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2192 Federal Register / Vol. 72, No.

11 / Thursday, January 18, 2007 / Rules and Regulations

subsection, the Judge shall issue a Dated: January 11, 2007. are three book-entry securities
decision that constitutes the Judge’s Michael F. Duffy, systems—the commercial book-entry
final disposition of the proceedings. The Chairman, Federal Mine Safety and Health system, TreasuryDirect , and Legacy
decision shall be in writing and shall Review Commission. Treasury Direct —into which we issue
include all findings of fact and [FR Doc. E7–557 Filed 1–17–07; 8:45 am] marketable Treasury securities.2 The
conclusions of law, and the reasons or BILLING CODE 6735–01–P current UOC generally authorizes
bases for them, on all the material issues purchases of all types of marketable
of fact, law or discretion presented by Treasury securities in any of the three
the record, and an order. The parties DEPARTMENT OF THE TREASURY book-entry systems. The Legacy
shall be notified of the Judge’s decision Treasury Direct system, which was
by the most expeditious means Fiscal Service implemented in 1986, will eventually be
reasonably available. Service of the phased out, leaving only the newer, on-
31 CFR Part 356 line TreasuryDirect system as the
decision shall be by certified or
system for purchasing marketable
registered mail, return receipt requested. [Docket No. BPD GSRS 06–03]
Treasury securities directly on the
(2) Stay of plan provision. records of the Bureau of the Public Debt,
Sale and Issue of Marketable Book-
Notwithstanding § 2700.69(b), a Judge Entry Treasury Bills, Notes and Department of the Treasury.3 The
shall retain jurisdiction over a request Bonds—Securities Eligible for commercial book-entry system will
for a stay in an emergency response plan Purchase in Legacy Treasury Direct remain an option for all securities for
dispute proceeding. Within two those investors who want to purchase
business days following service of the AGENCY: Bureau of the Public Debt, and hold their securities through a
decision, the operator may file with the Fiscal Service, Treasury. depository institution or dealer.
judge a request to stay the inclusion of ACTION: Final rule. As we begin phasing out Legacy
the disputed provision in the plan Treasury Direct, we plan to discontinue
SUMMARY: This final rule provides that the practice of generally allowing all
during the pendency of an appeal to the
the Department of the Treasury may marketable Treasury securities being
Commission pursuant to paragraph (g)
announce that certain marketable offered by Treasury to be purchased and
of this section. The Secretary shall
Treasury securities to be offered will not held in this system. This final rule
respond to the operator’s motion within
be eligible for purchase or holding in amendment states explicitly that we
two business days following service of the Legacy Treasury Direct system. may announce that certain marketable
the motion. The judge shall issue an Treasury is issuing this amendment to securities to be offered will not be
order granting or denying the relief the auction rules because the Legacy eligible for purchase or holding in
sought within two business days after Treasury Direct system will eventually Legacy Treasury Direct. Any such
the filing of the Secretary’s response. be phased out. restriction will be included in that
(g) Review of decision. Any party may DATES: Effective January 18, 2007. security’s offering announcement. This
seek review of a Judge’s decision, ADDRESSES: You may download this change will not affect any outstanding
including the Judge’s order granting or final rule from the Bureau of the Public securities currently held in Legacy
denying a stay, by filing with the Debt’s Web site at http:// Treasury Direct.
Commission a petition for discretionary www.treasurydirect.gov or from the Procedural Requirements
review pursuant to § 2700.70. Neither an Electronic Code of Federal Regulations
operator’s request for a stay nor the (e-CFR) Web site at http:// This final rule is not a significant
issuance of an order addressing the stay www.gpoaccess.gov/ecfr. It is also regulatory action for purposes of
request affects the time limits for filing available for public inspection and Executive Order 12866. The notice and
a petition for discretionary review of a copying at the Treasury Department public procedures and delayed effective
Library, Room 1428, Main Treasury date requirements of the Administrative
Judge’s decision with the Commission
Building, 1500 Pennsylvania Avenue, Procedure Act do not apply, under 5
under this subparagraph. The
NW., Washington, DC 20220. To visit U.S.C. 533(a)(2).
Commission shall act upon a petition on Since a notice of proposed rulemaking
an expedited basis. If review is granted, the library, call (202) 622–0990 for an
appointment. is not required, the provisions of the
the Commission shall issue a briefing Regulatory Flexibility Act (5 U.S.C. 601
order. Except as otherwise ordered or FOR FURTHER INFORMATION CONTACT: Lori et seq.) do not apply.
provided for herein, the provisions of Santamorena (Executive Director) or The Office of Management and Budget
§ 2700.75 apply. The Commission will Chuck Andreatta (Associate Director), previously approved the collections of
not grant motions for extension of time Bureau of the Public Debt, Government information in this final amendment in
for filing briefs, except under Securities Regulations Staff, (202) 504– accordance with the Paperwork
extraordinary circumstances. 3632 or e-mail us at Reduction Act under control number
govsecreg@bpd.treas.gov.
■ 6. Section 2700.69 is amended by and making certain other minor changes was
revising paragraph (b) to read as follows: SUPPLEMENTARY INFORMATION: The
published in the Federal Register on July 28, 2004
Uniform Offering Circular (‘‘UOC’’), in (69 FR 45202).
§ 2700.69 Decision of the Judge. conjunction with the announcement for 2 On September 30, 2005, Treasury issued a final

* * * * * each auction, provides the terms and amendment to the UOC to make the changes
conditions for the sale and issuance in necessary to accommodate participation in Treasury
(b) Termination of the Judge’s an auction to the public of marketable marketable auctions for securities to be held in
jurisdiction. Except to the extent either the TreasuryDirect or the Legacy Treasury
Treasury bills, notes and bonds.1 There Direct system (70 FR 57347).
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otherwise provided herein, the 3 Legacy Treasury Direct was called


jurisdiction of the Judge terminates 1 The Uniform Offering Circular was published as TreasuryDirect from 1986 to 2005. The regulations
when his decision has been issued. a final rule on January 5, 1993 (58 FR 412). The for Legacy Treasury Direct are found at 31 CFR part
circular, as amended, is codified at 31 CFR part 356. 357. The regulations for TreasuryDirect are found
* * * * * A final rule converting the UOC to plain language at 31 CFR part 363.

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Federal Register / Vol. 72, No. 11 / Thursday, January 18, 2007 / Rules and Regulations 2193

1535–0112. We are not making ENVIRONMENTAL PROTECTION West, Room 3334, 1301 Constitution
substantive changes to these AGENCY Ave., NW., Washington, DC. The Public
requirements that would impose Reading Room is open from 8:30 a.m. to
additional burdens on auction bidders. 40 CFR Part 51 4:30 p.m., Monday through Friday,
[EPA–HQ–OAR–2005–0124; FRL–8270–6] excluding legal holidays. The telephone
List of Subjects in 31 CFR Part 356 number for the Public Reading Room is
Bonds, Federal Reserve System, RIN 2060–AN34 (202) 566–1744, and the telephone
Government Securities, Securities. number for the Air Docket is (202) 566–
Air Quality: Revision to Definition of 1742.
■ For the reasons stated in the preamble, Volatile Organic Compounds—
FOR FURTHER INFORMATION CONTACT:
31 CFR part 356 is amended as follows: Exclusion of HFE–7300
David Sanders, Office of Air Quality
PART 356—SALE AND ISSUE OF AGENCY: Environmental Protection Planning and Standards, Air Quality
MARKETABLE BOOK-ENTRY Agency (EPA). Strategies and Standards Division
TREASURY BILLS, NOTES, AND ACTION: Final rule. (C539–02), Research Triangle Park, NC
BONDS (DEPARTMENT OF THE 27711; telephone (919) 541–3356; fax
SUMMARY: This action revises EPA’s number (919) 541–0824; or by e-mail at
TREASURY CIRCULAR PUBLIC DEBT
definition of volatile organic sanders.dave@epa.gov.
SERIES NO. 1–93)
compounds (VOC) for purposes of SUPPLEMENTARY INFORMATION:
■ 1. The authority citation for part 356 preparing State implementation plans
(SIPs) to attain the national ambient air I. General Information
continues to read as follows:
quality standards (NAAQS) for ozone A. Does This Action Apply to Me?
Authority: 5 U.S.C. 301; 31 U.S.C. 3102 et
under title I of the Clean Air Act (CAA).
seq.; 12 U.S.C. 391. This action applies to you if you are
This revision would add
a State that regulates VOC emissions as
■ 2. Amend § 356.4 by revising the 1,1,1,2,2,3,4,5,5,5-decafluoro-3-
precursors to ozone formation or if you
introductory paragraph and paragraph methoxy-4-trifluoromethyl-pentane
produce or use HFE–7300 or other
(c) to read as follows: [also known as HFE–7300 or L–14787 or
compounds for which HFE–7300 may
C2F5CF(OCH3)CF(CF3)2] to the list of
substitute. HFE–7300 has a variety of
§ 356.4 What are the book-entry systems compounds excluded from the
in which auctioned Treasury securities may potential uses including as a heat-
definition of VOC on the basis that this
be issued? transfer fluid and substitute for ozone
compound makes a negligible
depleting substances and substances
There are three book-entry securities contribution to tropospheric ozone
with high global warming potentials,
systems—the commercial book-entry formation. If you use or produce HFE–
such as hydroflurocarbons,
system, TreasuryDirect, and legacy 7300 and are subject to EPA regulations
perfluorocarbons, and
Treasury Direct—into which we issue limiting the use of VOC in your product,
perfluoropolyethers. HFE–7300 may be
marketable Treasury securities. We may limiting the VOC emissions from your
used in azeotropic mixtures for use in
obtain and transfer securities in these facility, or otherwise controlling your
coating deposition, cleaning, and
three book-entry systems at their par use of VOC for purposes related to
lubricating applications.
amount. Par amounts of Treasury attaining the ozone NAAQS, then you
inflation-protected securities do not will not count HFE–7300 as a VOC in II. Background
include adjustments for inflation. determining whether you meet these Tropospheric ozone, commonly
Securities may be transferred from one regulatory obligations. This action may known as smog, occurs when VOC and
system to the other, unless the securities also affect whether HFE–7300 is nitrogen oxides (NOX) react in the
are not eligible to be held in the considered as a VOC for State regulatory atmosphere. Because of the harmful
receiving system. See Department of the purposes, depending on whether the health effects of ozone, EPA and State
Treasury Circular, Public Debt Series State relies on EPA’s definition of VOC. governments limit the amount of VOC
No. 2–86, as amended (part 357 of this As a result, if you are subject to certain and NOX that can be released into the
chapter) and part 363 of this chapter. Federal regulations limiting emissions atmosphere. The VOC’s are those
* * * * * of VOCs, your emissions of HFE–7300 compounds of carbon (excluding carbon
may not be regulated for some purposes. monoxide, carbon dioxide, carbonic
(c) Legacy Treasury Direct. In this
DATES: This final rule is effective on acid, metallic carbides or carbonates,
system, we maintain the book-entry
securities of account holders directly on January 18, 2007. and ammonium carbonate) which form
the records of the Bureau of the Public ADDRESSES: The EPA has established a ozone through atmospheric
Debt, Department of the Treasury. Bids docket for this action under Docket ID photochemical reactions. Compounds of
for securities to beheld in Legacy No. EPA–HQ–OAR–2005–0124. All carbon (also known as organic
Treasury Direct are generally submitted documents in the docket are listed on compounds) have different levels of
directly to us, although such bids may the www.regulations.gov Web site. reactivity—that is, they do not react at
also be forwarded to us by a depository Although listed in the index, some the same speed or do not form ozone to
institution or dealer. From time to time, information is not publicly available, the same extent. It has been EPA’s
Treasury may announce that certain e.g., CBI or other information whose policy that organic compounds with a
securities to be offered will not be disclosure is restricted by statute. negligible level of reactivity need not be
eligible for purchase or holding in Certain other material, such as regulated to reduce ozone. The EPA
Legacy Treasury Direct. copyrighted material, is not placed on determines whether a given organic
the Internet and will be publicly compound has ‘‘negligible’’ reactivity by
Dated: January 12, 2007. available only in hard copy form. comparing the compound’s reactivity to
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Donald V. Hammond, Publicly available docket materials are the reactivity of ethane. The EPA lists
Fiscal Assistant Security. available either electronically through these compounds in its regulations (at
[FR Doc. 07–209 Filed 1–16–07; 1:47 pm] www.regulations.gov or in hard copy at 40 CFR 51.100(s)) and excludes them
BILLING CODE 4810–39–M the EPA Docket Center, EPA/DC, EPA from the definition of VOC. The

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