1. Explain the circumstances that make this collection of information necessary. Identify any legal or administrative requirements that necessitate the collection.
Chapter 31 of Title 31 of the United States Code authorizes the Secretary of the Treasury to issue United States Treasury bonds, notes, and certificates of indebtedness, and to prescribe the terms and conditions governing those issuances. The regulations of 31 CFR Part 344 govern United States Treasury bonds, notes, and certificates of indebtedness of the State and Local Government Series. These securities are available for purchase by state and local governments and certain other entities with proceeds which are subject to yield restrictions or arbitrage rebate requirements under the Internal Revenue Code. The collection of information is necessary to enable Treasury to establish an investor's account, to issue securities, to ensure that an investor meets the certification requirements, to redeem securities either at or prior to maturity, and to obtain necessary documentation where a waiver is involved.
2. Indicate how, by whom and for what purpose is this information used?
The information will be used only by employees of the Department of the Treasury, Bureau of the Public Debt, the various Federal Reserve Banks and Branches acting as fiscal agents of the United States, who as part of their duties perform functions in connection with the issuance, redemption, and payment of Treasury securities. If the collection of information were not conducted, the Treasury would be unable to establish accounts for investors or make payment on redeemed accounts.
3. Describe whether, and to what extent, the collection of information involves the use of automated, electronic, mechanical, or other technological collection techniques or other forms of information technology? What consideration is given to use information technology to reduce burden?
Public Debt has been a leader in e-Gov, providing the public with options for conducting financial transactions online for several years. Our customers may submit information related to subscriptions, redemptions, or waiver requests, to us electronically via e-mail, fax, or our online system. We are also reviewing regulations and exploring options for customers to submit the SLGSafe Application for Internet Access and the SLGSafe User Acknowledgment forms in an electronic format.
4. Describe efforts are used to identity duplication? Why can’t any similar information already available be used or modified for use for the purposes described in Item 2 above?
The regulations are reviewed annually to assure duplicate information is not requested.
5. If this collection of information impacts small businesses or other small entities, what methods are used to minimize burden?
This collection of information does not impact small business or other small entities.
6. What consequences to Federal program or policy activities and what, if any, technical or legal obstacles to reducing burden will occur if this collection is not conducted or is conducted less frequently?
N/A
7. Is this collection of information conducted in a manner consistent with the guidelines of 5 CFR 1320.6?
The collection of information cannot be conducted less frequently because the collection is initiated for a single purpose.
8. What effort was made to notify the general public about this collection of information?
The Bureau’s notice was published in the Federal Register on October 4, 2011, page 61479. One comment was received that addressed provisions to be waived within the regulations. An agency review determined that the waiver portion of the regulations is written clearly and the comments were received as an opportunity to express the sender’s opinion on the current political and economic climate in the country.
9. What decision was made to provide any payment or gift to respondents, other than reenumeration of contractors or grantees?
N/A
10. What assurance of confidentiality was provided to respondents and what was the basis for the assurance in statute, regulations, or agency policy?
In accordance with the Privacy Act of 1974, information furnished by the public is assured confidentiality.
11. What justification is there for questions of a sensitive nature?
There are no questions of a sensitive nature.
12. What is the estimated hour burden of this collection of information?
The average time needed is 13 minutes per response multiplied by the estimated number of responses (2,000) reflects the total burden of 434 hours.
13. What is the estimated total annual cost burden to respondents or recordkeepers resulting from this collection of information?
Estimated cost burden to respondents is not available at this time, but will be provided when available.
14. What is the annualized cost to the Federal Government?
N/A.
15. What is the reason for any program changes or adjustments reported in Items 13 or 14 of the OMB Form 83-I?
The decrease in burden is due to an adjustment in agency estimate attributed to a decline in the customer base for State and Local Government Securities (SLGS). This submission is also being submitted as a renewal.
16. For collections of information whose results will be published, outline plans for tabulation and publication.
The results of the collection of this information will not be published for statistical use.
17. If seeking approval to not display the expiration date for OMB approval of this information collection, what are the reasons that the display would be inappropriate?
N/A.
18. What are the exceptions to the certification statement?
There are no exceptions to the certification statement.
B. This collection does not employ statistical methods.
| File Type | application/msword |
| Author | ATF |
| Last Modified By | Reference |
| File Modified | 2012-01-09 |
| File Created | 2012-01-09 |