[Federal Register Volume 71, Number 157 (Tuesday, August 15, 2006)]
[Rules and Regulations]
[Pages 46856-46858]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-13301]


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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 [email protected].
    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 
[email protected].

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.

0
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

0
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

0
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.
* * * * *

0
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

0
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

0
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.
* * * * *

0
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.
* * * * *

0
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

0
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.
* * * * *

0
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.
* * * * *

0
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