Department of the Treasury February 1, 2023 – Federal Register Recent Federal Regulation Documents

The Bureau of the Fiscal Service (Fiscal Service) at the Department of the Treasury (Treasury) is proposing to amend its regulations governing the payment of checks drawn on the United States Treasury. Specifically, to prevent Treasury checks from being negotiated after cancellation by Treasury or a payment certifying agencyalso known as payments over cancellation (POCs)Fiscal Service is proposing amendments that would require financial institutions use the Treasury Check Verification System (TCVS), or other similar authorized system, to verify that Treasury checks are both authentic and valid. This proposal also contains conforming amendments, including the addition of a definition of ``cancellation'' or ``canceled.'' Finally, the proposal would amend the reasons for which a Federal Reserve Bank must decline payment of a Treasury check to include prior cancellation of the check, so that Fiscal Service may place what is commonly referred to as a ``true stop'' on a Treasury check and avoid a POC.

For the period beginning January 1, 2023, and ending on June 30, 2023, the prompt payment interest rate is 4\5/8\ per centum per annum.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing five general licenses (GLs) issued in the Venezuela Sanctions program: GLs 6, 6A, 10, 10A, and 11, each of which was previously made available on OFAC's website.

The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning gasohol; compressed natural gas and gasoline excise tax.