Change to Existing Regulation Concerning the Interest Rate Paid on Cash Deposited To Secure Immigration Bonds
The Department of Homeland Security proposes to amend its regulations addressing the payment of interest on cash bond deposits to explicitly provide that the Department of the Treasury (Treasury) will set the interest rate. In the future, Treasury will notify the public of its interest rate determinations by publishing the rates on the Treasury Web site or via another mechanism. The current rate of interest paid on deposits securing cash bonds is 3 percent per annum. 8 U.S.C. 1363(a); 8 CFR 293.2. This action is consistent with the requirement of 8 U.S.C. 1363(a) that interest payments shall be ``at a rate determined by the Secretary of the Treasury, except that in no case shall the interest rate exceed 3 per centum per annum.''