[Federal Register: December 3, 2007 (Volume 72, Number 231)]
[Rules and Regulations]
[Page 67853-67854]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03de07-7]
[[Page 67853]]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Parts 351, 353, 359, 360, and 363
Offering and Governing Regulations for Series EE and Series I
Savings Bonds, TreasuryDirect
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Final rule.
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SUMMARY: This rule lowers the annual purchase limitation per person for
Series EE and Series I savings bonds, and eliminates the definitive
$10,000 denomination for Series I savings bonds.
DATES: Effective: January 1, 2008.
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: This rule lowers the annual purchase
limitation for Series EE and Series I savings bonds. Prior to this
rule, an investor could purchase $30,000 each of definitive and book-
entry Series EE savings bonds and $30,000 each of definitive and book-
entry Series I savings bonds per person, per calendar year. This rule
will permit an investor to purchase a principal amount of $5,000 each
of definitive and book-entry Series EE savings bonds and $5,000 each of
definitive and book-entry Series I savings bonds per person, per
calendar year. As a result of the change in the annual purchase
limitation, we are withdrawing the $10,000 Series I definitive savings
bond denomination on original issue.
The change will permit Treasury to continue to offer savings
options for investors with limited means and market opportunities,
while encouraging those with greater financial resources to participate
in marketable Treasury securities auctions, which are a more efficient
means for Treasury to issue debt. Both savings bonds and marketable
securities are offered to individuals through TreasuryDirect, which is
an internet-accessed, book-entry system for purchasing, holding, and
conducting transactions in Treasury securities. Reducing the cap on
yearly purchases will not affect the vast majority of current savings
bond purchasers, approximately 98 percent of whom buy less than $5,000,
our new cap, annually.
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 351
Bonds, Federal Reserve system, 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.
31 CFR Part 363
Bonds, Electronic funds transfer, Federal Reserve system,
Government securities, Securities.
0
Accordingly, for the reasons set out in the preamble, 31 CFR Chapter
II, Subchapter B, is amended as follows:
PART 351--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES EE
0
1. 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
2. Amend Sec. 351.44 by revising the first sentence to read as
follows:
Sec. 351.44 What amount of definitive Series EE savings bonds may I
purchase per year?
The principal amount of definitive Series EE savings bonds that may
be purchased in the name and TIN of any person in any calendar year is
limited to $5,000.
* * * * *
0
3. Revise Sec. 351.65 to read as follows:
Sec. 351.65 What amount of book-entry Series EE savings bonds may I
acquire per year?
The principal amount of book-entry Series EE savings bonds that you
may acquire in your name and TIN per calendar year is limited to
$5,000.
PART 353--REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS
BONDS, SERIES EE AND HH
0
4. 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
5. Revise the heading for Part 353 to read as set forth above.
0
6. Amend Sec. 353.10 by revising paragraph (a)(1) to read as follows:
Sec. 353.10 Amounts which may be purchased.
* * * * *
(a) Series EE--(1) General annual limitation. $5,000 (principal
amount).
* * * * *
PART 359--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES I
0
7. 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
8. Revise the first sentence of Sec. 359.25 to read as follows:
Sec. 359.25 What are the denominations and prices of definitive
Series I savings bonds?
Definitive Series I saving bonds are issued in denominations of
$50, $75, $100, $200, $500, $1,000, and $5,000. * * *
0
9. Revise Sec. 359.29 to read as follows:
Sec. 359.29 What amount of definitive Series I savings bonds may I
purchase per year?
The principal amount of definitive Series I savings bonds that may
be purchased in the name and TIN of any person in any calendar year is
limited to $5,000.
0
10. Revise Sec. 359.50 to read as follows:
Sec. 359.50 What amount of book-entry Series I savings bonds may I
acquire per year?
The principal amount of book-entry Series I savings bonds that you
may acquire in your name and TIN in any calendar year is limited to
$5,000.
[[Page 67854]]
PART 360--REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS
BONDS, SERIES I
0
11. 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
12. Amend Sec. 360.10 by revising paragraph (a) to read as follows:
Sec. 360.10 Amounts which may be purchased.
* * * * *
(a) General annual limitation, $5,000 (par value).
* * * * *
PART 363--REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT
0
13. The authority citation for part 363 continues to read as follows:
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3102, et seq.;
31 U.S.C. 3121, et seq.
0
14. Amend Sec. 363.52 by revising the heading and paragraph (a) to
read as follows:
Sec. 363.52 What amount of book-entry Series EE and Series I savings
bonds may I purchase in one year?
(a) Purchase limitation. The amount of book-entry savings bonds
that you may purchase in any calendar year is limited to $5,000 for
Series EE savings bonds and $5,000 for Series I savings bonds.
* * * * *
Dated: August 16, 2007.
Kenneth E. Carfine,
Fiscal Assistant Secretary.
[FR Doc. 07-5888 Filed 11-30-07; 8:45 am]
BILLING CODE 4810-39-M