[Federal Register Volume 83, Number 244 (Thursday, December 20, 2018)]
[Rules and Regulations]
[Page 65298]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-27545]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Parts 317 and 358
Regulations Governing United States Securities
AGENCY: Bureau of the Fiscal Service, Fiscal Service, Treasury.
ACTION: Final rule.
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SUMMARY: The United States Department of the Treasury, Bureau of the
Fiscal Service, is streamlining its securities regulations by removing
regulations that are no longer necessary because they do not have any
current or future applicability.
DATES: Effective December 20, 2018.
ADDRESSES: You can download this final rule at the following internet
addresses: http://www.regulations.gov, http://www.gpo.gov, or http://www.fiscal.treasury.gov.
FOR FURTHER INFORMATION CONTACT: Lisa Martin, Attorney-Advisor, Office
of the Chief Counsel, (304) 480-8697.
SUPPLEMENTARY INFORMATION:
I. Background
On February 24, 2017, the President issued Executive Order 13777,
Enforcing the Regulatory Reform Agenda (82 FR 12285). E.O. 13777
directed each agency to establish a Regulatory Reform Task Force. Each
Regulatory Reform Task Force was directed to review existing
regulations that: (i) Eliminate jobs, or inhibit job creation; (ii) are
outdated, unnecessary, or ineffective; (iii) impose costs that exceed
benefits; (iv) create a serious inconsistency or otherwise interfere
with regulatory reform initiatives and policies; (v) are inconsistent
with the requirements of the Information Quality Act (section 515 of
the Treasury and General Government Appropriations Act of 2001) or OMB
Information Quality Guidance issued pursuant to that provision; or (vi)
derive from or implement Executive Orders or other Presidential
directives that have been subsequently rescinded or substantially
modified.
II. Explanation of Provisions
In this rulemaking, the Department of the Treasury (Treasury) is
eliminating two categories of securities regulations that are no longer
necessary. The first category, published at 31 CFR part 317, governs
the manner in which an organization may qualify and act as an agent for
the sale and issue of Series EE and Series I United States Savings
Bonds. These regulations are unnecessary because Treasury stopped
selling savings bonds at financial institutions in January 2012 and no
longer issues savings bonds through issuing agents. The second
category, published at 31 CFR part 358, governs the conversion of
stripped bearer securities into book-entry securities that can be held
in commercial book-entry accounts with brokers and financial
institutions. These regulations are unnecessary because the last bearer
security eligible for conversion was called in November 2006, and the
conversion program has ended. Accordingly, the regulations in parts 317
and 358 are being removed.
III. Procedural Requirements
A. Administrative Procedure Act (APA)
Because this rule relates to United States securities, which are
contracts between Treasury and the owner of the security, this rule
falls within the contract exception to the APA at 5 U.S.C. 553(a)(2).
Notice and comment rulemaking is not required.
B. Congressional Review Act (CRA)
This rule is not a major rule pursuant to the CRA, 5 U.S.C. 801 et
seq. It is not expected to lead to any of the results listed in 5
U.S.C. 804(2). This rule may take immediate effect after we submit a
copy of it to Congress and the Comptroller General.
C. Paperwork Reduction Act (PRA)
There is no new collection of information contained in this final
rule that would be subject to the PRA, 44 U.S.C. 3501 et seq. Under the
PRA, an agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a valid
OMB control number.
D. Regulatory Flexibility Act
The Regulatory Flexibility Act, 5 U.S.C. 601 et seq., does not
apply to this rule because, pursuant to 5 U.S.C. 553(a)(2), issuance
does not require notice and opportunity for public comment.
Nonetheless, this rule will not have a significant economic impact on a
substantial number of small entities.
E. Executive Order 12866
This rule is not a significant regulatory action pursuant to
Executive Order 12866.
List of Subjects
31 CFR Part 317
Government securities, Savings bonds.
31 CFR Part 358
Government securities.
Amendments to the Regulations
Accordingly, under the authority of 31 U.S.C. 3121, 31 CFR chapter
II is amended as follows:
PART 317--[REMOVED AND RESERVED]
0
1. Part 317 is removed and reserved.
PART 358--[REMOVED AND RESERVED]
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2. Part 358 is removed and reserved.
David A. Lebryk,
Fiscal Assistant Secretary.
[FR Doc. 2018-27545 Filed 12-19-18; 8:45 am]
BILLING CODE 4810-AS-P