Fiscal Service 2005 – Federal Register Recent Federal Regulation Documents

Effective December 31, 2005, The Department of the Treasury, Financial Management Service, is increasing the fees it imposes on and collects from surety companies and reinsuring companies.

Pursuant to 5 U.S.C. 4314(c)(4), notice was provided of the appointment of members to the Financial Management Service Performance Review Board in the Federal Register on October 5, 2005, 70 FR 58256. This notice announces the replacement of one of the members.

The Bureau of the Public Debt published a final rule in the September 30, 2005, Federal Register, amending the Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds to permit Treasury bills, notes, and bonds to be held in the TreasuryDirect system. Several paragraphs were inadvertently omitted. This correction document corrects that omission.

The Department of the Treasury is announcing a new fee schedule for the transfer of book-entry securities maintained on the National Book-Entry System (NBES). This fee schedule will take effect on January 3, 2006. The basic fee for the transfer of a Treasury book- entry security will increase from $.21 to $.22. The Federal Reserve funds movement fee will be $.04, unchanged from the funds movement fee in effect since January 2, 2004, resulting in a combined fee of $.26 for each Treasury securities transfer. In addition to the basic fee, off-line transfers have a surcharge. The surcharge for an off-line Treasury book-entry transfer in CY 2006 will be $33.00, unchanged from CY 2005.

The Department of the Treasury is announcing the fee schedule for Sell Direct. Sell Direct fees are charged to the Legacy Treasury Direct and the TreasuryDirect investor for the service of selling unmatured securities in the secondary market, pursuant to the Regulations Governing Book-Entry Treasury Bonds, Notes and Bills Held in Legacy Treasury Direct[reg] and the Regulations Governing Securities Held in TreasuryDirect[reg].

The Financial Management Service, 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 a continuing information collection. By this notice, the Financial Management Service solicits comments concerning ``Claims Against the United States for Amounts Due in the Case of a Deceased Creditor''.

In accordance with the Privacy Act of 1974, as amended, the Financial Management Service gives notice of a proposed new Privacy Act system of records entitled ``Treasury/FMS .006-Direct Deposit Enrollment Records.''

This is Supplemental No. 4 to the Treasury Department Circular 570; 2005 Revision, published July 1, 2005, at 70 FR 38502.

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.

This is Supplement No. 1 to the Treasury Department Circular 570; 2005 Revision, published July 1, 2005, at 70 FR 38502.

The Financial Management Service, 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 a continuing information collection. By this notice, the Financial Management Service solicits comments concerning the ``Annual Letters Certificates of Authority (A) and Admitted Reinsurer (B).''

This notice is being published to provide the information necessary to apply the interest rate formula for Demand Deposit certificates of indebtednessState and Local Government Series (SLGS) (31 CFR Part 344, Subpart C). The factor necessary to convert the interest rate to a tax-exempt equivalent (1the estimated average marginal tax rate of purchasers of tax-exempt bonds) is 1-.21 or .79. The current Treasury administrative cost is five basis points. Treasury is amending this rate and designating the new Treasury administrative cost, as of the effective date of this notice, as one basis point. The final rule, amending the regulations governing SLGS securities, which appears elsewhere in this issue of the Federal Register, makes provision for the simultaneous publication of this notice (31 CFR 344.7).

This is Supplement No. 14 to the Treasury Department Circular 570; 2004 Revision, published July 1, 2004, at 69 FR 40224.

This is Supplement No. 12 to the Treasury Department Circular 570; 2004 Revision, published July 1, 2004, at 69 FR 40224.

This is Supplement No. 11 to the Treasury Department Circular 570; 2004 Revision, published July 1, 2004, at 69 FR 40224.

This final rule describes the rules and procedures applicable to the centralized offset of Federal salary payments to collect delinquent nontax debts owed by Federal employees to the United States. The Financial Management Service (FMS), a bureau of the U.S. Department of the Treasury, administers centralized salary offset through the Treasury Offset Program (TOP).

This is Supplement No. 8 to the Treasury Department Circular 570; 2004 Revision, published July 1, 2004, at 69 FR 40224.

This is Supplement No. 10 to the Treasury Department Circular 570; 2004 Revision, published July 1, 2004, at 69 FR 40224.

New Treasury Direct (also referred to as TreasuryDirect) is an account-based, book-entry, online system for purchasing, holding and conducting transactions in Treasury securities. This rule sets forth the terms and conditions for the conversion of definitive savings bonds of Series E, Series EE, and Series I to book-entry savings bonds in New Treasury Direct. Conversion offers the investor the convenience of a book-entry product, rather than having to provide safe storage for a paper product until final maturity or redemption. Conversion offers the government cost savings in the elimination of paper transactions such as reissues and the replacement of lost bonds. Conversion will further the underlying principle of New Treasury Direct, which is to enable investors to do business with Treasury online.

The Financial Management Service, 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 a continuing information collection. By this notice, the Financial Management Service solicits comments concerning the Annual Report and Interest Calculation Cost Claim request required under the provisions of the Cash Management Improvement Act (CMIA), Pub. L. 101-453, as amended.