Public Debt Bureau September 2005 – Federal Register Recent Federal Regulation Documents
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Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds (Department of the Treasury Circular, Public Debt Series No. 1-93); Regulations Governing Book-Entry Treasury Bonds, Notes and Bills Held in Legacy Treasury Direct®; Regulations Governing Securities Held in TreasuryDirect®
TreasuryDirect is an account-based, book-entry, online system for purchasing, holding, and conducting transactions in Treasury securities. To date, the system has only been available for the purchase and holding of savings bonds and certificates of indebtedness. The Department of the Treasury (hereinafter referred to as ``Treasury'' or ``We'') is amending Regulations Governing Securities Held in TreasuryDirect to add marketable Treasury securities to the securities that may be purchased and held in TreasuryDirect and to provide the terms and conditions for marketable Treasury securities held in the system. We are amending Regulations Governing Book-Entry Treasury Bonds, Notes and Bills Held in Legacy Treasury Direct to provide for the transfer of securities between Legacy Treasury Direct and TreasuryDirect. We are also amending the Uniform Offering Circular for the Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds to make the changes necessary to accommodate participation in Treasury marketable securities auctions for securities to be held in either the TreasuryDirect or the Legacy Treasury Direct[supreg] system. We are also eliminating the ability to bid competitively through Legacy Treasury Direct. These final amendments benefit individual investors by allowing them to purchase, hold and conduct transactions in marketable Treasury securities through the TreasuryDirect system.
General Regulations Governing U.S. Securities; Regulations Governing U.S. Savings Bonds, Series A, B, C, D, E, F, G, H, J, and K, and U.S. Savings Notes; Regulations Governing United States Savings Bonds, Series EE and HH; Regulations Governing Book-Entry Treasury Bonds, Notes and Bills (Department of the Treasury Circular, Public Debt Series No. 2-86); Regulations Governing Definitive United States Savings Bonds, Series I; Regulations Governing Securities Held in the New Treasury Direct System
New Treasury Direct is an account-based, book-entry, online system for purchasing, holding, and conducting transactions in Treasury securities. The system has been referred to as New Treasury Direct because there is an older system concurrently operating that is also named Treasury Direct, for marketable securities only, with different governing regulations. This rule renames the older version of Treasury Direct as Legacy Treasury Direct, and renames New Treasury Direct as, simply, TreasuryDirect (one word). In addition, this rule simplifies the regulatory structure for TreasuryDirect. Initially, we began the system with only one security. Since that time, we have added several securities to the system, each with its own governing subpart. Many of the rules in the subparts governing individual securities are repetitive. For instance, the provisions for decedents' estates differ only slightly in subpart C (savings bonds) from provisions in subpart D (certificates of indebtedness), and subpart E (converted savings bonds). Rather than repeat similar provisions for each security, this rule will integrate the similar provisions into one provision that will apply to all securities in the system. The integrated provisions will be contained in subpart B, which applies to all securities held within the system. Provisions that affect only one security will be contained within the subpart governing that security. In condensing and moving provisions, we are not making substantive changes. We are also amending provisions relating to Internal Revenue Service levies to provide that we will honor levies against the secondary owner of securities owned in the primary/secondary form of ownership if the levy is received at a date when the secondary owner has a right to redeem the security.
Guidance on Cashing and Accepting for Deposit Federal Emergency Management Agency (FEMA) Disaster Assistance Checks and Government Benefit Checks Issued by the U.S. Treasury
The Financial Management Service (FMS) is publishing additional guidance related to the cashing and accepting for deposit of U.S. Treasury checks for FEMA Disaster Assistance payments and Federal benefit payments (Treasury assistance and benefit checks), such as Social Security payments, to recipients who resided in areas affected by Hurricane Katrina. Depository institutions and retailers have experienced difficulty in confirming the identity of Hurricane Katrina evacuees seeking to cash Treasury checks. To encourage depository institutions and retailers to cash Treasury assistance and benefit checks for these individuals, FMS has established an interim policy to relieve depository institutions from liability in a reclamation action based on a forged or unauthorized indorsement. Under the interim policy, Treasury will relieve depository institutions from liability for cashing or subsequently accepting for deposit a Treasury assistance or benefit check bearing a forged or unauthorized indorsement, provided that the procedures set forth in the interim policy are followed.
Surety Companies Acceptable on Federal Bonds: Change in State of Incorporation-The Buckeye Union Insurance Company
This is Supplement No. 1 to the Treasury Department Circular 570; 2005 Revision, published July 1, 2005, at 70 FR 38502.
Guidance on Cashing and Accepting for Deposit Federal Emergency Management Agency (FEMA) Disaster Assistance Checks and Government Benefit Checks Issued by the U.S. Treasury; Hurricane Katrina
The Financial Management Service (FMS) is publishing additional guidance related to the cashing and accepting for deposit of U.S. Treasury checks for FEMA Disaster Assistance payments and Federal benefit payments (Treasury assistance and benefit checks), such as Social Security payments, to recipients who resided in areas affected by Hurricane Katrina. Depository institutions and retailers have experienced difficulty in confirming the identify of Hurricane Katrina evacuees seeking to cash Treasury checks. To encourage depository institutions and retailers to cash Treasury assistance and benefit checks for these individuals, FMS has established an interim policy to relieve depository institutions from liability in a reclamation action based on a forged or unauthorized indorsement. Under the interim policy, Treasury will relieve depository institutions from liability for cashing or subsequently accepting for deposit a Treasury assistance or benefit check bearing a forged or unauthorized indorsement, provided that the procedures set forth in the interim policy are followed.
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