MARAD Publishes NPRM

The Maritime Administration (MARAD) has published a Notice of Proposed Rulemaking (NPRM) in the Federal Register soliciting public comments on an amendment to its regulations. This amendment adds a new Section 1109 to the recent modified Merchant Marine Act, 1936, as amended, which authorizes the Secretary of Transportation to hold funds from Title XI obligors as collateral by depositing them with the United States Treasury and investing them in Treasury obligations. These funds will no longer be deposited in private banks. This notice of proposed rulemaking proposes changes to existing procedures to simplify, reduce costs of, and expedite Title XI closings. Written comments, referencing Docket No. MARAD-2002-12425, may be submitted to the Docket Clerk, U.S. DOT Dockets, Room PL-401, Department of Transportation, 400 7th St., SW, Washington, DC 20590-0001 by 5:00 p.m. August 12, 2002. Comments may be submitted electronically via the Internet at http://dmses.dot.gov/submit.