Regulacje i polityka gospodarcza · 30.09.2004

U.S. Treasury Securities-State and Local Government Series

The Department of the Treasury (Treasury) is issuing this Notice of Proposed Rulemaking (NPRM) to revise the regulations governing State and Local Government Series (SLGS) securities. SLGS securities are non-marketable Treasury securities that are only available for purchase by issuers of tax-exempt securities. The NPRM deals with certain practices of issuers that in effect use the SLGS program as a cost-free option and which Treasury considers to be contrary to the purpose of the SLGS program. These practices also create volatility in Treasury's cash balances, make cash balance forecasting more difficult, and increase Treasury's borrowing costs. We are proposing changes to eliminate these practices. We are also proposing other changes that are designed to improve the administration of the SLGS program.