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1998 Federal Register Items (January - June)

The Federal Register is a daily publication used to provide notice of proposed or final changes to the Code of Federal Regulations (CFR), including the regulations of the Bureau of the Public Debt. The Federal Register is also used to provide other important information or requests for information. The most important items relating to the Bureau of the Public Debt published in the Federal Register from January 1998 through June 1998 are listed below. You will leave this site if you choose to access these Federal Register publications.

Some of these publications are in Adobe's Portable Document Format (PDF). Many computers include the Adobe Acrobat Reader, which allows you to view PDF files. If you do not have the Acrobat Reader, it is free to download and use.

1998 Federal Register Items (January - June)
June 30, 1998

Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds; FINAL RULE
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Treasury is issuing a final rule that will make interest components stripped from Treasury Inflation-Indexed Securities fungible (interchangeable). The implementation date has been delayed nine months, to March 31, 1999, to allow market participants time to make systems changes.
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June 30, 1998

Renegotiation Board Interest Rate; Prompt Payment Interest Rate; Contract Disputes Act; NOTICE
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For the period beginning July 1, 1998, and ending on December 31, 1998, the prompt payment interest rate is 6% (6) per centum per annum.
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April 30, 1998

31 CFR Parts 317, 351, 353 and 370 Regulations Governing Agencies for the Issue and Offering of United States Savings Bonds, Including Sales by Electronic Means; PROPOSED RULE.

This document proposes changes to create new categories of savings bond issuing agents and to clarify and expand the means by which bonds may be sold, including electronic means. Comments are due on or before May 30, 1998. [Three received comments are available].
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April 23, 1998

31 CFR Part 357 Regulations Governing Book-Entry Treasury Bonds, Notes, and Bills; Determination Regarding State Statute.

Determination of substantially identical state statute.The Department of the Treasury is announcing that it has reviewed the recently enacted South Dakota law adopting Revised Article 8 of the Uniform Commercial Code--Investment Securities ("Revised Article 8") and has determined that it is substantially identical to the uniform version of Revised Article 8 for purposes of interpreting the rules in 31 CFR Part 357, Subpart B (the "TRADES" regulations). Therefore, that portion of the TRADES rule requiring application of Revised Article 8 if a state has not adopted Revised Article 8 will no longer be applicable for South Dakota.
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March 6, 1998

31 CFR Part 358 Coupons Under Book-Entry Safekeeping (CUBES) and Bearer Corpora Conversion System (BECCS); Opening of Programs; NOTICE.

This notice is being published to announce the reopening by the Department of the Treasury of its Coupons Under Book-Entry Safekeeping (CUBES), and the opening of its Bearer Corpora Conversion System (BECCS) programs. The reopening of CUBES will permit the conversion to book-entry of certain physical coupons detached from U.S. Treasury bearer securities. The opening of BECCS will permit the conversion to book-entry of U.S. Treasury stripped bearer corpora to book-entry form. CUBES and BECCS securities will be held in the commercial book-entry system, or TRADES. Depository institutions holding eligible coupons and corpora will have the opportunity, during the period from April 6, 1998, to and including October 9, 1998, to convert such coupons and corpora to book-entry form. Other entities wishing to convert coupons and corpora must arrange to do so through a depository institution. Dates: April 6, 1998 through October 9, 1998, as described.
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March 6, 1998

31 CFR Part 358 Regulations Governing CUBES (Coupons Under Book-Entry Safekeeping); and Bearer Corpora Conversion System (BECCS); Opening of Programs; FINAL RULE AND NOTICE.

The Department of the Treasury is issuing in final form an amendment to its regulations governing the CUBES (Coupons Under Book-Entry Safekeeping) program. The amendment provides a method to convert United States Treasury bearer securities that have been stripped of all non-callable coupons (stripped bearer corpora) to book-entry accounts. Stripped bearer corpora will be held in BECCS (Bearer Corpora Conversion System). Stripped coupons will continue to be held in CUBES. The amendment benefits investors in two ways: First, conversion of bearer securities to book-entry form provides a safe alternative to storage and accounting burdens associated with physical storage, and second, conversion eliminates the risk of loss or destruction of physical securities. Effective: March 6, 1998.
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January 28, 1998

31 CFR Part 356 Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds; FINAL RULE.

This final rule incorporates a change in the timeframe for certain restrictions pertaining to bidders that bid noncompetitively in Treasury auctions. The amendment states that between the date of the offering announcement and the time of the official announcement by the Department of the auction results, a noncompetitive bidder may not hold, at any time, a position for its own account in when-issued trading or in futures or forward contracts in the security being auctioned or enter into any agreement to purchase or sell or otherwise dispose of the securities it is acquiring in the auction. Effective: January 28, 1998.
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