[Federal Register: February 14, 2003 (Volume 68, Number 31)]
[Rules and Regulations]               
[Page 7427]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14fe03-11]                         


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DEPARTMENT OF THE TREASURY


Fiscal Service


31 CFR Part 321, 351, 352, 353, 359, and 360


 
United States Savings Bonds; Extension of Holding Period; 
Correction


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


ACTION: Final rule; correction.


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SUMMARY: We published a final rule in the Federal Register of January 
17, 2003, increasing the period of time that owners of United States 
Series EE and I Savings Bonds must hold their bonds before the bonds 
are eligible for redemption. The mandatory holding period increased 
from 6 months to 12 months for bonds purchased on or after February 1, 
2003. Although the rule correctly references the February 1, 2003 date 
for bonds affected by the increased holding period, the rule stated 
that bonds issued December 1, 2002, or earlier, are unaffected by the 
change and continue to retain the 6 months holding period. The rule 
should have stated that bonds issued January 1, 2003, or earlier, will 
continue to retain the 6 months holding period. This document corrects 
that misstatement.


EFFECTIVE DATE: Effective on February 1, 2003.


ADDRESSES: You can download this correction at the following Internet 
address: http://www.publicdebt.treas.gov.


FOR FURTHER INFORMATION CONTACT:
Susan Klimas, Attorney-Adviser, Office of the Chief Counsel, Bureau of 
the Public Debt, at (304) 480-8692 or (susan.klimas@bpd.treas.gov).
Dean Adams, Assistant Chief Counsel, Office of the Chief Counsel, 
Bureau of the Public Debt, at (304) 480-8692 or 
dean.adams@bpd.treas.gov).


SUPPLEMENTARY INFORMATION: We published in the January 17, 2003 Federal 
Register a final rule that increased the period of time that owners of 
United States Series EE and I Savings Bonds must hold their bonds 
before the bonds are eligible for redemption. This mandatory holding 
period increased from 6 months to 12 months for bonds purchased on or 
after February 1, 2003. Although the rule correctly references the 
February 1, 2003 date for bonds affected by the increased holding 
period, the rule stated that bonds issued December 1, 2002, or earlier, 
are unaffected by the change. (The issue date of a Series EE or I bond 
is the first day of the month in which a qualified issuing agent or 
organization receives or accumulates the full purchase price of the 
bond.) The rule should have stated that bonds issued January 1, 2003, 
or earlier, continue to retain the 6 months holding period. The 
misstatement could cause confusion for bond owners who purchased bonds 
during December 2002. This document corrects that misstatement.
    In the FR Document 03-1114 published on January 17, 2003, (Vol. 68, 
No. 12, page 2666-2667, make the following corrections: change 
``December 1, 2002'' to ``January 1, 2003,'' where it appears in 
Sec. Sec.  321.8(a)(1), 321.9(a)(1), Appendix to Part 321, section 
(8)(a), Sec. Sec.  351.2(d), 352.7(a), 353.35(b), 359.6(a), and 
360.35(b).


    Dated: February 12, 2003.
Van Zeck,
Commissioner, Bureau of the Public Debt.
[FR Doc. 03-3820 Filed 2-13-03; 8:45 am]
BILLING CODE 4810-39-M