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6114 Federal Register / Vol. 62, No. 28 / Tuesday, February 11, 1997 / Rules and Regulationsor exceed the amount set forth in§ 15.03.PART 18—REPORTS BY TRADERS4. The authority citation for part 18continues to read as follows:Authority: 7 U.S.C. 2, 4, 6a, 6c, 6f, 6g, 6i,6k, 6m, 6n, 12a, and 19; 5 U.S.C. 552 and552(b) unless otherwise noted.5. Part 18 is amended by adding anew § 18.03 as follows:§ 18.03 Delegation of authority to theDirector of the Division of EconomicAnalysis.The Commission hereby delegates,until the Commission orders otherwise,the authority to make special calls ontraders for information as set forth in§§ 18.00, 18.04 and 18.05 to the Directorof the Division of Economic Analysis tobe exercised by the Director or by suchother employee or employees of theDirector as may be designated from timeto time by the Director. The Director ofthe Division of Economic Analysis maysubmit to the Commission for itsconsideration any matter which hasbeen delegated in this paragraph.Nothing in this paragraph prohibits theCommission, at its election, fromexercising the authority delegated inthis paragraph.6. Section 18.04 is amended byremoving paragraph (d) and by revisingthe introductory text to read as follows:§ 18.04 Statement of reporting trader.Every trader who holds or controls areportable options or futures positionshall after a special call upon suchtrader by the Commission or itsdesignee file with the Commission a‘‘Statement of Reporting Trader’’ on theForm 40 at such time and place asdirected in the call. All traders shallcomplete part A of the Form 40 and, inaddition, shall complete:Part B—If the trader is an individual, apartnership or a joint tenant.Part C—If the trader is a corporation ortype of trader other than an individual,partnership, or joint tenant.* * * * *PART 19—REPORTS BY PERSONSHOLDING BONA FIDE HEDGEPOSITIONS PURSUANT TO § 1.3(z) OFTHIS CHAPTER AND BY MERCHANTSAND DEALERS IN COTTON7. The authority section for part 19continues to read as follows:Authority: U.S.C. 6g(a), 6i, and 12a(5),unless otherwise noted.8. Section 19.00 is amended byrevising paragraph (a)(1) to read asfollows:§ 19.00 General provisions.(a) * * *(1) All persons holding or controllingoptions or futures positions that arereportable pursuant to § 15.00(b)(1)(ii) ofthis chapter and any part of whichconstitute bona fide hedging positionsas defined in § 1.3(z) of this chapter,* * * * *Issued in Washington, D.C., January 31,1997 by the Commission.Catherine D. Dixon,Assistant to the Secretary of the Commission.[FR Doc. 97–3395 Filed 2–10–97; 8:45 am]BILLING CODE 6351–01–PSOCIAL SECURITY ADMINISTRATION20 CFR Part 404RIN 0960–AE31Cycling Payment of Social SecurityBenefitsAGENCY: Social Security Administration(SSA).ACTION: Final rules.SUMMARY: Historically, Social Securitybenefits generally have been paid on the3rd of each month. As a result of ourongoing efforts to improve service to ourcustomers, we are establishingadditional days throughout the monthon which Social Security benefits willbe paid. Current beneficiaries are notaffected.EFFECTIVE DATE: These final rules areeffective May 1, 1997.FOR FURTHER INFORMATION CONTACT: LoisBerg, Legal Assistant, Division ofRegulations and Rulings, Social SecurityAdministration, 6401 SecurityBoulevard, Baltimore, MD 21235, (410)965–1713. For information oneligibility, claiming benefits, or coverageof earnings, call our national toll-freenumber, 1–800–772–1213.SUPPLEMENTARY INFORMATION:BackgroundThe second phase of the NationalPerformance Review (NPR), the FederalReinventing Government effort, wasannounced by the President and VicePresident on December 19, 1994. It wasdesigned to focus attention on whateach agency does, examining its missionand looking at its programs andfunctions to see if there are ways toprovide better service to the public and,at the same time, do business in a morecost-effective manner, i.e., ‘‘makegovernment work better and cost less.’’Each agency was asked to assemble ateam to review its own programs andfunctions. SSA’s team worked closelywith a team of representatives from NPRand the Office of Management andBudget (OMB) to developrecommendations for the VicePresident’s consideration.On April 11, 1995, the White Houseformally approved SSA’s reinventionproposals and officially announcedthem the next day. One of theseproposals was to cycle the payment ofbenefits.Recipients of Old-Age, Survivors andDisability Insurance (OASDI) benefitsand Supplemental Security Income(SSI) payments currently are paid in thefirst few days of each month. Whilethese specific payment days have neverbeen required by the Social Security Act(the Act), which in §§ 205(i) and1631(a)(1) commits the time for makingbenefit payments to the discretion of theCommissioner of Social Security, it hasbeen our longstanding administrativepractice to make payment on these days.Monthly benefits are paid to all OASDIbeneficiaries on the same day (generallythe 3rd day of each month for thepreceding month) and to all SSIbeneficiaries on the same day (generallythe 1st day of each month for which thepayment is due).Over the years, a trend has developedthat has resulted in deterioration ofservices we provide face-to-face or overthe telephone on and around ourpayment days. This phenomenon isdescribed fully below and is ofparticular concern to us in light of theAgency’s commitment to provide‘‘world class’’ service to ourbeneficiaries and customers.Executive Order 12862, issued onSeptember 11, 1993, mandates that thestandard of quality for services providedto the public for all governmentagencies shall be ‘‘customer serviceequal to the best in the business.’’ Thisstandard has been incorporated intoSSA’s goal of providing ‘‘world class’’public service. For example, when youconduct business with us, we have setas goals that:• When you make an appointment totalk with someone at one of our fieldoffices, we will serve you within 10minutes to the scheduled time.• When you call our toll-free 800number, you will get through to itwithin 5 minutes of your first try.SSA’s current practice of paying 47million beneficiaries within the first 3days of each month results in a largesurge of work during the first week ofeach month. This surge includes a largenumber of visitors to field offices andcalls to our toll-free 800 number toreport nonreceipt of a check, questionthe amount paid, or ask about otherpayment-related issues. Approximately