[Federal Register Volume 88, Number 98 (Monday, May 22, 2023)]
[Notices]
[Pages 32820-32821]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-10814]


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DEPARTMENT OF THE TREASURY

Fiscal Service


Notice of Rate To Be Used for Federal Debt Collection, and 
Discount and Rebate Evaluation

AGENCY: Bureau of the Fiscal Service, Fiscal Service, Treasury.

ACTION: Notice of rate to be used for Federal debt collection, and 
discount and rebate evaluation.

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SUMMARY: The Secretary of the Treasury is responsible for computing and 
publishing the percentage rate that is used in assessing interest 
charges for outstanding debts owed to the Government (The Debt 
Collection Act of 1982, as amended). This rate is also used by agencies 
as a comparison point in evaluating the cost-effectiveness of a cash 
discount. In addition, this rate is used in determining when agencies 
should pay purchase card invoices when the card issuer offers a rebate. 
The percentage rate generally is calculated on an annual, calendar year 
basis; however, quarterly adjustments are made to the rate if the 
annual average of the method used to calculate it results in a change 
of 2 percent or more. Notice is hereby given that such an adjustment is 
being implemented, and the applicable rate for April through December 
2023 is 3.00 percent.

DATES: April 1, 2023, through December 31, 2023.

[[Page 32821]]


FOR FURTHER INFORMATION CONTACT: Department of the Treasury, Bureau of 
the Fiscal Service, Disbursing and Debt Management, E-Commerce Division 
(LC-RM 349B), 3201 Pennsy Drive, Building E, Landover, MD 20785 
(Telephone: 202-874-9428).

SUPPLEMENTARY INFORMATION: The rate reflects the Current Value of Funds 
to the Treasury for use in connection with Federal Cash Management 
systems and is based on investment rates set for purposes of Public Law 
95-147, 91 Stat.1227 (October 28, 1977). The Treasury Office of Debt 
Management provides the annual Interest Rate Factors used in 
determining the Current Value of Funds Rate, which are based on weekly 
average of the Effective Federal Funds Rate, less 25 basis points for 
the 12-month period ending every September 30. The Current Value of 
Funds Rate is rounded to the nearest whole percentage and becomes 
effective each January 1.
    Quarterly revisions are made if the annual average, on a moving 
basis, changes by 2 percentage points or more. The previous notice of 
rate to be used for Federal debt collection, and discount and rebate 
evaluation, dated November 21, 2022, announced the rate of 1.00 percent 
for calendar year 2023. However, with the quarter ending March 30, 
2023, the 12-month moving average investment rate increased by 2 
percent. Therefore, Treasury is revising the Current Value of Funds 
Rate for the remainder of calendar year 2023.
    The percentage rate to be applied during the period April 1, 2023, 
through December 31, 2023, is 3.00 percent.
    Authority: 31 U.S.C. 3717.

Linda Claire Chero,
Assistant Commissioner, Disbursing and Debt Management and Chief 
Disbursing Officer.
[FR Doc. 2023-10814 Filed 5-19-23; 8:45 am]
BILLING CODE 4810-AS-P