[Federal Register: August 15, 2006 (Volume 71, Number 157)]
[Rules and Regulations]
[Page 46856-46858]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15au06-2]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Parts 315, 341, 346, 351, 352, 353, 359, and 360
Regulations Governing U.S. Savings Bonds, Series A, B, C, D, E,
F, G, H, J, and K, and U.S. Savings Notes; United States Retirement
Plan Bonds; United States Individual Retirement Bonds; United States
Savings Bonds, Series EE and HH; Definitive United States Savings
Bonds, Series I; Offering of United States Savings Bonds, Series EE;
United States Savings Bonds, Series HH; Offering of United States
Savings Bonds, Series I
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Final rule.
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SUMMARY: This final rule eliminates requirements to inscribe complete
taxpayer identification numbers (TINs) on the face of: (1) Newly issued
definitive Series EE and Series I savings bonds; (2) reissued or
replaced definitive Series E, Series EE, Series H, Series HH, and
Series I savings bonds; and (3) reissued or replaced Individual
Retirement and Retirement Plan bonds. This change is being implemented
to protect the privacy of savings bond owners. Purchasers of newly
issued savings bonds will continue to be required to provide the TIN of
the owner, first named coowner, or purchaser of a gift bond to be
maintained as part of the registration of the bonds on the records of
the Treasury Department. The TINs of the registered owner or first
named coowner of a reissued or replaced bond will also be maintained as
a part of the registration on the records of the Treasury Department.
DATES: Effective: August 15, 2006.
ADDRESSES: You can download this final rule at the following Internet
addresses: http://www.publicdebt.treas.gov or http://www.gpoaccess.gov/ecfr
.
FOR FURTHER INFORMATION CONTACT: Elisha Whipkey, Director, Division of
Program Administration, Office of Securities Operations, Bureau of the
Public Debt, at (304) 480-6319 or elisha.whipkey@bpd.treas.gov.
Susan Sharp, Attorney-Adviser, Dean Adams, Assistant Chief Counsel,
Edward Gronseth, Deputy Chief Counsel, Office of the Chief Counsel,
Bureau of the Public Debt, at (304) 480-8692 or
susan.sharp@bpd.treas.gov.
SUPPLEMENTARY INFORMATION: Newly purchased definitive Series EE and
Series I savings bonds are issued with the TIN of the owner, first-
named coowner, or purchaser of a gift bond inscribed on the face of the
bond. Reissued or replaced definitive Series E, Series EE, Series H,
Series HH, and Series I savings bonds, Individual Retirement bonds, and
Retirement Plan bonds also have the TIN inscribed on the face of the
bond. Due to concerns about the privacy of bond owners, the Department
of the Treasury is eliminating language requiring the inscription of
the complete TIN of the owner, first-named coowner, or purchaser of a
gift bond on the face of the bond. The TIN of the owner, first-named
coowner, or purchaser of a gift bond will continue to be maintained on
the records of the Treasury Department. This change will benefit
savings bond owners by providing additional privacy protections against
identity theft.
Procedural Requirements
This final rule does not meet the criteria for a ``significant
regulatory action'' as defined in Executive Order 12866. Therefore, a
regulatory assessment is not required.
Because this final rule relates to matters of public contract and
procedures for United States securities, notice and public procedure
and delayed effective date requirements are inapplicable, pursuant to 5
U.S.C. 553(a)(2).
As no notice of proposed rulemaking is required, the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.) does not apply.
We ask for no new collections of information in this final rule.
Therefore, the Paperwork Reduction Act (44 U.S.C. 3507) does not apply.
List of Subjects
31 CFR Part 315
Banks and banking, Government securities, Federal Reserve system.
31 CFR Part 341
Bonds, Retirement.
31 CFR Part 346
Bonds, Retirement.
31 CFR Part 351
Bonds, Federal Reserve system, Government securities.
31 CFR Part 352
Bonds, Government securities.
31 CFR Part 353
Banks and banking, Government securities, Federal Reserve system.
31 CFR Part 359
Bonds, Federal Reserve system, Government securities, Securities.
31 CFR Part 360
Bonds, Federal Reserve system, Government securities, Securities.
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Accordingly, for the reasons set out in the preamble, 31 CFR Chapter
II, Subchapter B, is amended as follows:
PART 315--REGULATIONS GOVERNING U.S. SAVINGS BONDS, SERIES A, B, C,
D, E, F, G, H, J, AND K, AND U.S. SAVINGS NOTES
0
1. The authority citation for Part 315 continues to read as follows:
Authority: 31 U.S.C. 3105 and 5 U.S.C. 301.
0
2. Section 315.2 is amended by redesignating paragraphs (g) through (l)
as paragraphs (h) through (m), redesignating paragraphs (m) through (q)
as paragraphs (o) through (s), and adding new paragraphs (g) and (n) to
read as follows:
Sec. 315.2 Definitions.
* * * * *
(g) Inscription means the information that is printed on the face
of the bond.
* * * * *
(n) Registration means that the names of all persons named on the
bond and the taxpayer identification number (TIN) of the owner, first-
named coowner, or purchaser of a gift bond are maintained on our
records.
* * * * *
[[Page 46857]]
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3. Section 315.7 is amended by revising the last sentence of paragraph
(a) to read as follows:
Sec. 315.7 Authorized forms of registration.
(a) General. * * * A savings bond registered in a form not
substantially in agreement with one of the forms authorized by this
subpart is not considered validly issued.
* * * * *
PART 341--REGULATIONS GOVERNING UNITED STATES RETIREMENT PLAN BONDS
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4. The authority citation for Part 341 is revised to read as follows:
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3106 et seq.,
3125, 3126.
0
5. Section 341.2 is amended by revising the first sentence of paragraph
(b) to read as follows:
Sec. 341.2 Registration.
* * * * *
(b) Inscription. The inscription on the face of each bond will show
the name, address, and date of birth of the registered owner, as well
as information as to whether he is a self-employed individual or an
employee, and the amount he contributed (if any) out of his own funds
toward the purchase price of the bond. * * *
PART 346--REGULATIONS GOVERNING UNITED STATES INDIVIDUAL RETIREMENT
BONDS
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6. The authority citation for Part 346 is revised to read as follows:
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3106 et seq.,
3125, 3126.
0
7. Section 346.2 is amended by revising paragraph (b) to read as
follows:
Sec. 346.2 Registration.
* * * * *
(b) Inscription. The inscription on the face of each bond will show
the name, address, and date of birth of the registered owner. The name
of the beneficiary, if one is to be designated, will also be shown in
the inscription.
PART 351--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES EE
0
8. The authority citation for Part 351 continues to read as follows:
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105.
0
9. Section 351.3 is amended by adding the definitions of
``Inscription'' and ``Registration'', in alphabetical order, and
removing the definitions of ``Registration of a book-entry Series EE
savings bond'' and ``Registration of a definitive Series EE savings
bond'', to read as follows:
Sec. 351.3 What special terms do I need to know to understand this
part?
* * * * *
Inscription means the information that is printed on the face of
the bond.
* * * * *
Registration means that the names of all persons named on the bond
and the taxpayer identification number (TIN) of the owner, first-named
coowner, or purchaser of a gift bond are maintained on our records.
* * * * *
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10. Revise Sec. 351.43 to read as follows:
Sec. 351.43 Are taxpayer identification numbers (TINs) required for
the registration of a definitive Series EE savings bond?
The registration of a definitive Series EE savings bond must
include the TIN of the owner or first-named coowner. The TIN of the
second-named coowner or beneficiary is not required but its inclusion
is desirable. If the bond is being purchased as a gift or award and the
owner's TIN is not known, the TIN of the purchaser must be included in
the registration of the bond.
PART 352-OFFERING OF UNITED STATES SAVINGS BONDS, SERIES HH
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11. The authority citation for Part 352 is revised to read as follows:
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105.
0
12. Section 352.3 is amended by revising the first sentence of
paragraph (c) to read as follows:
Sec. 352.3 Registration and issue.
* * * * *
(c) Taxpayer identifying number. The registration of a bond must
include the taxpayer identifying number of the owner or first-named co-
owner. * * *
PART 353--REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS, SERIES
EE AND HH
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13. The authority citation for Part 353 continues to read as follows:
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105, 3125.
0
14. Section 353.2 is amended by redesignating paragraphs (d) through
(h) as paragraphs (e) through (i), redesignating paragraphs (i) through
(m) as paragraphs (k) through (o), and adding new paragraphs (d) and
(j) to read as follows:
Sec. 353.2 Definitions.
* * * * *
(d) Inscription means the information that is printed on the face
of the bond.
* * * * *
(j) Registration means that the names of all persons named on the
bond and the taxpayer identification number (TIN) of the owner, first-
named coowner, or purchaser of a gift bond are maintained on our
records.
* * * * *
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15. Section 353.5 is amended by revising the heading and the second
sentence of paragraph (c) to read as follows:
Sec. 353.5 General rules.
* * * * *
(c) Registration of bonds purchased as gifts.
* * * Bonds so registered will not be associated with the
purchaser's own holdings.
* * * * *
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16. Section 353.7 is amended by revising the last sentence of the
introductory paragraph to read as follows:
Sec. 353.7 Authorized forms of registration.
* * * A savings bond registered in a form not substantially in
agreement with one of the forms authorized by this subpart is not
considered validly issued.
* * * * *
PART 359--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES I
0
17. The authority citation for Part 359 continues to read as follows:
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105.
0
18. Section 359.3 is amended by adding the definitions of
``Inscription'' and ``Registration'' in alphabetical order, and
removing the definitions of ``Registration of a book-entry Series EE
savings bond'' and ``Registration of a definitive Series EE savings
bond'', to read as follows:
Sec. 359.3 What special terms do I need to know to understand this
part?
* * * * *
Inscription means the information that is printed on the face of
the bond.
* * * * *
Registration means that the names of all persons named on the bond
and the taxpayer identification number (TIN) of the owner, first-named
coowner, or purchaser of a gift bond are maintained on our records.
* * * * *
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19. Revise Sec. 359.28 to read as follows:
[[Page 46858]]
Sec. 359.28 Are taxpayer identification numbers (TINs) required for
the registration of definitive Series I savings bonds?
The registration of a definitive Series I savings bond must include
the TIN of the owner or first-named coowner. If the bond is being
purchased as a gift or award and the owner's TIN is not known, the TIN
of the purchaser must be included in the registration of the bond.
PART 360--REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS
BONDS, SERIES I
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20. The authority citation for Part 360 continues to read as follows:
Authority: 5 U.S.C. 301; 31 U.S.C. 3105 and 3125.
0
21. Section 360.2 is amended by redesignating paragraphs (d) through
(h) as paragraphs (e) through (i), redesignating paragraphs (i) through
(m) as paragraphs (k) through (o), and adding new paragraphs (d) and
(j) to read as follows:
Sec. 360.2 Definitions.
* * * * *
(d) Inscription means the information that is printed on the face
of the bond.
* * * * *
(j) Registration means that the names of all persons named on the
bond and the taxpayer identification number (TIN) of the owner, first-
named coowner, or purchaser of a gift bond are maintained on our
records.
* * * * *
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22. Section 360.5 is amended by revising the heading and the second
sentence of paragraph (c) to read as follows:
Sec. 360.5 General rules.
* * * * *
(c) Registration of bonds purchased as gifts. * * * Bonds so
registered will not be associated with the purchaser's own holdings.
* * * * *
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23. Section 360.6 is amended by revising the last sentence of the
introductory paragraph to read as follows:
Sec. 360.6 Authorized forms of registration.
* * * A savings bond registered in a form not substantially in
agreement with one of the forms authorized by this subpart is not
considered validly issued.
* * * * *
Dated: August 8, 2006.
Donald V. Hammond,
Fiscal Assistant Secretary.
[FR Doc. E6-13301 Filed 8-14-06; 8:45 am]
BILLING CODE 4810-39-P