Federal Register / Vol. 89, No. 243 / Wednesday, December 18, 2024 / Rules and Regulations 102735 

Subpart E—Mandatory Label 

Information 

■ 3. Amend § 5.66 by revising 

paragraphs (f)(1) introductory text and 

(f)(1)(i) to read as follows: 

§ 5.66 Name and address for domestically 

bottled distilled spirits that were wholly 

made in the United States. 

* * * * * 

(f) * * * 

(1) The State of distillation, which is 

the State in which original distillation 

takes place, must appear on the label of 

any type of whisky defined in 

§ 5.143(c)(2) through (7), (15), and (16), 

which is distilled in the United States. 

The State of distillation may appear on 

any label and must be shown in at least 

one of the following ways: 

(i) By including a ‘‘distilled by’’ (or 

‘‘distilled and bottled by’’ or any other 

phrase including the word ‘‘distilled’’) 

statement as part of the mandatory name 

and address statement, followed by a 

single location; 

* * * * * 

■ 4. Amend § 5.72 by adding a sentence 

at the end of paragraph (c) to read as 

follows: 

§ 5.72 Coloring materials. 

* * * * * 

(c) * * * Provided, if any amount of 

caramel color is used in American 

single malt whisky, or in straight 

American single malt whisky, a 

statement specifying the use of caramel 

color must appear on the label. 

* * * * * 

■ 5. Amend § 5.74 by revising 

paragraphs (a)(1) and (b)(4) to read as 

follows: 

§ 5.74 Statements of age, storage, and 

percentage. 

(a) * * * 

(1) As defined in § 5.1, age is the 

length of time during which, after 

distillation and before bottling, the 

distilled spirits have been stored in oak 

barrels. For bourbon whisky, rye 

whisky, wheat whisky, malt whisky, or 

rye malt whisky, and straight whiskies 

other than straight corn whisky and 

straight American single malt whisky, 

aging must occur in charred new oak 

barrels. 

* * * * * 

(b) * * * 

(4) In the case of whisky made in the 

United States and stored in reused oak 

barrels, other than corn whisky, light 

whisky, American single malt whisky, 

and straight American single malt 

whisky, in lieu of the words ‘‘ll years 

old’’ specified in paragraphs (b)(1) and 

(2) of this section, the period of storage 

in the reused oak barrels must appear on 

the label as follows: ‘‘stored ll years 

in reused cooperage.’’ 

* * * * * 

Subpart I—Standards of Identity for 

Distilled Spirits 

■ 6. Amend § 5.143 by: 

■ a. Redesignating paragraphs (c)(16) 

through (18) in table 2 as paragraphs 

(c)(17) through (19); 

■ b. Adding paragraphs (c)(15) and (16) 

to table 1; and 

■ c. Adding paragraph (d). 

The additions read as follows: 

§ 5.143 Whisky. 

* * * * * 

(c) * * * 

TABLE 1 TO PARAGRAPH (c)—TYPES OF WHISKY AND PRODUCTION, STORAGE, AND PROCESSING STANDARDS

Type Source Distillation 

proof Storage 

Neutral 

spirits 

permitted 

Allowable coloring, 

flavoring, blending 

materials permitted 

*******

(15) American single 

malt whisky.

Fermented mash of 100 

percent malted barley, produced in the 

United States.

160 or less, distilled at 

the same distillery in 

the United States.

Used, charred new, or 

uncharred new oak 

barrels; 700-liter maximum capacity; stored 

only in the United 

States.

No ............ No, except for caramel 

coloring and only if 

disclosed on the 

label. 

(16) Straight American 

single malt whisky.

Fermented mash of 100 

percent malted barley, produced in the 

United States.

160 or less, distilled at 

the same distillery in 

the United States.

Used, charred new, or 

uncharred new oak 

barrels for a minimum 

of 2 years; 700-liter 

maximum capacity; 

stored only in the 

United States.

No ............ No, except for caramel 

coloring and only if 

disclosed on the 

label. 

* * * * * 

(d) Transition period. A label with the 

designation ‘‘American single malt 

whisky’’ or ‘‘straight American single 

malt whisky’’ may be used on distilled 

spirits bottled before January 19, 2030, 

if the distilled spirits conform to the 

applicable standards set forth in this 

part in effect prior to January 19, 2025. 

Signed: December 12, 2024. 

Mary G. Ryan, 

Administrator. 

Approved: December 12, 2024. 

Aviva R. Aron-Dine, 

Deputy Assistant Secretary for Tax Policy. 

[FR Doc. 2024–29938 Filed 12–13–24; 4:15 pm] 

BILLING CODE 4810–31–P 

DEPARTMENT OF THE TREASURY 

Bureau of the Fiscal Service 

31 CFR Part 323 

[FISCAL–2023–0002] 

RIN 1530–AA28 

Disclosure of Records 

AGENCY: Bureau of the Fiscal Service, 

Department of the Treasury. 

ACTION: Final rule. 

SUMMARY: The Bureau of the Fiscal 

Service (Fiscal Service) within the 


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102736 Federal Register / Vol. 89, No. 243 / Wednesday, December 18, 2024 / Rules and Regulations 

Department of the Treasury (Treasury) is 

issuing regulations to implement 

statutory requirements under the 

SECURE 2.0 Act of 2022 that require 

Treasury to provide certain U.S. savings 

bond information to States. A State 

receiving the information with respect 

to an applicable savings bond may use 

the information to locate the owner of 

the bond pursuant to Treasury’s 

regulations and the State’s own 

standards and requirements under 

abandoned property rules and 

regulations of the State. Under the 

SECURE 2.0 Act of 2022, Treasury is 

required to issue regulations or 

guidance to protect the privacy of 

savings bond owners, prevent fraud, and 

ensure that information disclosed to a 

State is used solely to locate savings 

bond owners. 

DATES: This rule is effective December 

18, 2024. 

FOR FURTHER INFORMATION CONTACT: 

Marcia Goodnight, Retail Securities 

Services, at 

RetailSecurityServicesComments@

fiscal.treasury.gov; or Lela Anderson, 

Attorney-Advisor, at 304–480–8692. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The U.S. Department of the Treasury 

has issued savings bonds since 1935 on 

the credit of the United States to raise 

funds for Federal programs and 

operations. Article 8, Section 8, Clause 

2 of the Constitution authorizes the 

Federal Government to ‘‘borrow money 

on the credit of the United States.’’ 

Under this grant of power, ‘‘Congress 

authorized the Secretary of the 

Treasury, with the approval of the 

President, to issue savings bonds in 

such form and under such conditions as 

he may from time to time prescribe.’’ 

Free v. Bland, 369 U.S. 663, 667 (1962) 

(citing the predecessor to 31 U.S.C. 

3105). Congress provided that the 

proceeds of savings bonds may be used 

by the Federal Government for any 

expenditures authorized by law. See 31 

U.S.C. 3105(a). 

Congress expressly authorized the 

Secretary of the Treasury to establish 

the terms and conditions that govern the 

savings bond program. 31 U.S.C. 

3105(c). Treasury’s implementing 

regulations set forth ‘‘a contract between 

the United States and savings bond 

purchasers,’’ giving ‘‘purchasers 

confidence that the United States will 

honor its debts when a purchaser 

surrenders a savings bond for payment’’ 

and protecting ‘‘the public fisc by 

ensuring that Treasury does not face 

multiple claims for payment on a single 

savings bond.’’ 80 FR 80258 (Dec. 24, 

2015). In general, savings bonds are not 

transferrable and are payable only to the 

registered owner, except as described in 

Treasury regulations detailing when 

payment will be made to a person or 

entity that is not the registered owner. 

See 31 CFR 315.15, 353.15, and 360.15. 

To redeem a paper savings bond, the 

registered owner or a successor 

specified in the regulations must 

surrender the physical bond. See 31 

CFR 353.35. Although there are 

exceptions to this surrender 

requirement, the exceptions are 

‘‘carefully drawn to protect the owner’s 

rights and to protect Treasury against 

competing claims.’’ 80 FR 80258. For 

example, if a claimant cannot surrender 

the bond, the claimant must provide 

satisfactory evidence of the loss, theft, 

or destruction of the bond, or a 

satisfactory explanation of the 

mutilation or defacement, as well as 

sufficient information to identify the 

bond by serial number. See, e.g., 31 CFR 

parts 315 and 353, subpart F. Pursuant 

to express statutory authority, Treasury 

regulations allow owners to keep their 

bonds indefinitely and to surrender 

them for payment at any time after the 

bonds mature. See 31 U.S.C. 3105(b) 

and 31 CFR parts 315 and 353, subpart 

H. 

Litigation Over State Escheat Claims 

Many State escheat laws allow States 

to take custody of unclaimed or 

abandoned property. Treasury discussed 

the effect of escheat on the rights of 

savings bond owners in a 1952 bulletin 

to the Federal Reserve Banks addressing 

a State claim to the custody of four 

savings bonds in the State’s possession, 

which had belonged to a ward of the 

State who died without heirs. In this 

context, where the State had possession 

of the bonds it sought to redeem, 

Treasury stated that it will not recognize 

a State claim to the custody of savings 

bonds, but will recognize an escheat 

judgment that confers title on a State 

because ‘‘in escheat the state is ‘the 

ultimate heir.’ ’’ 80 FR 80258 (quoting 

Public Debt Bulletin No. 111, Subject: 

State Statutes Concerning Abandoned 

Property (Feb. 27, 1952) at 3). It was 

unnecessary for the 1952 bulletin to 

provide further detail about State 

escheat claims because in that case the 

State did not claim title over the bonds. 

Id. 

Treasury addressed a new, broader 

custody escheat claim in 2004 and 2006, 

when several States attempted to claim 

the proceeds of all matured, 

unredeemed bonds registered to 

residents in their State. Unlike the claim 

addressed by the 1952 bulletin, these 

States did not possess the bonds they 

sought to redeem, which presumably 

were still held by their owners. Treasury 

informed the States that they ‘‘must 

possess the bonds they seek to redeem.’’ 

80 FR 20259 & n.3 (citing 2004 and 2006 

letters to various States). In the ensuing 

litigation, the U.S. Court of Appeals for 

the Third Circuit concluded that the 

State unclaimed property statutes 

conflicted with Federal law. See New 

Jersey v. U.S. Dep’t of the Treasury, 684 

F.3d 382, 407–09 (3d Cir. 2012), cert. 

denied, 569 U.S. 1004 (2013). The 

States’ ‘‘efforts to impose the status of 

‘abandoned’ or ‘unclaimed’ on the 

Federal Government’s obligations’’ 

could not be reconciled with the fact 

that the bond proceeds are not 

‘abandoned’ or ‘unclaimed’ under 

Federal law because the owners of the 

bonds may redeem them at any time 

after they mature.’’ Id. at 409. 

Subsequent litigation was prompted 

by certain States enacting title escheat 

laws specifically for savings bonds that 

the States deemed to be ‘‘unclaimed’’ or 

‘‘abandoned.’’ In 2000 and 2015, 

respectively, Kansas and Arkansas 

enacted statutes providing that a U.S. 

savings bond is presumed to be 

abandoned if it has not been redeemed 

by a certain time and further providing 

that such bonds escheat to the State a 

certain time after the bonds are 

presumed abandoned. See 80 FR 80259. 

Pursuant to those laws, Kansas and 

Arkansas initiated escheat proceedings 

to claim title to bonds in their 

possession, as well as to a broad class 

of bonds the States did not possess. 

With respect to the bonds not in their 

possession, Kansas and Arkansas 

published statements in local 

newspapers of their intention to claim 

title to bonds of a particular description. 

Although bond owners were not parties 

to the escheat proceeding, and may 

never have learned that the State was 

attempting to claim title over their 

bonds, they were obligated to respond to 

the escheat proceeding in order to 

protect their ownership of the bonds. Id. 

After obtaining ex parte escheat 

judgments, Kansas and Arkansas sought 

to redeem the savings bonds not in their 

possession. Treasury denied those 

requests. 

The U.S. Court of Appeals for the 

Federal Circuit upheld Treasury’s 

decision for two independent reasons. 

First, the Court of Appeals held that 

‘‘federal law preempts the States’ 

escheat laws.’’ LaTurner v. United 

States, 933 F.3d 1354, 1357 (Fed. Cir. 

2019), cert. denied, 141 S. Ct. 239 

(2020). The court explained that, 

whereas ‘‘Treasury regulations impose 

no time limit on the redemption of 

savings bonds,’’ the State laws provide 


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Federal Register / Vol. 89, No. 243 / Wednesday, December 18, 2024 / Rules and Regulations 102737 

1Public Law 117–328 (Dec. 29, 2022), Division T; 

31 U.S.C. 3105(f). 

2 31 U.S.C. 3105(f)(1)(A). 

3 31 U.S.C. 3105(f)(1)(C). 

4 31 U.S.C. 3105(f)(6). 

5 31 U.S.C. 3105(f)(2)(A). 

6 31 U.S.C. 3105(f)(2)(B). 

7 88 FR 74386. 

that, ‘‘if bond holders do not redeem 

their bonds promptly enough (as 

decided by the States), they lose 

ownership and the bonds will transfer 

to the state.’’ Id. at 1361. The court 

determined that, because ‘‘federal law 

takes precedence,’’ id. (quoting Murphy 

v. National Collegiate Athletic Ass’n, 

584 U.S. 453, 477 (2018)), ‘‘the bonds 

belong to the original bond owners, not 

the States, and thus the States cannot 

redeem the bonds,’’ id. at 1357. 

Second, the Court of Appeals held 

that, ‘‘even if the States owned the 

bonds, they could not obtain any greater 

rights than the original bond owners,’’ 

and Treasury’s regulations make clear 

that ‘‘a bond owner must provide the 

serial number to redeem’’ the specific 

bonds at issue. LaTurner, 933 F.3d at 

1357. The court observed that ‘‘the 

States do not have the physical bonds or 

the bond serial numbers.’’ Id. The court 

therefore determined that, ‘‘even if the 

bonds here are considered lost,’’ id. at 

1364, ‘‘Treasury properly denied [the 

States’] request for redemption,’’ id. at 

1357. The court also concluded that the 

States could not ‘‘circumvent the 

[regulatory] requirement’’ to ‘‘provide 

the serial number’’ of the bonds by 

asking ‘‘the government to disclose the 

bond serial numbers as a matter of 

discovery.’’ Id. at 1366. The Court of 

Appeals denied the States’ petitions for 

rehearing en banc, and the Supreme 

Court denied the States’ petitions for 

writs of certiorari. LaTurner v. United 

States, 141 S. Ct. 239 (2020); Lea v. 

United States, 141 S. Ct. 240 (2020). 

While that litigation was ongoing, 

Treasury amended its regulations in 

2015 through notice-and-comment 

rulemaking to clarify that it ‘‘will not 

recognize an escheat judgment that 

purports to vest a State with title to a 

bond that the State does not possess.’’ 

31 CFR 315.88(a); see also 31 CFR 

315.20(b) (‘‘Escheat proceedings will not 

be recognized under this subpart.’’), 80 

FR 80264–65. In a separate suit filed in 

Federal district court, Kansas and four 

other States challenged the amended 

regulations as an allegedly unjustified 

departure from Treasury’s past practice. 

The district court rejected that 

challenge, concluding that the 

regulations clarified rather than changed 

Treasury’s practice. See Estes v. U.S. 

Dep’t of the Treasury, 219 F. Supp. 3d 

17, 22 (D.D.C. 2016). The States 

appealed but voluntarily dismissed the 

appeal. See Order, LaTurner v. U.S. 

Dep’t of the Treasury, No. 17–5015 (D.C. 

Cir. Nov. 21, 2017). 

Thus, under 31 U.S.C. 3105 and 

Treasury’s implementing regulations, 

U.S. savings bond owners are entitled to 

redeem their bonds at any time after 

maturity without penalty; the United 

States honors those debts in perpetuity. 

See 31 CFR 353.35. State laws that treat 

matured but not yet redeemed U.S. 

savings bonds that are not in a State’s 

possession as ‘‘abandoned’’ property 

subject to escheatment undermine the 

rights of registered owners or their heirs 

to redeem matured bonds whenever 

they choose through the simple act of 

turning in the physical bonds to a 

designated payor such as a local bank. 

Treasury’s existing regulations preempt 

any State law that deems U.S. savings 

bonds ‘‘abandoned’’ because they are 

not yet redeemed or otherwise interferes 

with the Federal-law rights of the 

registered owners or their heirs to 

redeem them. 

SECURE 2.0 Act of 2022 

Against that backdrop, Congress 

considered legislation to amend 31 

U.S.C. 3105. As discussed further 

below, Congress declined to enact a 

2021 legislative proposal that would 

have allowed States to escheat matured, 

unredeemed savings bonds that are not 

in their possession. Instead, Congress 

enacted the SECURE 2.0 Act of 2022 1

(Secure 2.0 Act), which was signed into 

law on December 29, 2022. 

The Secure 2.0 Act added subsection 

(f) to 31 U.S.C. 3105, requiring Treasury 

to share certain U.S. savings bond 

information with States for the purpose 

of locating savings bond owners. Under 

new subsection (f), Treasury ‘‘shall 

provide each State, in digital or other 

electronic form, with information 

describing any applicable savings bond 

which has an applicable address that is 

within such State, including (i) the 

name and applicable address of the 

registered owner; and (ii) the name and 

applicable address of any registered coowner or beneficiary.’’ 2 ‘‘Applicable 

address’’ is defined as the registered 

address for the registered owner (or coowner or beneficiary) of the savings 

bond or the last-known address for the 

registered owner (or co-owner or 

beneficiary) available to the Secretary.3

‘‘Applicable savings bond’’ is defined as 

a savings bond (1) which is more than 

three years past its final maturity date, 

(2) is in paper form, or is in paperless 

or electronic form and there is no 

designated bank account or routing 

information or the designated bank 

account or routing information is 

incorrect; and (3) has not been 

redeemed.4

The new subsection (f) expressly 

limits the purpose for which a State may 

use the information shared by Treasury 

to locating the registered savings bond 

owner. The statute provides: ‘‘Any State 

that receives information described in 

paragraph (1)(A) with respect to an 

applicable savings bond may use such 

information to locate the owner of such 

bond pursuant to the same standards 

and requirements as are applicable 

under’’ State abandoned property rules 

and any regulations or guidance 

promulgated by Treasury pursuant to 

the Secure 2.0 Act. 31 U.S.C. 3105(f)(4). 

The Secure 2.0 Act does not override 

the Treasury regulations described 

above, which do not allow States to 

escheat savings bonds that are not in 

their possession. 

The Secure 2.0 Act directs Treasury to 

prescribe regulations or guidance as 

may be necessary to carry out the 

purposes of subsection (f), including 

rules to protect the privacy of the 

owners of applicable savings bonds, 

prevent fraud, and ensure that any 

information provided to a State is used 

solely for the purposes of the new 

subsection (f).5 Under the Secure 2.0 

Act, regulations or guidance issued by 

Treasury must not have the effect of 

prohibiting, restricting, or otherwise 

preventing a State from obtaining the 

information described above, except as 

deemed necessary to protect privacy or 

prevent fraud or misuse of savings bond 

information.6

II. Public Comments and Fiscal 

Service’s Responses 

On October 31, 2023, Fiscal Service 

published a notice of proposed 

rulemaking (NPRM) to carry out the 

purposes of the Secure 2.0 Act.7 Fiscal 

Service received 14 substantive 

comment letters in response to the 

NPRM. Twelve comments were from 

State treasurers’ offices or their legal 

representatives, one was a joint 

comment from the National Association 

of Unclaimed Property Administrators 

(NAUPA) and the National Association 

of State Treasurers (NAST), and one 

comment was from a private individual. 

The comments largely fell into four 

general categories: (1) the restriction on 

using shared information about savings 

bonds to escheat those bonds, (2) the 

lack of Congressional appropriations for 

States to use in attempting to locate 

savings bond owners, (3) the lack of a 

claims servicing role for the States after 

locating savings bond owners, and (4) 

the prohibition on publicly releasing 


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102738 Federal Register / Vol. 89, No. 243 / Wednesday, December 18, 2024 / Rules and Regulations 

8 31 U.S.C. 3105(f)(4). 

9 31 U.S.C. 3105(f)(2)(A). 

10See Unclaimed Savings Bond Act of 2021, H.R. 

4085, 117th Congress; S. 2854, 117th Congress. 

11 Id. 3105(f)(1). 

12 Id. 3105(f)(4)(B). 

13See 80 FR 80260–61. 

14 31 CFR 353.88. 

savings bond information without the 

express consent of Treasury. There were 

also comments on certain other topics, 

which we also address below. 

Restriction on Using Shared Information 

to Escheat Bonds 

Eight commenters objected to the 

proposed regulation’s restriction on 

using the information shared by 

Treasury under the Secure 2.0 Act to 

escheat the applicable savings bonds. 

According to those commenters, escheat 

would be more efficient and cost 

effective to unite the bond owners with 

their property than the process outlined 

in the proposed regulation. One 

commenter also asserted that (1) the 

regulations exceed Treasury’s statutory 

authority by prohibiting escheat, (2) 

denying escheatment to the States is 

arbitrary and capricious, and (3) 

prohibiting escheatment using 

information obtained under the Secure 

2.0 Act is a departure from Treasury’s 

existing possession escheat policy. 

These objections disregard the express 

limitations that the Secure 2.0 Act 

imposes on a State’s use of the 

information shared pursuant to the 

Secure 2.0 Act. As described above, the 

Secure 2.0 Act only authorizes a State 

to use the shared information for the 

purpose of locating the bond owners. 

Under the Secure 2.0 Act, ‘‘any State 

that receives information [from 

Treasury] with respect to an applicable 

savings bond may use such information 

to locate the owner of such bond.’’ 8 The 

statute also requires Treasury to 

prescribe regulations or guidance as 

may be necessary to ‘‘ensure that any 

information provided to a State under 

[new subsection (f)] shall be used solely 

to carry out the purposes of’’ that 

subsection.9 By restricting the use of 

information provided to a State under 

these regulations, Treasury is 

implementing the statute in accordance 

with its express terms. 

Further, the Secure 2.0 Act does not 

override existing Treasury regulations 

that prohibit a State from escheating a 

bond that the State does not have in its 

possession. Under regulations that 

predate the Secure 2.0 Act, a matured 

U.S. savings bond does not expire and 

may be redeemed by the registered 

owner (or heir) at any time. As the 

Federal Circuit explained in LaTurner, 

those Federal regulations preempt 

inconsistent State law. 

To the extent that commenters suggest 

that the Secure 2.0 Act was intended to 

override the LaTurner decision and 

Treasury’s regulations by allowing 

States to escheat matured, unredeemed 

savings bonds that are not in their 

possession, Treasury disagrees. In 2021, 

proposed legislation that would have 

had that effect was introduced in 

Congress but never passed.10 The 2021 

proposed legislation’s language 

specifically would have allowed not 

only for the transfer of applicable 

savings bond information to the States 

but would have allowed the States to 

obtain title to the applicable savings 

bond through a valid judgment of 

escheatment. The 2021 proposed 

legislation stated that 

‘‘[n]otwithstanding any other Federal 

law, the ownership of an applicable 

savings bond may be transferred 

pursuant to a valid judgment of 

escheatment vesting a State with title to 

the bond,’’ and that ‘‘[n]othing in this 

section, or in any regulation 

promulgated by the Secretary to 

implement this section, may be 

construed to preempt State law 

providing for, or governing the 

escheatment of, applicable savings 

bonds.’’ 11 The 2021 proposed 

legislation further stated that ‘‘[t]he 

Secretary may not prescribe any 

regulation which prevents or prohibits a 

State from obtaining title to an 

applicable savings bond or redeeming 

such bond’’ under the act.12 However, 

the 2021 proposed legislation failed to 

move past the House Ways and Means 

Committee and the Senate Finance 

Committee. Instead, when a version of 

the proposed legislation reemerged in 

2022 as part of the Secure 2.0 Act, the 

title-escheat language had been removed 

along with the language prohibiting 

Treasury from promulgating regulations 

that would preempt State law on 

escheatment. 

Because U.S. savings bonds do not 

expire and Treasury has imposed no 

time limit for savings bond owners to 

redeem them, savings bond information 

shared with States under the Secure 2.0 

Act does not pertain to savings bonds 

that are abandoned or lost, but simply 

unredeemed. The restriction in this final 

rule on using information shared under 

the Secure 2.0 Act to escheat savings 

bonds serves to protect the bond 

owner’s rights and to prevent future 

double payments from Treasury when 

the rightful owner presents the savings 

bond for redemption. As Treasury has 

previously explained, ‘‘[t]he potential 

for competing claims exposes Treasury 

to the risk of double-payment and costly 

litigation, as well as threatens the vested 

rights of bond owners.’’ 80 FR 80259. 

Under State escheatment laws, a State 

could attempt to claim savings bonds 

that are still in the possession of 

registered owners, who can submit them 

for payment at any time. A State could 

also attempt to claim bonds that are in 

the possession of another State, where 

both States have a claim to title under 

their own State laws. Allowing States to 

escheat unredeemed savings bonds that 

are not in the States’ possession would 

be contrary to existing Treasury 

regulations, as well as the agreement 

made between Treasury and a bond 

owner when the bond is purchased. 

In providing that States may use the 

information shared by Treasury to 

‘‘locate the owner’’ of savings bonds 

pursuant to the States’ abandoned 

property rules and Treasury regulations 

and guidance, the Secure 2.0 Act leaves 

in place the balance Treasury has struck 

to protect bond owners’ rights and the 

public fisc. As discussed above, the 

Secure 2.0 Act did not override the 

LaTurner decision or override existing 

Treasury regulations by allowing States 

to escheat matured, unredeemed savings 

bonds that are not in their possession. 

Although several commenters 

expressed a concern that the proposed 

regulation could interfere with States’ 

ability to redeem bonds that are in their 

possession, the Secure 2.0 Act and this 

final rule address only bonds that are 

not in a State’s physical possession. 

Where a State has the physical bond, the 

State has the serial number and other 

information needed to ask Treasury— 

under existing regulations unchanged 

here—to redeem that bond. For similar 

reasons, prohibiting title escheat using 

information obtained under the Secure 

2.0 Act is not a departure from 

Treasury’s possession escheat policy, 

which has long recognized that States 

may be able to redeem bonds that are in 

their physical possession under 

circumstances that provide evidence 

that the bonds were, in fact, abandoned 

property.13 Under existing Treasury 

regulations, States may request payment 

on an escheat judgment purporting to 

vest a State with title to a matured 

savings bond in the State’s possession.14

Those existing regulations are not 

affected by this final rule. This final rule 

continues to support Treasury’s policy 

requiring States to be in possession of 

any savings bond they are purporting to 

escheat. States may still pursue title 

escheat for savings bonds in their 

possession, as they would be using the 

information found on the savings bond 

itself to complete the escheatment 


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Federal Register / Vol. 89, No. 243 / Wednesday, December 18, 2024 / Rules and Regulations 102739 

15 31 CFR 353.39, 31 CFR 360.39. 

16 31 U.S.C. 3105(f)(2). 

17 31 CFR 323.2. 

18 85 FR 11776, (Feb. 27, 2020). Fiscal Service 

intends to modify this System of Records Notice to 

assist in implementing the Secure 2.0 Act. 

process, rather than using any 

information provided to them by 

Treasury under the Secure 2.0 Act. 

Lack of Congressional Appropriations 

To Support States’ Location Services 

Some commenters expressed concern 

about the lack of Federal funding 

available to assist the States in locating 

savings bond owners. For example, one 

commenter suggested that a lack of 

funds will ‘‘hinder the resources States 

have available to provide enhanced 

outreach efforts beyond currently 

established efforts.’’ Another noted that 

‘‘certain challenges are created for 

participating States by not actually 

receiving the funds that are associated 

with the bond records,’’ leaving the 

States to bear the financial burden of 

locator services. 

However, the Secure 2.0 Act does not 

grant funding to assist the States in 

providing optional locator services. The 

Secure 2.0 Act only directs Treasury to 

make applicable savings bond 

information available to the States for 

the purpose of locating the owner or 

owner’s representatives. In prior 

litigation and in their comments on the 

NPRM, multiple States have claimed 

that they ‘‘have both the dedicated 

resources and the solemn responsibility 

to locate the missing property owners 

and reunite them with their property,’’ 

Arkansas Brief at 6–7, LaTurner v. 

United States, 933 F.3d 1354 (Fed. Cir. 

2019) (No. 18–1509), ECF No. 37, and 

have proclaimed that their ultimate goal 

is to ‘‘help the original owners learn of, 

and be paid on, th[eir] bonds,’’ Kansas 

Brief at 14, LaTurner v. United States, 

933 F.3d 1354 (Fed. Cir. 2019) (No. 18– 

1509), ECF No. 36. States are free to use 

their resources for such efforts, but 

nothing in the Secure 2.0 Act requires 

the States to undertake these 

administrative efforts to locate bond 

owners if a State chooses not to do so. 

Lack of a Claims-Servicing Role 

A number of commenters expressed a 

concern regarding the lack of a ‘‘claims 

servicing’’ role for States in the 

proposed regulations. These comments 

appear to propose that States—not 

Treasury—should accept State-specific 

property claim forms and require that 

savings bond owners redeem their 

bonds through the State’s unclaimed 

property procedures rather than 

Treasury’s savings bond redemption 

procedures. Commenters raised 

concerns about the efficiency and 

effectiveness of the overall Secure 2.0 

Act framework, stating that a 

streamlined process to locate and pay 

bond owners is essential. These 

commenters indicated that Treasury 

should rely upon the States’ experience 

in reuniting their respective citizens 

with unclaimed funds, rather than 

asking States to refer savings bond 

owners to Treasury for redemption. 

Another commenter noted that a State’s 

role in the program is unclear if the 

States do not provide the proceeds of 

the savings bonds to their owners. 

However, the Secure 2.0 Act does not 

contemplate overriding the longstanding 

Federal regulations, procedures, and 

agreements under which individuals 

redeem their U.S. savings bonds for 

payment by the Federal Government. 

Under existing Treasury regulations, 

there is a well-established framework 

for savings bond owners to redeem their 

bonds.15 Any savings bond owner may 

redeem a savings bond directly from 

Fiscal Service, whether they have 

physical possession of the bond or need 

to declare the bond lost, stolen, or 

destroyed. Fiscal Service also has 

dedicated customer service staff trained 

to process complex redemption 

requests, which may include decedents’ 

estates, trusts, and attorneys-in-fact. All 

necessary forms for redemption are 

available to the public through the 

TreasuryDirect.gov website. 

Additionally, any bond owner who has 

physical possession of a Series EE or 

Series I savings bond, which is in a 

single owner, co-ownership, or 

beneficiary ownership registration, is 

permitted to redeem the savings bond at 

any financial institution designated by 

Treasury as a paying agent. These two 

methods of redemption, through Fiscal 

Service and through designated paying 

agents, promote efficient, consistent, 

and reliable pathways to redemption for 

savings bond owners. Under this final 

rule, Treasury will continue to process 

redemptions through established 

methods. 

Restriction on Public Release of Savings 

Bond Information 

Twelve commenters expressed 

concern over the NPRM’s proposed 

restriction of a State’s public release of 

the applicable savings bond information 

without Treasury’s express consent. 

Commenters stated that this restriction 

would place an increased administrative 

burden on State agencies by preventing 

them from using their current 

reunification methods to reunite bond 

owners with their bonds. The Secure 2.0 

Act requires Treasury to issue 

regulations or guidance as may be 

necessary to ‘‘protect the privacy of the 

owners of applicable savings bonds’’ 

and to ‘‘prevent fraud.’’ 16 In order to 

balance the competing interests, rather 

than adopting a blanket prohibition on 

public release of relevant information, 

the NPRM and the final rules permit the 

public release of information by States 

if they first obtain Treasury’s consent. In 

determining whether to grant such 

consent, Treasury will consider the risks 

to savings bond owners’ privacy and the 

risk of fraud. In recent years, as printing 

technologies have advanced, it has 

become easier for criminals to create 

fraudulent paper savings bonds using 

publicly available information. Since 

2021, there have been over $40 million 

in redemptions of counterfeit savings 

bonds. Fiscal Service has responded by 

taking certain steps that have reduced 

the opportunities for fraud. By reducing 

publicly available information and 

taking other precautionary steps, 

Treasury has significantly reduced the 

number of counterfeit savings bonds 

presented for redemption. Based on its 

experience addressing fraud, Fiscal 

Service believes that making records of 

matured, unredeemed savings bonds 

available to the public creates 

substantial risks of fraud. 

A few commenters stated that they 

believe that some savings bond 

information is already publicly 

available; however, savings bond 

records are not currently available to the 

public. Moreover, savings bond 

information is subject to the Privacy Act 

of 1974, which generally prohibits the 

release of such information to the 

public. Fiscal Service further protects 

this information in its Privacy Act 

regulations,17 as well its Privacy Act 

System of Records Notice Treasury/ 

Fiscal Service .014—United States 

Securities and Access.18 Consistent with 

Treasury’s obligation to protect savings 

bond owners’ personal information, the 

Treasury Hunt website restricts the 

disclosure of savings bond information 

and only suggests that a requestor 

contact Fiscal Service to inquire further 

about their Treasury securities; it does 

not provide any specific information 

regarding any securities that may be 

held. Only after Fiscal Service verifies 

the requestor’s identity will it release 

any information to the owner as 

permitted under the law and its 

regulations. 

Miscellaneous Comments 

Treasury received comments 

regarding what information will be 

made available to the States under the 

final rule. One commenter requested 


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19 31 U.S.C. 3105(f)(1)(A). 

20See 31 U.S.C. 3105(f)(1)(B). 21 31 CFR part 323. 22 31 U.S.C. 3105(f)(1)(C). 

additional information on whether 

Social Security numbers, savings bond 

denominations, and serial numbers will 

be released to the States. Another 

commenter suggested that the release of 

savings bond serial numbers is 

mandatory under the Secure 2.0 Act. 

Under the Secure 2.0 Act, Treasury is 

required to provide each State, in digital 

or other electronic form, with 

information describing the name and 

applicable address of a registered 

owner, co-owner, or beneficiary of an 

applicable savings bond with an 

applicable address within that State.19

Accordingly, Treasury will release the 

name and applicable address of such 

registered owners, co-owners, and 

beneficiaries to the States, pursuant to 

the statute. 

The final rule does not include 

provisions for releasing Social Security 

numbers, saving bond denominations, 

or bond serial numbers. Based on 

Treasury’s experience, the serial number 

and Social Security number are the two 

items of information most likely to 

facilitate fraud. Further, the Secure 2.0 

Act provides that the information 

Treasury shares ‘‘may include the serial 

number of any applicable savings 

bond,’’ not that serial numbers must be 

shared.20 In addition, in Treasury’s long 

experience administering the savings 

bond program, bond denominations 

have marginal or no utility in locating 

bond owners. Denominations and bond 

serial numbers are important in the 

redemption of a savings bond, but do 

not offer Treasury or a participating 

State information regarding the location 

or identity of the savings bond owner. 

One commentor submitted questions 

regarding the contracting and 

enforcement of information sharing with 

the States. At this time, Fiscal Service 

is working to develop a technical 

solution for sharing the mandated 

information with the States. Any 

mandatory security requirements for 

accessing the information will be 

included in the information-sharing 

contracts with the States. Fiscal Service 

intends to work closely with the States 

to ensure compliance with our security 

requirements, monitoring the use of the 

information in accordance with the 

information-sharing contract. 

III. Summary of Final Rule 

Amendments 

Overview 

Fiscal Service is adding these Secure 

2.0 Act regulations to 31 CFR part 323, 

which includes regulations adopted 

under the Freedom of Information Act 

(FOIA) regarding the disclosure of 

records.21 Fiscal Service is maintaining 

the current FOIA regulations found in 

part 323 by moving the existing 

provisions in §§ 323.1 through 323.5 

into a new subpart A. A new subpart B 

contains the regulations to implement 

the Secure 2.0 Act requirements to 

provide information and records 

containing applicable savings bond 

information to States. Subpart B 

includes definitions necessary to 

implement the regulations, 

requirements for a State to receive 

applicable savings bond information, 

conditions regarding the use of the 

information, and liability terms. 

Separating the regulations 

implementing the two different 

statutory authorities, FOIA and the 

Secure 2.0 Act, by subpart is intended 

to assist the public in identifying the 

two separate authorities under which an 

individual or a State may request 

information. 

Treasury believes the new disclosure 

of applicable savings bond information 

requirements is closely associated with 

the purpose of FOIA and its existing 

disclosure regulations. While the Secure 

2.0 Act only allows for disclosure of 

certain information to States, rather than 

to the public at large, a savings bond 

owner could look to a single regulation, 

part 323, to determine the various ways 

in which their savings bond information 

could be disclosed. 

Subpart A, § 323.1 

As noted above, subpart A as 

amended contains regulations that 

implement FOIA for Fiscal Service, 

previously found at part 323. 

Accordingly, the final rule makes a 

technical modification to the first 

sentence of § 323.1 to identify ‘‘this 

subpart’’ rather than ‘‘this part.’’ 

Subpart B 

Following are summaries of the 

provisions in the new subpart B, all of 

which are being added in this final rule. 

Purpose of the Regulations, § 323.10 

This section briefly describes the 

purpose of the new regulatory 

provisions, namely to implement the 

Secure 2.0 Act. 

Rules Governing Sharing of Applicable 

Savings Bond Information With States, 

§ 323.11 

Section 323.11 includes the 

definitions and terms necessary to 

provide States the information required 

by the Secure 2.0 Act. In addition, the 

amendments add new provisions to 

help protect the privacy of the owners 

of applicable savings bonds, prevent 

fraud, and ensure that shared 

information is used only for permissible 

purposes under the Secure 2.0 Act. 

Definitions, § 323.11(a) 

The Secure 2.0 Act requires Treasury 

to provide, in digital or other electronic 

form, each State with information 

describing any ‘‘applicable savings 

bond’’ that has an ‘‘applicable address’’ 

within such State. The statute requires 

this information to include the name 

and applicable address for each 

registered owner, co-owner, or 

beneficiary. ‘‘Applicable address’’ is 

defined in the statute as the registered 

address for the registered owner, coowner, or beneficiary of the savings 

bond or the last-known address for the 

foregoing if it is available to Treasury.22

The final rule defines ‘‘last-known 

address’’ to mean an address available 

to Fiscal Service after a reasonable 

search of its records. 

While the level of effort dedicated to 

the search could be expressed in various 

degrees, a ‘‘reasonable’’ search balances 

the goals of efficiency and effectiveness. 

An exhaustive search, for example, 

would be unduly costly and 

burdensome on Fiscal Service, given the 

breadth of our systems of records, and 

unlikely to significantly change the 

results of the search. ‘‘Record’’ is 

broadly defined to include any data or 

documentation containing or composed 

of information describing relevant 

applicable savings bonds, including the 

applicable addresses of the owners. This 

definition allows Fiscal Service to 

protect savings bond owners from 

unauthorized disclosure of their 

information, as any information 

received from Treasury will remain a 

record subsequent to disclosure. 

The term ‘‘State’’ is also broadly 

defined in the final rule to mean U.S. 

territories, possessions, and the District 

of Columbia, as well as the 50 States. 

This definition is consistent with 

available registered addresses over the 

lifetime of the savings bond program. 

Requests for Records 

Section 323.11(b) provides that each 

State may request applicable savings 

bond records from Fiscal Service. Upon 

request, the State must enter into an 

information-sharing agreement with 

Fiscal Service to receive the requested 

records. Fiscal Service expects that this 

agreement will require a State to make 

representations regarding protecting the 

savings bond records from unauthorized 


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23 31 U.S.C. 3105(f)(2). 24 5 U.S.C. 605(b). 

disclosure, including security 

requirements for receiving and storing 

the records. These security requirements 

are appropriate to minimize the risk of 

fraud or misuse or misappropriation of 

information. 

Use of Records 

Section 323.11(c) specifies how the 

records or information contained 

therein may be used by States, in 

compliance with the Secure 2.0 Act. As 

stated at 31 U.S.C. 3105(f), Treasury’s 

regulations are required to ensure that 

applicable savings bond information 

provided to a State will be used solely 

to carry out the purpose of locating the 

owner of the savings bond.23 In 

accordance with this statutory 

requirement, the regulation provides 

that the applicable savings bond 

information cannot be used to escheat 

savings bond ownership to a State. The 

purpose of the Secure 2.0 Act is for 

Treasury to provide information 

regarding applicable savings bonds to 

States to assist in locating the owner of 

the bonds. The Secure 2.0 Act does not 

allow States to use the provided records 

and information to escheat the bonds, 

which would conflict with the rights of 

savings bond owners to redeem matured 

savings bonds whenever they choose. 

Under the regulation, in order to 

protect the savings bond owner’s 

privacy, any applicable savings bond 

information provided to States cannot 

be released to the public or any third 

party without Treasury’s express written 

approval. This requirement is also 

expected to be incorporated into the 

information-sharing agreement 

described above. The requirement to 

obtain such approval from Treasury is 

also intended to ensure that the release 

of savings bond records or the 

information therein does not subject 

Fiscal Service customers to fraud risk. 

In recent years, Fiscal Service has taken 

steps that have reduced the 

opportunities for fraud, and making 

records of matured, unredeemed savings 

bonds available to the public would 

create an unacceptable risk of fraud. 

Fiscal Service will continue to monitor 

savings bond fraud and consider 

implementing further risk-mitigation 

strategies, which may eventually allow 

for certain savings bond records to be 

distributed publicly. 

Liability 

Under § 323.11(d), Treasury will not 

be responsible for any loss, liability, 

cost, or expense that results from a 

State’s receipt, use, or distribution of 

records regarding applicable savings 

bonds or any information contained 

therein. Any misuse of savings bond 

records or information provided to a 

State under the regulations could result 

in fraudulent activity, breach of privacy 

for a savings bond owner, and financial 

loss for bond owners. Under the 

regulations, a State that receives 

information under the regulations bears 

the responsibility for, and indemnifies 

Treasury against, any loss or other costs 

associated with the State’s receipt, use, 

distribution of, or failure to adequately 

protect, any records or information. 

Severability, § 323.12 

This provision clarifies Treasury’s 

intent with respect to the severability of 

provisions of this rule. In the event any 

section, subsection, clause, paragraph, 

or phrase of this subpart is deemed 

invalid or unconstitutional by a court of 

competent jurisdiction, all remaining 

provisions shall continue in effect. 

IV. Procedural Requirements 

A. Executive Order 12866 

This rule is not a significant 

regulatory action as defined in E.O. 

12866, dated September 30, 1993, as 

amended, and is not a major rule under 

5 U.S.C. 804. 

B. Administrative Procedure Act (APA) 

Because this rule relates to United 

States securities, which are contracts 

between Treasury and the owner of the 

security, this rule falls within the 

contract exception to the APA, 5 U.S.C. 

553(a)(2). Treasury voluntarily sought 

public comment to assist the agency in 

assessing the impact of the rule. 

C. Regulatory Flexibility Act 

This rule relates to matters of public 

contract and procedures for United 

States securities. Since a notice of 

proposed rulemaking is not required, 

the provisions of the Regulatory 

Flexibility Act, 5 U.S.C. 601 et seq., do 

not apply. In any event, Treasury 

certifies that this rule, which 

implements the Secure 2.0 Act’s 

requirements that Treasury provide 

certain U.S. savings bond information to 

States, will not have a significant 

economic impact on a substantial 

number of small entities.24

D. Paperwork Reduction Act 

The provisions of the Paperwork 

Reduction Act, 44 U.S.C. 3501 et seq., 

and its implementing regulations, 5 CFR 

part 1320, do not apply to this rule 

because there are no new or revised 

recordkeeping or reporting 

requirements. 

List of Subjects in 31 CFR Part 323 

Archives and records, Freedom of 

information, Privacy, Savings bonds. 

Accordingly, for the reasons set forth 

in the preamble, Treasury amends 31 

CFR part 323, as follows: 

PART 323—DISCLOSURE OF 

RECORDS 

■ 1. The authority citation for part 323 

continues to read as follows: 

Authority: 80 Stat. 379; sec. 3, 60 Stat. 

238, as amended; 5 U.S.C. 301, 552. 

■ 2. Add subpart A to read as follows: 

Subpart A—Freedom of Information 

Act 

§§ 323.1 through 323.5 [Designated as 

Subpart A] 

■ 3. Designate §§ 323.1 through 323.5 as 

subpart A. 

■ 4. Revise the first sentence of § 323.1 

to read as follows: 

§ 323.1 Purpose of regulations. 

The regulations of this subpart are 

issued to implement 5 U.S.C. 552(a)–(2) 

and (3). * * * 

■ 5. Add subpart B to read as follows: 

Subpart B—SECURE 2.0 Act of 2022 

Sec. 

323.10 Purpose of this subpart. 

323.11 Rules governing sharing of 

applicable savings bond information 

with States. 

323.12 Severability. 

Authority: 31 U.S.C. 3105(f). 

Subpart B—SECURE 2.0 Act of 2022 

§ 323.10 Purpose of this subpart. 

The regulations of this subpart are 

issued to implement section 122 of the 

SECURE 2.0 Act of 2022, 31 U.S.C. 

3105(f). The requirements of 31 U.S.C. 

3105(f) are additionally met through the 

publication of a new Routine Use in the 

applicable Fiscal Service System of 

Record Notice. 

§ 323.11 Rules governing sharing of 

applicable savings bond information with 

States. 

(a) Definitions. For purposes of this 

section: 

Applicable address has the meaning 

set forth in 31 U.S.C. 3105(f)(1)(C). 

Applicable savings bond has the 

meaning set forth in 31 U.S.C. 

3105(f)(6). 

Last known address means the full 

street address, if available, found after a 

reasonable search of Fiscal Service 

records. 

Name means the full registered name 

of the owner, co-owner, or beneficiary of 


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102742 Federal Register / Vol. 89, No. 243 / Wednesday, December 18, 2024 / Rules and Regulations 

an applicable savings bond, as it 

appears on the savings bond inscription. 

Record means data or documentation, 

whether in paper, digital, or other 

electronic form, containing or composed 

of information describing any applicable 

savings bond which has an applicable 

address within a State, including the 

name and registered address or last 

known address of the registered owner, 

co-owner, or beneficiary, as further 

defined in 31 U.S.C. 3105(f)(1). 

Registered address means the address 

included in the savings bond 

inscription. 

State means the fifty States, the 

District of Columbia, American Samoa, 

the Federated States of Micronesia, 

Guam, the United States Virgin Islands, 

the Marshall Islands, the 

Commonwealth of the Northern Mariana 

Islands, Palau, and the Commonwealth 

of Puerto Rico. 

(b) Requests for records. Records will 

be made available to States in 

compliance with 31 U.S.C. 3105(f) and 

this subpart, upon request by a State to 

Fiscal Service. Prior to receiving access 

to records, each State, through an 

authorized State representative, must 

enter into an information-sharing 

agreement with Fiscal Service using a 

form that will be provided by Fiscal 

Service. Such agreements may contain, 

among other things, requirements that 

Treasury deems necessary or 

appropriate to ensure the security of the 

information. 

(c) Use of records. Any records or any 

information made available to a State 

under this subpart: 

(1) Must be used only for the purpose 

of locating the owner of an applicable 

savings bond; 

(2) Must not be used to escheat 

savings bond ownership to a State; and 

(3) Must not be released by a State to 

the public or any third party, unless 

explicitly approved in writing, in 

advance, by Treasury. 

(d) Liability. Treasury is not liable for 

any loss, liability, cost, or expense that 

may result from a State’s receipt, use, or 

distribution of records or any 

information contained therein. A State 

receiving records under this subpart 

shall indemnify Treasury for any loss, 

liability, cost, or expense associated 

with the State’s receipt, use, or 

distribution of, or failure to adequately 

protect, records or any information 

contained therein. 

§ 323.12 Severability. 

The provisions of this subpart are 

severable, and if any section, 

subsection, clause, paragraph, or phrase 

of this subpart shall be adjudged to be 

invalid or unconstitutional by any court 

of competent jurisdiction, the judgment 

shall not affect, impair, or invalidate the 

remainder of this subpart, but shall be 

confined in its operation to the section, 

subsection, clause, paragraph, or phrase 

directly involved in the controversy in 

which such judgment shall have been 

rendered, and the remainder of this 

subpart shall continue to be in force and 

effect. 

By the Department of the Treasury. 

David Lebryk, 

Fiscal Assistant Secretary. 

[FR Doc. 2024–29988 Filed 12–17–24; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

31 CFR Part 587 

Publication of Russian Harmful 

Foreign Activities Sanctions 

Regulations Web General Licenses 

53A, 55C, 113, and 114 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Publication of web general 

licenses. 

SUMMARY: The Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing four 

general licenses (GLs) issued pursuant 

to the Russian Harmful Foreign 

Activities Sanctions Regulations: GLs 

53A, 55C, 113, and 114, each of which 

was previously made available on 

OFAC’s website. 

DATES: GLs 53A, 55C, 113, and 114 were 

issued on November 21, 2024. See 

SUPPLEMENTARY INFORMATION for 

additional relevant dates. 

FOR FURTHER INFORMATION CONTACT: 

OFAC: Assistant Director for Licensing, 

202–622–2480; Assistant Director for 

Regulatory Affairs, 202–622–4855; or 

Assistant Director for Compliance, 202– 

622–2490 or https://ofac.treasury.gov/ 

contact-ofac. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

This document and additional 

information concerning OFAC are 

available on OFAC’s website: https://

ofac.treasury.gov/. 

Background 

On November 21, 2024, OFAC issued 

GLs 53A, 55C, 113, and 114 to authorize 

certain transactions otherwise 

prohibited by the Russian Harmful 

Foreign Activities Sanctions 

Regulations, 31 CFR part 587. Each GL 

was made available on OFAC’s website 

(https://ofac.treasury.gov) when it was 

issued. GL 53A replaced and 

superseded GL 53. GL 55C replaced and 

superseded GL 55B. GL 55C has an 

expiration date of June 28, 2025; GLs 

113 and 114 each have an expiration 

date of December 20, 2024. The text of 

these GL is provided below. 

OFFICE OF FOREIGN ASSETS 

CONTROL 

Russian Harmful Foreign Activities 

Sanctions Regulations 31 CFR Part 587 

GENERAL LICENSE NO. 53A 

Authorizing Transactions for 

Diplomatic Missions of the Russian 

Federation Involving Gazprombank 

Joint Stock Company or Prohibited by 

Directive 4 Under Executive Order 

14024 

(a) Except as provided in paragraph 

(c) of this general license, U.S. persons 

are authorized to engage in all 

transactions ordinarily incident and 

necessary to the official business of 

diplomatic or consular missions of the 

Government of the Russian Federation 

(‘‘Russian missions’’) that are prohibited 

by Executive Order (E.O.) 14024 and 

involve Gazprombank Joint Stock 

Company (Gazprombank), or any entity 

in which Gazprombank owns, directly 

or indirectly, a 50 percent or greater 

interest, or are prohibited by Directive 4 

under E.O. 14024, Prohibitions Related 

to Transactions Involving the Central 

Bank of the Russian Federation, the 

National Wealth Fund of the Russian 

Federation, and the Ministry of Finance 

of the Russian Federation. 

(b) Except as provided in paragraph 

(c) of this general license, U.S. persons 

are authorized to engage in all 

transactions ordinarily incident and 

necessary to the compensation of 

employees of Russian missions, 

including payment of salaries and 

reimbursement of expenses, that are 

prohibited by E.O. 14024 and involve 

Gazprombank, or any entity in which 

Gazprombank owns, directly or 

indirectly, a 50 percent or greater 

interest, or are prohibited by Directive 4 

under E.O. 14024. 

(c) This general license does not 

authorize: 

(1) Any transactions prohibited by 

Directive 2 under E.O. 14024, 

Prohibitions Related to Correspondent 

or Payable-Through Accounts and 

Processing of Transactions Involving 

Certain Foreign Financial Institutions; 

(2) Any debit to an account on the 

books of a U.S. financial institution of 

the Central Bank of the Russian 

Federation, the National Wealth Fund of 

the Russian Federation, or the Ministry 

of Finance of the Russian Federation; or 


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