Regulations Governing United States Securities, 65298 [2018-27545]

Agencies

• Fiscal Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 83, Number 244 (Thursday, December 20, 2018)]
[Rules and Regulations]
[Page 65298]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-27545]


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DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Parts 317 and 358


Regulations Governing United States Securities

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

ACTION: Final rule.

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SUMMARY: The United States Department of the Treasury, Bureau of the 
Fiscal Service, is streamlining its securities regulations by removing 
regulations that are no longer necessary because they do not have any 
current or future applicability.

DATES: Effective December 20, 2018.

ADDRESSES: You can download this final rule at the following internet 
addresses: https://www.regulations.gov, https://www.gpo.gov, or https://www.fiscal.treasury.gov.

FOR FURTHER INFORMATION CONTACT: Lisa Martin, Attorney-Advisor, Office 
of the Chief Counsel, (304) 480-8697.

SUPPLEMENTARY INFORMATION: 

I. Background

    On February 24, 2017, the President issued Executive Order 13777, 
Enforcing the Regulatory Reform Agenda (82 FR 12285). E.O. 13777 
directed each agency to establish a Regulatory Reform Task Force. Each 
Regulatory Reform Task Force was directed to review existing 
regulations that: (i) Eliminate jobs, or inhibit job creation; (ii) are 
outdated, unnecessary, or ineffective; (iii) impose costs that exceed 
benefits; (iv) create a serious inconsistency or otherwise interfere 
with regulatory reform initiatives and policies; (v) are inconsistent 
with the requirements of the Information Quality Act (section 515 of 
the Treasury and General Government Appropriations Act of 2001) or OMB 
Information Quality Guidance issued pursuant to that provision; or (vi) 
derive from or implement Executive Orders or other Presidential 
directives that have been subsequently rescinded or substantially 
modified.

II. Explanation of Provisions

    In this rulemaking, the Department of the Treasury (Treasury) is 
eliminating two categories of securities regulations that are no longer 
necessary. The first category, published at 31 CFR part 317, governs 
the manner in which an organization may qualify and act as an agent for 
the sale and issue of Series EE and Series I United States Savings 
Bonds. These regulations are unnecessary because Treasury stopped 
selling savings bonds at financial institutions in January 2012 and no 
longer issues savings bonds through issuing agents. The second 
category, published at 31 CFR part 358, governs the conversion of 
stripped bearer securities into book-entry securities that can be held 
in commercial book-entry accounts with brokers and financial 
institutions. These regulations are unnecessary because the last bearer 
security eligible for conversion was called in November 2006, and the 
conversion program has ended. Accordingly, the regulations in parts 317 
and 358 are being removed.

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). 
Notice and comment rulemaking is not required.

B. Congressional Review Act (CRA)

    This rule is not a major rule pursuant to the CRA, 5 U.S.C. 801 et 
seq. 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.

D. Regulatory Flexibility Act

    The Regulatory Flexibility Act, 5 U.S.C. 601 et seq., does not 
apply to this rule because, pursuant to 5 U.S.C. 553(a)(2), issuance 
does not require notice and opportunity for public comment. 
Nonetheless, this rule will not have a significant economic impact on a 
substantial number of small entities.

E. Executive Order 12866

    This rule is not a significant regulatory action pursuant to 
Executive Order 12866.

List of Subjects

31 CFR Part 317

    Government securities, Savings bonds.

31 CFR Part 358

    Government securities.

Amendments to the Regulations

    Accordingly, under the authority of 31 U.S.C. 3121, 31 CFR chapter 
II is amended as follows:

PART 317--[REMOVED AND RESERVED]

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1. Part 317 is removed and reserved.

PART 358--[REMOVED AND RESERVED]

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2. Part 358 is removed and reserved.

David A. Lebryk,
Fiscal Assistant Secretary.
[FR Doc. 2018-27545 Filed 12-19-18; 8:45 am]
 BILLING CODE 4810-AS-P