR FURTHER INFORMATION CONTACT: 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. David Copenhaver, Senior Attorney, 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 david.copenhaver@bpd.treas.gov. 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. 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. Treasury made savings bonds available in electronic (book-entry) form through the TreasuryDirect® system in 2002, and savings bonds will continue to be available electronically. However, the issuance of paper (definitive) savings bonds will be discontinued as of January 1, 2012. The elimination of definitive savings bond issuances will tkelley on DSK3SPTVN1PROD with RULES SUPPLEMENTARY INFORMATION: VerDate Mar<15>2010 14:34 Oct 27, 2011 Jkt 226001 reduce program costs, enhance customer service, and minimize environmental impact. Although no new paper savings bonds will be issued after the effective date, this change does not impact the ability to hold or redeem existing paper bonds. Individuals will also be able to obtain paper Series I savings bonds with their tax refunds through Internal Revenue Service Form 8888. 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). We ask for no new collections of information in this final rule. Therefore, the Paperwork Reduction Act (44 U.S.C. 3501 et seq.) does not apply. 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 taxpayers; therefore, this rule is not expected to lead to any of the results listed in 5 U.S.C. 804(2). This rule will take effect January 1, 2012, after we submit a copy of it to Congress and the Comptroller General. List of Subjects 66855 PART 351—OFFERING OF UNITED STATES SAVINGS BONDS, SERIES EE 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. ■ 2. Revise § 351.4 to read as follows: § 351.4 In what form are Series EE savings bonds issued? Series EE savings bonds are issued in book-entry form. Effective January 1, 2012, Treasury discontinued the issuance of definitive Series EE savings bonds. ■ 3. Revise § 351.40 to read as follows: § 351.40 What were the denominations and prices of definitive Series EE savings bonds? Prior to January 1, 2012, we issued definitive Series EE savings bonds in denominations of $50, $75, $100, $200, $500, $1000, $5000, and $10,000. The purchase price was one-half the amount of the denomination. ■ 4. Revise § 351.42 to read as follows: § 351.42 What is the issue date of a definitive series EE savings bond? The issue date of a definitive bond is the first day of the month in which an authorized issuing agent received payment of the issue price. ■ 5. Revise the last sentence of § 351.43 to read as follows: § 351.43 Are Taxpayer Identification Numbers (TINs) required for the registration of definitive series EE savings bonds? * * * If the bond was purchased as a gift or award and the owner’s TIN is not known, the TIN of the purchaser must be included in the registration of the bond. ■ 6. Remove and reserve § 351.44 through § 351.45. ■ 7. Revise § 351.46 to read as follows: 31 CFR Part 351 Bonds, Federal Reserve System, Government Securities. § 351.46 May I purchase definitive Series EE savings bonds over-the-counter? Effective January 1, 2012, Treasury discontinued the over-the-counter sale of definitive Series EE savings bonds. ■ 8. Remove and reserve § 351.83. 31 CFR Part 353 Bonds, Federal Reserve System, Government Securities. 31 CFR Part 359 Bonds, Federal Reserve System, Government Securities. Bonds, Federal Reserve System, Government Securities. Accordingly, for the reasons set out in the preamble, 31 CFR Chapter II, Subchapter B, is amended as follows: Frm 00007 Fmt 4700 9. The authority citation for part 353 continues to read as follows: ■ 31 CFR Part 360 PO 00000 PART 353—REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS BONDS, SERIES EE AND HH Sfmt 4700 Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105, 3125. 10. Amend § 353.5 by revising the first sentence of paragraph (a) and the first ■ E:\FR\FM\28OCR1.SGM 28OCR1 66856 Federal Register / Vol. 76, No. 209 / Friday, October 28, 2011 / Rules and Regulations sentence of paragraph (c) to read as follows: § 359.27 What is the issue date of a definitive Series I savings bond? DEPARTMENT OF COMMERCE § 353.5 The issue date of a definitive bond is the first day of the month in which an authorized issuing agent received payment of the issue price. National Oceanic and Atmospheric Administration 17. Revise the last sentence of § 359.28 to read as follows: [Docket No. 110818511–1641–03] § 359.28 Are Taxpayer Identification Numbers (TINs) required for the registration of definitive series I savings bonds? Fisheries of the Northeastern United States; Northeast Skate Complex Fishery; Secretarial Emergency Action General rules. (a) Registration is conclusive of ownership. Definitive savings bonds were issued only in registered form. * * * * * * * * (c) Registration of bonds purchased as gifts. If the bonds were purchased as gifts, awards, prizes, etc., and the taxpayer identifying numbers of the intended owners are not known, the purchaser’s number must be furnished. * * * ■ 11. Amend § 353.30 by revising the first sentence to read as follows: § 353.30 Series EE bonds. Definitive Series EE bonds were issued at a discount. * * * ■ 12. Revise § 353.45 to read as follows: § 353.45 General. (a) Reissue of a bond may be made only under the conditions specified in these regulations, and only at: (1) A Federal Reserve Bank or Branch, or (2) The Bureau of the Public Debt. (b) Reissue will not be made if the request is received less than one full calendar month before the final maturity date of a bond. The request, however, will be effective to establish ownership as though the requested reissue had been made. We reserve the right to reissue savings bonds in book-entry form only. PART 359—OFFERING OF UNITED STATES SAVINGS BONDS, SERIES I 13. 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. ■ 14. Revise § 359.4 to read as follows: § 359.4 In what form are Series I savings bonds issued? Series I savings bonds are issued in book-entry form. Effective January 1, 2012, Treasury discontinued the issuance of definitive Series I savings bonds. ■ 15. Revise § 359.25 to read as follows: tkelley on DSK3SPTVN1PROD with RULES § 359.25 What were the denominations and prices of definitive Series I savings bonds? Prior to January 1, 2012, definitive Series I savings bonds were issued in denominations of $50, $75, $100, $200, $500, $1,000, $5,000, and $10,000. These definitive bonds were sold at par; that is, the purchase price was the same as the denomination (face value). ■ 16. Revise § 359.27 to read as follows: VerDate Mar<15>2010 14:34 Oct 27, 2011 Jkt 226001 ■ * * * If the bond was purchased as a gift or award and the owner’s TIN is not known, the TIN of the purchaser must be included in the registration of the bond. 18. Remove and reserve § 359.29 through § 359.33. ■ ■ 19. Revise § 359.34 to read as follows: § 359.34 May I purchase definitive Series I savings bonds over-the-counter? Effective January 1, 2012, Treasury discontinued the over-the-counter sale of definitive Series I savings bonds. ■ 20. Remove and reserve § 359.68. PART 360—REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS BONDS, SERIES I 21. The authority citation for part 360 continues to read as follows: ■ Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105. 22. Amend § 360.5 by revising the first sentence of paragraph (a) and the first sentence of paragraph (c) to read as follows: ■ § 360.5 General rules. (a) Registration is conclusive of ownership. Definitive savings bonds were issued only in registered form. * * * * * * * * (c) Registration of bonds purchased as gifts. If the bonds were purchased as gifts, awards, prizes, etc., and the taxpayer identifying numbers of the intended owners are not known, the purchaser’s number must be furnished. * * * ■ 23. Amend § 360.45 by adding the following sentence at the end of the section: § 360.45 General. * * * We reserve the right to reissue savings bonds in book-entry form only. Richard L. Gregg, Fiscal Assistant Secretary. [FR Doc. 2011–27740 Filed 10–27–11; 8:45 am] BILLING CODE 4810–39–P PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 50 CFR Part 648 RIN 0648–BB32 National Marine Fisheries Service (NMFS), National Oceanic and Atmospheric Administration (NOAA), Commerce. ACTION: Temporary rule; emergency action. AGENCY: This final rule increases catch limits in the Northeast skate fishery for the remainder of the 2011 fishing year. The increases are supported by the latest scientific information that shows significant increases in the abundance of skates, and are intended to provide a significant economic opportunity while still protecting skates from overfishing. DATES: Effective November 28, 2011, through April 30, 2012. ADDRESSES: A supplemental environmental assessment (EA) was prepared for this action. The supplemental EA describes the action and provides a thorough analysis of the impacts of the proposed measures and other alternatives that were considered. Copies of the supplemental EA and the Initial Regulatory Flexibility Analysis (IRFA), are available on request from Patricia A. Kurkul, Regional Administrator, NMFS, Northeast Regional Office, 55 Great Republic Drive, Gloucester, MA 01930. These documents are also available online at http://www.nero.noaa.gov. FOR FURTHER INFORMATION CONTACT: Tobey Curtis, Fishery Policy Analyst, (978) 281–9273; fax: (978) 281–9135. SUPPLEMENTARY INFORMATION: SUMMARY: Background The New England Fishery Management Council (Council) manages skate fisheries in the northeastern U.S. through the Northeast Skate Complex Fishery Management Plan (Skate FMP). Seven skate species are managed under the Skate FMP: Winter, little, thorny, barndoor, smooth, clearnose, and rosette. The Council’s Scientific and Statistical Committee reviews the best available information on the status of skate populations, and makes recommendations on acceptable biological catch (ABC) for the skate complex (all seven species). This E:\FR\FM\28OCR1.SGM 28OCR1

Agencies

[Federal Register Volume 76, Number 209 (Friday, October 28, 2011)]
[Rules and Regulations]
[Pages 66855-66856]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-27740]



[[Page 66855]]

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DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Parts 351, 353, 359, and 360


United States Savings Bonds, Series EE, HH and I

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

ACTION: Final rule.

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

SUMMARY: Treasury is discontinuing the over-the-counter sales of 
definitive (paper) savings bonds. This includes sales through financial 
institutions and mail-in orders. The elimination of definitive savings 
bond issuances will reduce program costs, enhance customer service, and 
minimize environmental impact.

DATES: Effective date: January 1, 2012.

ADDRESSES: 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.

FOR FURTHER INFORMATION CONTACT: 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.
    David Copenhaver, Senior Attorney, 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 david.copenhaver@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. 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.
    Treasury made savings bonds available in electronic (book-entry) 
form through the TreasuryDirect[supreg] system in 2002, and savings 
bonds will continue to be available electronically. However, the 
issuance of paper (definitive) savings bonds will be discontinued as of 
January 1, 2012. The elimination of definitive savings bond issuances 
will reduce program costs, enhance customer service, and minimize 
environmental impact.
    Although no new paper savings bonds will be issued after the 
effective date, this change does not impact the ability to hold or 
redeem existing paper bonds. Individuals will also be able to obtain 
paper Series I savings bonds with their tax refunds through Internal 
Revenue Service Form 8888.

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). We ask for no new collections of 
information in this final rule. Therefore, the Paperwork Reduction Act 
(44 U.S.C. 3501 et seq.) does not apply.
    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 taxpayers; therefore, 
this rule is not expected to lead to any of the results listed in 5 
U.S.C. 804(2). This rule will take effect January 1, 2012, after we 
submit a copy of it to Congress and the Comptroller General.

List of Subjects

31 CFR Part 351

    Bonds, Federal Reserve System, Government Securities.

31 CFR Part 353

    Bonds, Federal Reserve System, Government Securities.

31 CFR Part 359

    Bonds, Federal Reserve System, Government Securities.

31 CFR Part 360

    Bonds, Federal Reserve System, Government Securities.

    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. Revise Sec.  351.4 to read as follows:


Sec.  351.4  In what form are Series EE savings bonds issued?

    Series EE savings bonds are issued in book-entry form. Effective 
January 1, 2012, Treasury discontinued the issuance of definitive 
Series EE savings bonds.

0
3. Revise Sec.  351.40 to read as follows:


Sec.  351.40  What were the denominations and prices of definitive 
Series EE savings bonds?

    Prior to January 1, 2012, we issued definitive Series EE savings 
bonds in denominations of $50, $75, $100, $200, $500, $1000, $5000, and 
$10,000. The purchase price was one-half the amount of the 
denomination.

0
4. Revise Sec.  351.42 to read as follows:


Sec.  351.42  What is the issue date of a definitive series EE savings 
bond?

    The issue date of a definitive bond is the first day of the month 
in which an authorized issuing agent received payment of the issue 
price.

0
5. Revise the last sentence of Sec.  351.43 to read as follows:


Sec.  351.43  Are Taxpayer Identification Numbers (TINs) required for 
the registration of definitive series EE savings bonds?

    * * * If the bond was purchased as a gift or award and the owner's 
TIN is not known, the TIN of the purchaser must be included in the 
registration of the bond.

0
6. Remove and reserve Sec.  351.44 through Sec.  351.45.

0
7. Revise Sec.  351.46 to read as follows:


Sec.  351.46  May I purchase definitive Series EE savings bonds over-
the-counter?

    Effective January 1, 2012, Treasury discontinued the over-the-
counter sale of definitive Series EE savings bonds.

0
8. Remove and reserve Sec.  351.83.

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

0
9. 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
10. Amend Sec.  353.5 by revising the first sentence of paragraph (a) 
and the first

[[Page 66856]]

sentence of paragraph (c) to read as follows:


Sec.  353.5  General rules.

    (a) Registration is conclusive of ownership. Definitive savings 
bonds were issued only in registered form. * * *
* * * * *
    (c) Registration of bonds purchased as gifts. If the bonds were 
purchased as gifts, awards, prizes, etc., and the taxpayer identifying 
numbers of the intended owners are not known, the purchaser's number 
must be furnished. * * *

0
11. Amend Sec.  353.30 by revising the first sentence to read as 
follows:


Sec.  353.30  Series EE bonds.

    Definitive Series EE bonds were issued at a discount. * * *

0
12. Revise Sec.  353.45 to read as follows:


Sec.  353.45  General.

    (a) Reissue of a bond may be made only under the conditions 
specified in these regulations, and only at:
    (1) A Federal Reserve Bank or Branch, or
    (2) The Bureau of the Public Debt.
    (b) Reissue will not be made if the request is received less than 
one full calendar month before the final maturity date of a bond. The 
request, however, will be effective to establish ownership as though 
the requested reissue had been made. We reserve the right to reissue 
savings bonds in book-entry form only.

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

0
13. 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
14. Revise Sec.  359.4 to read as follows:


Sec.  359.4  In what form are Series I savings bonds issued?

    Series I savings bonds are issued in book-entry form. Effective 
January 1, 2012, Treasury discontinued the issuance of definitive 
Series I savings bonds.

0
15. Revise Sec.  359.25 to read as follows:


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

    Prior to January 1, 2012, definitive Series I savings bonds were 
issued in denominations of $50, $75, $100, $200, $500, $1,000, $5,000, 
and $10,000. These definitive bonds were sold at par; that is, the 
purchase price was the same as the denomination (face value).

0
16. Revise Sec.  359.27 to read as follows:


Sec.  359.27  What is the issue date of a definitive Series I savings 
bond?

    The issue date of a definitive bond is the first day of the month 
in which an authorized issuing agent received payment of the issue 
price.

0
17. Revise the last sentence of Sec.  359.28 to read as follows:


Sec.  359.28  Are Taxpayer Identification Numbers (TINs) required for 
the registration of definitive series I savings bonds?

    * * * If the bond was purchased as a gift or award and the owner's 
TIN is not known, the TIN of the purchaser must be included in the 
registration of the bond.

0
18. Remove and reserve Sec.  359.29 through Sec.  359.33.

0
19. Revise Sec.  359.34 to read as follows:


Sec.  359.34  May I purchase definitive Series I savings bonds over-
the-counter?

    Effective January 1, 2012, Treasury discontinued the over-the-
counter sale of definitive Series I savings bonds.

0
20. Remove and reserve Sec.  359.68.

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

0
21. The authority citation for part 360 continues to read as follows:

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

0
22. Amend Sec.  360.5 by revising the first sentence of paragraph (a) 
and the first sentence of paragraph (c) to read as follows:


Sec.  360.5  General rules.

    (a) Registration is conclusive of ownership. Definitive savings 
bonds were issued only in registered form. * * *
* * * * *
    (c) Registration of bonds purchased as gifts. If the bonds were 
purchased as gifts, awards, prizes, etc., and the taxpayer identifying 
numbers of the intended owners are not known, the purchaser's number 
must be furnished. * * *
0
23. Amend Sec.  360.45 by adding the following sentence at the end of 
the section:


Sec.  360.45  General.

    * * * We reserve the right to reissue savings bonds in book-entry 
form only.

Richard L. Gregg,
Fiscal Assistant Secretary.
[FR Doc. 2011-27740 Filed 10-27-11; 8:45 am]
BILLING CODE 4810-39-P