Regulations Governing Definitive United States Savings Bonds, Series EE and HH; Regulations Governing Definitive United States Savings Bonds, Series I; Regulations Governing Securities Held in TreasuryDirect, 8858-8860 [2014-03371]
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8858
Federal Register / Vol. 79, No. 31 / Friday, February 14, 2014 / Rules and Regulations
For plans with a valuation
date
Rate set
On or after
*
Before
*
245
*
3–1–14
4–1–14
1.50
Issued in Washington, DC, on this 5th day
of February 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2014–03283 Filed 2–13–14; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Parts 353, 360, and 363
Regulations Governing Definitive
United States Savings Bonds, Series
EE and HH; Regulations Governing
Definitive United States Savings
Bonds, Series I; Regulations
Governing Securities Held in
TreasuryDirect
Bureau of the Fiscal Service,
Fiscal Service, Treasury.
AGENCY:
ACTION:
Final rule.
The Department of the
Treasury (Treasury) is eliminating the
printing of paper Series EE and Series
I savings bonds in reissue and claims
transactions. Customers requesting these
transactions will now have the option of
receiving either book-entry (electronic)
bonds or payment in lieu of the
traditional paper bonds. Treasury is also
updating agency contact information
and making a minor revision in the
Regulations Governing Securities Held
in TreasuryDirect®.
SUMMARY:
This final rule is effective
February 14, 2014.
DATES:
You can download this
Final Rule at the following Internet
addresses: https://
www.publicdebt.treas.gov; https://
www.gpo.gov; or https://
www.regulations.gov.
ADDRESSES:
tkelley on DSK3SPTVN1PROD with RULES
FOR FURTHER INFORMATION CONTACT:
Technical information: Jerry Kelly,
Acting Director, 304–480–6319 or
jerry.kelly@fiscal.treasury.gov.
Legal information: Lisa Martin,
Attorney-Adviser, 304–480–8692 or
lisa.martin@fiscal.treasury.gov.
SUPPLEMENTARY INFORMATION:
VerDate Mar<15>2010
17:37 Feb 13, 2014
Immediate
annuity rate
(percent)
Jkt 232001
Deferred annuities (percent)
i1
i2
*
4.00
i3
4.00
*
I. Background
In continuation of its all-electronic
initiative announced in 2010, Treasury
is working toward a goal of issuing
savings bonds only in book-entry
(electronic) form and eliminating the
issuance or reissuance of definitive
(paper) savings bonds.
Through previous actions, Treasury
has created its online TreasuryDirect®
system in which savings bond
customers may safely purchase and hold
their Series EE and Series I bonds in
book-entry form. Treasury has
developed rules and procedures that
allow customers already holding paper
Series EE and I bonds to convert those
bonds to book-entry in their
TreasuryDirect® accounts. This was
followed by development of a process
that accommodates regular payrollbased savings through an employee’s
TreasuryDirect® account and the
discontinuation of the old paper payroll
savings bond program. And, as of
January 2012, Treasury discontinued the
issuance of paper Series EE and I bonds
through traditional over-the-counter
sales.
II. Amendments to Title 31 CFR
Now, with this action to eliminate the
printing of paper Series EE and I bonds
in reissue and claims transactions,
Treasury is moving another step closer
to our all-electronic goal. Customers
requesting reissue or replacement of
paper Series EE and I bonds after
February 14, 2014, may receive their
new bonds in book-entry (electronic)
form in their TreasuryDirect® accounts.
Any customers not wishing to receive
book-entry bonds may elect to receive
payment instead. The option to receive
payment will also be available to the
relatively small number of paper bond
owners who may not be eligible to open
a TreasuryDirect® account.
These changes will allow Treasury to
reduce program costs, enhance customer
service, and minimize environmental
impact. Moving more savings bonds into
a book-entry environment where most
routine transactions are paperless
furthers Treasury’s initiative to ‘‘go
green, save green.’’
Treasury is also conforming
references to the TreasuryDirect®
system, updating agency contact
PO 00000
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*
7
8
information, and revising one of the
example registrations for TreasuryDirect
accounts owned by trusts.
III. Procedural Requirements
A. 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 at 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.
B. 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.
It 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.
C. 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 for these parts (OMB No.
1535–0004, OMB No. 1535–0009, OMB
No. 1535–0012, OMB No. 1535–0013,
OMB No. 1535–0023, OMB No. 1535–
0036, OMB No. 1535–0063, OMB No.
1535–0098, OMB No. 1535–0118, and
OMB No. 1535–0131).
D. 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.
E. Executive Order 12866
This rule is not a significant
regulatory action pursuant to Executive
Order 12866.
E:\FR\FM\14FER1.SGM
14FER1
Federal Register / Vol. 79, No. 31 / Friday, February 14, 2014 / Rules and Regulations
List of Subjects
31 CFR Part 353
Banks and banking, Federal Reserve
System, Government securities.
31 CFR Part 360
Bonds, Federal Reserve System,
Government securities, Securities.
§ 353.2
PART 353—REGULATIONS
GOVERNING DEFINITIVE UNITED
STATES SAVINGS BONDS, SERIES EE
AND HH
1. 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.
2. In part 353, revise all references to
‘‘New Treasury Direct’’ to read
‘‘TreasuryDirect®’’.
■ 3. Amend § 353.1 by revising
paragraphs (a) and (b) to read as follows:
■
tkelley on DSK3SPTVN1PROD with RULES
Official agencies.
(a) The Bureau of the Fiscal Service of
the Department of the Treasury is
responsible for administering the
Savings Bonds Program. Authority to
process transactions has been delegated
to the Federal Reserve Bank of
Minneapolis and may be delegated to
other Federal Reserve Banks and
Branches as fiscal agents of the United
States. The Federal Reserve Banks and
Branches, and their authority to process
transactions as fiscal agents of the
United States, are subject to change as
determined by the Secretary of the
Treasury, or his or her designee.
(b) Information about savings bonds
and savings bond transactions,
including savings bond transaction
forms and email contact information, is
available through the Bureau of the
Fiscal Service’s Web site at https://
www.treasurydirect.gov.
Communications concerning
transactions and requests for forms may
also be addressed to:
(1) The Bureau of the Fiscal Service,
P.O. Box 7012, Parkersburg, WV 26106–
7012; or
(2) The Federal Reserve Bank of
Minneapolis, Treasury Retail Securities
Site, P.O. Box 214, Minneapolis, MN
55480–0214.
*
*
*
*
*
■ 4. In § 353.2, redesignate paragraphs
(m) through (p) as paragraphs (o)
VerDate Mar<15>2010
17:37 Feb 13, 2014
Jkt 232001
Definitions.
*
31 CFR Part 363
Bonds, Electronic funds transfers,
Federal Reserve System, Government
securities, Securities.
Accordingly, for the reasons set out in
the preamble, 31 CFR chapter II,
subchapter A, is amended as follows:
§ 353.1
through (r), redesignate paragraphs (b)
through (l) as paragraphs (c) through
(m), add new paragraphs (b) and (n),
and revise redesignated paragraph (l) to
read as follows:
*
*
*
*
(b) Book-entry bond means a savings
bond maintained by Treasury in
electronic or paperless form as a
computer record.
*
*
*
*
*
(l) Reissue means the cancellation and
retirement of a bond and the issuance of
a new bond or bonds of the same series,
same issue date, and same total face
amount. Reissue may also mean the
cancellation and retirement of a bond
and the issuance of a book-entry bond
or bonds of the same series, same issue
date, and same total face amount. All
reissues are subject to the restrictions in
§ 353.48.
*
*
*
*
*
(n) Substitute bond means a bond or
book-entry bond issued as a result of a
claim or application for relief under
subpart F of this part.
*
*
*
*
*
■ 5. In § 353.26, revise paragraph (e) to
read as follows:
§ 353.26 Application for relief—After
receipt of bond.
*
*
*
*
*
(e) If the application is approved on
or before February 14, 2014, relief will
be granted either by the issuance of a
bond bearing the same issue date as the
bond for which the claim was filed or
by payment. If the application is
approved after February 14, 2014, relief
for Series HH bonds will be granted
either by the issuance of a bond bearing
the same issue date as the bond for
which the claim was filed or by
payment, and relief for Series EE bonds
will be granted either by the issuance of
a book-entry bond bearing the same
issue date as the bond for which the
claim was filed or by payment.
■
6. Revise § 353.27 to read as follows:
§ 353.27 Application for relief—Nonreceipt of bond.
If a bond issued on any transaction is
not received, the issuing agent must be
notified as promptly as possible and
given all information about the nonreceipt. An appropriate form and
instructions will be provided. If the
application is approved on or before
February 14, 2014, relief will be granted
by the issuance of a bond bearing the
same issue date as the bond that was not
received. If the application is approved
after February 14, 2014, relief for Series
PO 00000
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8859
HH bonds will be granted by the
issuance of a bond bearing the same
issue date as the bond that was not
received, and relief for Series EE bonds
will be granted either by the issuance of
a book-entry bond bearing the same
issue date as the bond that was not
received or by payment. Also, relief is
authorized for the issuance of bonds for
which the Secretary has not received
payment, in order to preserve public
confidence in dealing with issuing
agents.
■ 7. In § 353.45, amend paragraph (b) by
adding a sentence at the end to read as
follows:
§ 353.45
General.
*
*
*
*
*
(b) * * * See § 353.48(a).
■ 8. In § 353.48, redesignate paragraphs
(a) and (b) as paragraphs (b) and (c), and
add a new paragraph (a) to read as
follows:
§ 353.48
Restrictions on reissue.
(a) Elimination of definitive Series EE
bonds. After February 14, 2014, the
Department of the Treasury will no
longer reissue Series EE bonds in
definitive (paper) form. After that date,
a request for reissue of a Series EE bond
for any reason will only be processed
under one of the following conditions:
(1) If the new owner requests payment
in the same transaction; or
(2) If the new owner provides
instructions to reissue in the form of a
book-entry bond in a TreasuryDirect®
account. This option is available for
persons who are eligible to open a
TreasuryDirect® account under the
regulations in 31 CFR part 363.
*
*
*
*
*
PART 360—REGULATIONS
GOVERNING DEFINITIVE UNITED
STATES SAVINGS BONDS, SERIES I
9. The authority citation for part 360
continues to read as follows:
■
Authority: 5 U.S.C. 301; 31 U.S.C. 3105
and 3125.
10. In part 360, revise all references to
‘‘New Treasury Direct’’ to read
‘‘TreasuryDirect®’’.
■ 11. Amend § 360.1 by revising
paragraphs (a) and (b) to read as follows:
■
§ 360.1
Official agencies.
(a) The Bureau of the Fiscal Service of
the Department of the Treasury is
responsible for administering the
Savings Bonds Program. Authority to
process transactions has been delegated
to the Federal Reserve Bank of
Minneapolis and may be delegated to
other Federal Reserve Banks and
E:\FR\FM\14FER1.SGM
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8860
Federal Register / Vol. 79, No. 31 / Friday, February 14, 2014 / Rules and Regulations
Branches as fiscal agents of the United
States. The Federal Reserve Banks and
Branches, and their authority to process
transactions as fiscal agents of the
United States, are subject to change as
determined by the Secretary of the
Treasury, or his or her designee.
(b) Information about savings bonds
and savings bond transactions,
including savings bond transaction
forms and email contact information, is
available through the Bureau of the
Fiscal Service’s Web site at https://
www.treasurydirect.gov.
Communications concerning
transactions and requests for forms may
also be addressed to:
(1) The Bureau of the Fiscal Service,
P.O. Box 7012, Parkersburg, WV 26106–
7012; or
(2) The Federal Reserve Bank of
Minneapolis, Treasury Retail Securities
Site, P.O. Box 214, Minneapolis, MN
55480–0214.
*
*
*
*
*
12. In § 360.2, redesignate paragraphs
(m) through (p) as paragraphs (o)
through (r), redesignate paragraphs (b)
through (l) as paragraphs (c) through
(m), add new paragraphs (b) and (n),
and revise redesignated paragraph (l) to
read as follows:
■
§ 360.2
Definitions.
*
*
*
*
*
(b) Book-entry bond means a savings
bond maintained by Treasury in
electronic or paperless form as a
computer record.
*
*
*
*
*
(l) Reissue means the cancellation and
retirement of a bond and the issuance of
a new bond or bonds of the same series,
same issue date, and same total face
amount. Reissue may also mean the
cancellation and retirement of a bond
and the issuance of a book-entry bond
or bonds of the same series, same issue
date, and same total face amount. All
reissues are subject to the restrictions in
§ 360.48.
*
*
*
*
*
(n) Substitute bond means a bond or
book-entry bond issued as a result of a
claim or application for relief under
subpart F of this part.
*
*
*
*
*
13. In § 360.26, revise paragraph (e) to
read as follows:
tkelley on DSK3SPTVN1PROD with RULES
■
§ 360.26 Application for relief; after receipt
of bond.
*
*
*
*
*
(e) If the application is approved on
or before February 14, 2014, relief will
be granted either by the issuance of a
bond bearing the same issue date as the
VerDate Mar<15>2010
17:37 Feb 13, 2014
Jkt 232001
bond for which the claim was filed or
by payment. If the application is
approved after February 14, 2014, relief
will be granted either by the issuance of
a book-entry bond bearing the same
issue date as the bond for which the
claim was filed or by payment.
■
14. Revise § 360.27 to read as follows:
§ 360.27 Application for relief; nonreceipt
of bond.
If a bond issued on any transaction is
not received, the issuing agent must be
notified as promptly as possible and
given all information available about the
nonreceipt. An appropriate form and
instructions will be provided. If the
application is approved on or before
February 14, 2014, relief will be granted
by the issuance of a bond bearing the
same issue date as the bond that was not
received. If the application is approved
after February 14, 2014, relief will be
granted by the issuance of a book-entry
bond bearing the same issue date as the
bond that was not received or by
payment. Also, relief is authorized for
the issuance of bonds for which the
Secretary has not received payment, in
order to preserve public confidence in
dealing with issuing agents.
15. Amend § 360.45 by adding a
sentence at the end 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.
18. Revise the last sentence of
§ 363.20(c)(5) to read as follows:
■
§ 363.20 What do I need to know about the
forms of registration that are available for
purchases of securities through my
TreasuryDirect® account?
*
*
*
*
*
(c) * * *
(5) * * * Registration examples:
‘‘John Doe, Trustee under Declaration of
Trust dated January 1, 2001, SSN 123–
45–6789’’; ‘‘First National Bank, Trustee
under Agreement with William Jones
dated January 1, 2001, EIN 12–
3456789’’; ‘‘John Doe or Sarah Jones,
Trustees under Agreement with Jane
Doe dated January 1, 2001, SSN 123–
45–6789’’; ‘‘Sarah Jones, Trustee under
the Will of Matthew Smith, deceased,
SSN 123–45–6789’’; ‘‘Jane Doe, Trustee
of the Doe Family Trust dated January
1, 2001, EIN 12–3456789.’’
*
*
*
*
*
Richard L. Gregg,
Fiscal Assistant Secretary.
[FR Doc. 2014–03371 Filed 2–13–14; 8:45 am]
BILLING CODE 4810–39–P
■
§ 360.45
General.
DEPARTMENT OF HOMELAND
SECURITY
* * * See § 360.48(a).
■
Coast Guard
16. Revise § 360.48 to read as follows:
33 CFR Part 117
§ 360.48 Restrictions on reissue;
denominational exchange.
[Docket No. USCG–2014–0047]
(a) Elimination of definitive Series I
bonds. After February 14, 2014, the
Department of the Treasury will no
longer reissue Series I bonds in
definitive (paper) form. After that date,
a request for reissue of a Series I bond
for any reason will only be processed
under one of the following conditions:
(1) If the new owner requests payment
in the same transaction; or
(2) If the new owner provides
instructions to reissue in the form of a
book-entry bond in a TreasuryDirect®
account. This option is available for
persons who are eligible to open a
TreasuryDirect® account under the
regulations in 31 CFR part 363.
(b) Denominational exchange. Reissue
is not permitted solely to change
denominations.
Drawbridge Operation Regulation;
Cape Fear River, Wilmington, NC
PART 363—REGULATIONS
GOVERNING SECURITIES HELD IN
TREASURYDIRECT
17. The authority citation for part 363
continues to read as follows:
■
PO 00000
Frm 00036
Fmt 4700
Sfmt 4700
Coast Guard, DHS.
Notice of deviation from
drawbridge regulations.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the operation of
the Cape Fear River Memorial Bridge,
across the Cape Fear River, mile 26.8, at
Wilmington, NC. The deviation is
necessary to restrict the operation of the
draw span to facilitate the biannual
inspections.
SUMMARY:
This deviation is effective from
8 a.m. on March 17, 2014 until 4 p.m.
on March 28, 2014.
ADDRESSES: The docket for this
deviation, [USCG–2014–0047] is
available at https://www.regulations.gov.
Type the docket number in the
‘‘SEARCH’’ box and click ‘‘SEARCH.’’
Click on Open Docket Folder on the line
associated with this deviation. You may
also visit the Docket Management
DATES:
E:\FR\FM\14FER1.SGM
14FER1
]]>Agencies
[Federal Register Volume 79, Number 31 (Friday, February 14, 2014)]
[Rules and Regulations]
[Pages 8858-8860]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-03371]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Parts 353, 360, and 363
Regulations Governing Definitive United States Savings Bonds,
Series EE and HH; Regulations Governing Definitive United States
Savings Bonds, Series I; Regulations Governing Securities Held in
TreasuryDirect
AGENCY: Bureau of the Fiscal Service, Fiscal Service, Treasury.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury (Treasury) is eliminating the
printing of paper Series EE and Series I savings bonds in reissue and
claims transactions. Customers requesting these transactions will now
have the option of receiving either book-entry (electronic) bonds or
payment in lieu of the traditional paper bonds. Treasury is also
updating agency contact information and making a minor revision in the
Regulations Governing Securities Held in TreasuryDirect[supreg].
DATES: This final rule is effective February 14, 2014.
ADDRESSES: You can download this Final Rule at the following Internet
addresses: https://www.publicdebt.treas.gov; https://www.gpo.gov; or
https://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT:
Technical information: Jerry Kelly, Acting Director, 304-480-6319
or jerry.kelly@fiscal.treasury.gov.
Legal information: Lisa Martin, Attorney-Adviser, 304-480-8692 or
lisa.martin@fiscal.treasury.gov.
SUPPLEMENTARY INFORMATION:
I. Background
In continuation of its all-electronic initiative announced in 2010,
Treasury is working toward a goal of issuing savings bonds only in
book-entry (electronic) form and eliminating the issuance or reissuance
of definitive (paper) savings bonds.
Through previous actions, Treasury has created its online
TreasuryDirect[supreg] system in which savings bond customers may
safely purchase and hold their Series EE and Series I bonds in book-
entry form. Treasury has developed rules and procedures that allow
customers already holding paper Series EE and I bonds to convert those
bonds to book-entry in their TreasuryDirect[supreg] accounts. This was
followed by development of a process that accommodates regular payroll-
based savings through an employee's TreasuryDirect[supreg] account and
the discontinuation of the old paper payroll savings bond program. And,
as of January 2012, Treasury discontinued the issuance of paper Series
EE and I bonds through traditional over-the-counter sales.
II. Amendments to Title 31 CFR
Now, with this action to eliminate the printing of paper Series EE
and I bonds in reissue and claims transactions, Treasury is moving
another step closer to our all-electronic goal. Customers requesting
reissue or replacement of paper Series EE and I bonds after February
14, 2014, may receive their new bonds in book-entry (electronic) form
in their TreasuryDirect[supreg] accounts. Any customers not wishing to
receive book-entry bonds may elect to receive payment instead. The
option to receive payment will also be available to the relatively
small number of paper bond owners who may not be eligible to open a
TreasuryDirect[supreg] account.
These changes will allow Treasury to reduce program costs, enhance
customer service, and minimize environmental impact. Moving more
savings bonds into a book-entry environment where most routine
transactions are paperless furthers Treasury's initiative to ``go
green, save green.''
Treasury is also conforming references to the
TreasuryDirect[supreg] system, updating agency contact information, and
revising one of the example registrations for TreasuryDirect accounts
owned by trusts.
III. Procedural Requirements
A. 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 at 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.
B. 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. It 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.
C. 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 for these parts (OMB No. 1535-
0004, OMB No. 1535-0009, OMB No. 1535-0012, OMB No. 1535-0013, OMB No.
1535-0023, OMB No. 1535-0036, OMB No. 1535-0063, OMB No. 1535-0098, OMB
No. 1535-0118, and OMB No. 1535-0131).
D. 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.
E. Executive Order 12866
This rule is not a significant regulatory action pursuant to
Executive Order 12866.
[[Page 8859]]
List of Subjects
31 CFR Part 353
Banks and banking, Federal Reserve System, Government securities.
31 CFR Part 360
Bonds, Federal Reserve System, Government securities, Securities.
31 CFR Part 363
Bonds, Electronic funds transfers, Federal Reserve System,
Government securities, Securities.
Accordingly, for the reasons set out in the preamble, 31 CFR
chapter II, subchapter A, is amended as follows:
PART 353--REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS
BONDS, SERIES EE AND HH
0
1. 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
2. In part 353, revise all references to ``New Treasury Direct'' to
read ``TreasuryDirect[supreg]''.
0
3. Amend Sec. 353.1 by revising paragraphs (a) and (b) to read as
follows:
Sec. 353.1 Official agencies.
(a) The Bureau of the Fiscal Service of the Department of the
Treasury is responsible for administering the Savings Bonds Program.
Authority to process transactions has been delegated to the Federal
Reserve Bank of Minneapolis and may be delegated to other Federal
Reserve Banks and Branches as fiscal agents of the United States. The
Federal Reserve Banks and Branches, and their authority to process
transactions as fiscal agents of the United States, are subject to
change as determined by the Secretary of the Treasury, or his or her
designee.
(b) Information about savings bonds and savings bond transactions,
including savings bond transaction forms and email contact information,
is available through the Bureau of the Fiscal Service's Web site at
https://www.treasurydirect.gov. Communications concerning transactions
and requests for forms may also be addressed to:
(1) The Bureau of the Fiscal Service, P.O. Box 7012, Parkersburg,
WV 26106-7012; or
(2) The Federal Reserve Bank of Minneapolis, Treasury Retail
Securities Site, P.O. Box 214, Minneapolis, MN 55480-0214.
* * * * *
0
4. In Sec. 353.2, redesignate paragraphs (m) through (p) as paragraphs
(o) through (r), redesignate paragraphs (b) through (l) as paragraphs
(c) through (m), add new paragraphs (b) and (n), and revise
redesignated paragraph (l) to read as follows:
Sec. 353.2 Definitions.
* * * * *
(b) Book-entry bond means a savings bond maintained by Treasury in
electronic or paperless form as a computer record.
* * * * *
(l) Reissue means the cancellation and retirement of a bond and the
issuance of a new bond or bonds of the same series, same issue date,
and same total face amount. Reissue may also mean the cancellation and
retirement of a bond and the issuance of a book-entry bond or bonds of
the same series, same issue date, and same total face amount. All
reissues are subject to the restrictions in Sec. 353.48.
* * * * *
(n) Substitute bond means a bond or book-entry bond issued as a
result of a claim or application for relief under subpart F of this
part.
* * * * *
0
5. In Sec. 353.26, revise paragraph (e) to read as follows:
Sec. 353.26 Application for relief--After receipt of bond.
* * * * *
(e) If the application is approved on or before February 14, 2014,
relief will be granted either by the issuance of a bond bearing the
same issue date as the bond for which the claim was filed or by
payment. If the application is approved after February 14, 2014, relief
for Series HH bonds will be granted either by the issuance of a bond
bearing the same issue date as the bond for which the claim was filed
or by payment, and relief for Series EE bonds will be granted either by
the issuance of a book-entry bond bearing the same issue date as the
bond for which the claim was filed or by payment.
0
6. Revise Sec. 353.27 to read as follows:
Sec. 353.27 Application for relief--Non-receipt of bond.
If a bond issued on any transaction is not received, the issuing
agent must be notified as promptly as possible and given all
information about the non-receipt. An appropriate form and instructions
will be provided. If the application is approved on or before February
14, 2014, relief will be granted by the issuance of a bond bearing the
same issue date as the bond that was not received. If the application
is approved after February 14, 2014, relief for Series HH bonds will be
granted by the issuance of a bond bearing the same issue date as the
bond that was not received, and relief for Series EE bonds will be
granted either by the issuance of a book-entry bond bearing the same
issue date as the bond that was not received or by payment. Also,
relief is authorized for the issuance of bonds for which the Secretary
has not received payment, in order to preserve public confidence in
dealing with issuing agents.
0
7. In Sec. 353.45, amend paragraph (b) by adding a sentence at the end
to read as follows:
Sec. 353.45 General.
* * * * *
(b) * * * See Sec. 353.48(a).
0
8. In Sec. 353.48, redesignate paragraphs (a) and (b) as paragraphs
(b) and (c), and add a new paragraph (a) to read as follows:
Sec. 353.48 Restrictions on reissue.
(a) Elimination of definitive Series EE bonds. After February 14,
2014, the Department of the Treasury will no longer reissue Series EE
bonds in definitive (paper) form. After that date, a request for
reissue of a Series EE bond for any reason will only be processed under
one of the following conditions:
(1) If the new owner requests payment in the same transaction; or
(2) If the new owner provides instructions to reissue in the form
of a book-entry bond in a TreasuryDirect[supreg] account. This option
is available for persons who are eligible to open a
TreasuryDirect[supreg] account under the regulations in 31 CFR part
363.
* * * * *
PART 360--REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS
BONDS, SERIES I
0
9. 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
10. In part 360, revise all references to ``New Treasury Direct'' to
read ``TreasuryDirect[supreg]''.
0
11. Amend Sec. 360.1 by revising paragraphs (a) and (b) to read as
follows:
Sec. 360.1 Official agencies.
(a) The Bureau of the Fiscal Service of the Department of the
Treasury is responsible for administering the Savings Bonds Program.
Authority to process transactions has been delegated to the Federal
Reserve Bank of Minneapolis and may be delegated to other Federal
Reserve Banks and
[[Page 8860]]
Branches as fiscal agents of the United States. The Federal Reserve
Banks and Branches, and their authority to process transactions as
fiscal agents of the United States, are subject to change as determined
by the Secretary of the Treasury, or his or her designee.
(b) Information about savings bonds and savings bond transactions,
including savings bond transaction forms and email contact information,
is available through the Bureau of the Fiscal Service's Web site at
https://www.treasurydirect.gov. Communications concerning transactions
and requests for forms may also be addressed to:
(1) The Bureau of the Fiscal Service, P.O. Box 7012, Parkersburg,
WV 26106-7012; or
(2) The Federal Reserve Bank of Minneapolis, Treasury Retail
Securities Site, P.O. Box 214, Minneapolis, MN 55480-0214.
* * * * *
0
12. In Sec. 360.2, redesignate paragraphs (m) through (p) as
paragraphs (o) through (r), redesignate paragraphs (b) through (l) as
paragraphs (c) through (m), add new paragraphs (b) and (n), and revise
redesignated paragraph (l) to read as follows:
Sec. 360.2 Definitions.
* * * * *
(b) Book-entry bond means a savings bond maintained by Treasury in
electronic or paperless form as a computer record.
* * * * *
(l) Reissue means the cancellation and retirement of a bond and the
issuance of a new bond or bonds of the same series, same issue date,
and same total face amount. Reissue may also mean the cancellation and
retirement of a bond and the issuance of a book-entry bond or bonds of
the same series, same issue date, and same total face amount. All
reissues are subject to the restrictions in Sec. 360.48.
* * * * *
(n) Substitute bond means a bond or book-entry bond issued as a
result of a claim or application for relief under subpart F of this
part.
* * * * *
0
13. In Sec. 360.26, revise paragraph (e) to read as follows:
Sec. 360.26 Application for relief; after receipt of bond.
* * * * *
(e) If the application is approved on or before February 14, 2014,
relief will be granted either by the issuance of a bond bearing the
same issue date as the bond for which the claim was filed or by
payment. If the application is approved after February 14, 2014, relief
will be granted either by the issuance of a book-entry bond bearing the
same issue date as the bond for which the claim was filed or by
payment.
0
14. Revise Sec. 360.27 to read as follows:
Sec. 360.27 Application for relief; nonreceipt of bond.
If a bond issued on any transaction is not received, the issuing
agent must be notified as promptly as possible and given all
information available about the nonreceipt. An appropriate form and
instructions will be provided. If the application is approved on or
before February 14, 2014, relief will be granted by the issuance of a
bond bearing the same issue date as the bond that was not received. If
the application is approved after February 14, 2014, relief will be
granted by the issuance of a book-entry bond bearing the same issue
date as the bond that was not received or by payment. Also, relief is
authorized for the issuance of bonds for which the Secretary has not
received payment, in order to preserve public confidence in dealing
with issuing agents.
0
15. Amend Sec. 360.45 by adding a sentence at the end to read as
follows:
Sec. 360.45 General.
* * * See Sec. 360.48(a).
0
16. Revise Sec. 360.48 to read as follows:
Sec. 360.48 Restrictions on reissue; denominational exchange.
(a) Elimination of definitive Series I bonds. After February 14,
2014, the Department of the Treasury will no longer reissue Series I
bonds in definitive (paper) form. After that date, a request for
reissue of a Series I bond for any reason will only be processed under
one of the following conditions:
(1) If the new owner requests payment in the same transaction; or
(2) If the new owner provides instructions to reissue in the form
of a book-entry bond in a TreasuryDirect[supreg] account. This option
is available for persons who are eligible to open a
TreasuryDirect[supreg] account under the regulations in 31 CFR part
363.
(b) Denominational exchange. Reissue is not permitted solely to
change denominations.
PART 363--REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT
0
17. The authority citation for part 363 continues to read as follows:
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3102, et
seq.; 31 U.S.C. 3121, et seq.
0
18. Revise the last sentence of Sec. 363.20(c)(5) to read as follows:
Sec. 363.20 What do I need to know about the forms of registration
that are available for purchases of securities through my
TreasuryDirect[supreg] account?
* * * * *
(c) * * *
(5) * * * Registration examples: ``John Doe, Trustee under
Declaration of Trust dated January 1, 2001, SSN 123-45-6789''; ``First
National Bank, Trustee under Agreement with William Jones dated January
1, 2001, EIN 12-3456789''; ``John Doe or Sarah Jones, Trustees under
Agreement with Jane Doe dated January 1, 2001, SSN 123-45-6789'';
``Sarah Jones, Trustee under the Will of Matthew Smith, deceased, SSN
123-45-6789''; ``Jane Doe, Trustee of the Doe Family Trust dated
January 1, 2001, EIN 12-3456789.''
* * * * *
Richard L. Gregg,
Fiscal Assistant Secretary.
[FR Doc. 2014-03371 Filed 2-13-14; 8:45 am]
BILLING CODE 4810-39-P
