Notice2025-06214
Order Making Fiscal Year 2025 Annual Adjustments to Transaction Fee Rates
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 11, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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[Federal Register Volume 90, Number 69 (Friday, April 11, 2025)]
[Notices]
[Pages 15492-15499]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-06214]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102779/April 8, 2025]
Order Making Fiscal Year 2025 Annual Adjustments to Transaction
Fee Rates
I. Background
Section 31 of the Securities Exchange Act of 1934 (``Exchange
Act'') requires each national securities exchange and national
securities association to pay transaction fees to the Commission.\1\
Specifically, section 31(b) requires each national securities exchange
to pay to the Commission fees based on the aggregate dollar amount of
sales of certain securities (``covered sales'') transacted on the
exchange.\2\ Section 31(c) requires each national securities
association to pay to the Commission fees based on the aggregate dollar
amount of covered sales transacted by or through any member of the
association other than on an exchange.\3\
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\1\ 15 U.S.C. 78ee.
\2\ 15 U.S.C. 78ee(b).
\3\ 15 U.S.C. 78ee(c).
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Section 31 of the Exchange Act requires the Commission to annually
adjust the fee rates applicable under sections 31(b) and (c) to a
uniform adjusted rate.\4\ Specifically, the Commission must adjust the
fee rates to a uniform adjusted rate that is reasonably likely to
produce aggregate fee collections (including assessments on security
futures transactions) equal to the regular appropriation to the
Commission for the applicable fiscal year.\5\
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\4\ In some circumstances, the SEC also must make a mid-year
adjustment to the fee rates applicable under sections 31(b) and (c).
\5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates
under sections 31(b) and (c) to a ``uniform adjusted rate that, when
applied to the baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to produce
aggregate fee collections under [section 31] (including assessments
collected under [section 31(d)]) that are equal to the regular
appropriation to the Commission by Congress for such fiscal year'').
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The Commission is required to publish notice of the new fee rates
under section 31 not later than 30 days after the date on which an Act
making a regular appropriation for the applicable fiscal year is
enacted.\6\ On March 15, 2025, the President signed into law the Full-
Year Continuing Appropriations and Extensions Act, 2025, which includes
total appropriations of $2,188,658,000 to the SEC for fiscal year
2025.\7\
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\6\ 15 U.S.C. 78ee(g).
\7\ Consistent with past practice, the Commission is treating
this continuing resolution, which lasts through the remainder of the
fiscal year, as a regular appropriation for fiscal year 2025 for
purposes of section 31 of the Exchange Act.
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II. Fiscal Year 2025 Annual Adjustment to the Fee Rate
The new fee rate is determined by (1) subtracting the sum of fees
estimated to be collected prior to the effective date of the new fee
rate \8\ and estimated assessments on security futures transactions to
be collected under section 31(d) of the Exchange Act for all of fiscal
year 2025 \9\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2025, and (2) dividing by the estimated
aggregate dollar amount of covered sales for the remainder of the
fiscal year following the effective date of the new fee rate.\10\
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\8\ The sum of fees to be collected prior to the effective date
of the new fee rate is determined by applying the current fee rate
to the dollar amount of covered sales prior to the effective date of
the new fee rate. The exchanges and Financial Industry Regulator
Authority (``FINRA'') have provided data on the dollar amount of
covered sales through Feb. 2025. To calculate the dollar amount of
covered sales from Mar. 2025 to the effective date of the new fee
rate, the Commission is using the same methodology it used in fiscal
year 2020. This methodology is described in Appendix A of this
order.
\9\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2025 for single stock futures is
zero.
\10\ To estimate the aggregate dollar amount of covered sales
for the remainder of fiscal year 2025 following the effective date
of the new fee rate, the Commission is using the same methodology it
used previously. This methodology is described in Appendix A of this
order.
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As noted above, the Full-Year Continuing Appropriations and
Extensions Act, 2025, includes total appropriations of $2,188,658,000
to the Commission for fiscal year 2025.\11\ The Commission estimates
that it will collect $3,523,193,571 in fees for the period prior to the
effective date of the new fee rate and $0 in assessments on round turn
transactions in security futures products during all of fiscal year
2025. Using the methodology described in Appendix A, the Commission
estimates that the aggregate dollar amount of covered sales for the
remainder of fiscal year 2025 to be $57,096,800,730,300.
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\11\ The President signed into law the ``Full-Year Continuing
Appropriations and Extensions Act, 2025'' on Mar. 15, 2025. This
legislation included an appropriation of $2,188,658,000 to the SEC
for fiscal year 2025 operations. Public Law 119-4.
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The uniform adjusted rate is computed by dividing the residual fees
to be collected by the estimated aggregate dollar amount of covered
sales for the remainder of fiscal year. Because the Commission expects
to have collected its total appropriation in the period prior the
effective date of the new fee rate, there are no residual fees
[[Page 15493]]
to collect during the period the new fee rate is in effect; therefore,
the uniform adjusted rate for fiscal year 2025 is $0.00 per
million.\12\
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\12\ The Commission expects that more than its total
appropriation will be collected prior the effective date of the new
fee rate. Neither the calculation methodology nor section 31 of the
Exchange Act contemplates negative residual fees or a negative
uniform adjusted rate. Because a negative fee rate is not possible,
the fee rate will be set to $0.00. Appendix A shows the process of
calculating the fiscal year 2025 annual adjustment and includes the
data used by the Commission in making this adjustment.
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III. Effective Date of the Uniform Adjusted Rate
Under section 31(j)(4)(A) of the Exchange Act, the fiscal year 2025
annual adjustments to the fee rates applicable under sections 31(b) and
(c) of the Exchange Act shall take effect on the later of October 1,
2024, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2025 is enacted.\13\ The regular
appropriation to the Commission for fiscal year 2025 was enacted on
March 15, 2025, and accordingly, the new fee rates applicable under
sections 31(b) and (c) of the Exchange Act will take effect on May 14,
2025.
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\13\ 15 U.S.C. 78ee(j)(4)(A).
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IV. Conclusion
Accordingly, pursuant to section 31 of the Exchange Act,
It is hereby ordered that the fee rates applicable under sections
31(b) and (c) of the Exchange Act shall be $0.00 per $1,000,000
effective on May 14, 2025.
By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
Appendix A
This appendix provides the methodology for determining the
annual adjustment to the fee rates applicable under sections 31(b)
and (c) of the Exchange Act for fiscal year 2025. Section 31 of the
Exchange Act requires the fee rates to be adjusted so that it is
reasonably likely that the Commission will collect aggregate fees
equal to its regular appropriation for fiscal year 2025.
To make the adjustment, the Commission must project the
aggregate dollar amount of covered sales of securities on the
securities exchanges and certain over-the-counter (``OTC'') markets
over the course of the year. The fee rate equals the ratio of the
Commission's regular appropriation for fiscal year 2025 (less the
sum of fees to be collected during fiscal year 2025 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2025) to the
estimated aggregate dollar amount of covered sales for the remainder
of the fiscal year following the effective date of the new fee rate.
For 2025, the Commission has estimated the aggregate dollar
amount of covered sales by projecting forward the trend established
in the previous decade. More specifically, the dollar amount of
covered sales was forecasted for months subsequent to February 2025,
the last month for which the Commission has data on the dollar
volume of covered sales.\1\
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\1\ To determine the availability of data, the Commission
compares the date of the appropriation with the date the transaction
data are due from the exchanges (10 business days after the end of
the month). If the business day following the date of the
appropriation is equal to or subsequent to the date the data are due
from the exchanges, the Commission uses these data. The
appropriation was signed on Mar. 15, 2025. The first business day
after this date was Mar. 17, 2025. Data for Feb. were due from the
exchanges on Mar. 14, 2025. As a result, the Commission used Feb.
2025 and earlier data to forecast volume for Mar. 2025 and later
months.
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The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales
for Fiscal Year 2025
First, calculate the average daily dollar amount of covered
sales (``ADS'') for each month in the sample (August 2014 through
February 2025). The monthly total dollar amount of covered sales
(exchange plus certain OTC markets) is presented in column C of
Table A.
The model forecasts the monthly moving average of the average
daily dollar amount of covered sales. Each month's average daily
dollar amount of covered sales is calculated by dividing the total
covered sales for that month (column C of Table A) by the number of
trading days for that month (column B of Table A). These amounts are
shown in column D of Table A. The moving average will span the same
number of months required to be forecast for the remainder of the
fiscal year. The trailing moving average used in the forecast model
is presented in column E of Table A.
To capture the recent trends in the monthly changes in the
moving averages, calculate the one- and two-month lags of the
trailing moving average shown in column E in Table A. These amounts
are shown in columns F and G, respectively, of Table A.
Next, model the monthly trailing moving average of ADS as
function of a constant term and the two lagged trailing moving
averages using the ordinary least squares technique.
Use the estimated model to forecast the trailing moving average
of ADS of the first month after the last available monthly data.
Estimate the trailing moving average of the second month using the
forecasted value of the first month and the actual value of the
month before that. Similarly, estimate the trailing moving average
of the third month using the forecasted values of the two previous
months. Continue in this fashion until the end of the fiscal year.
The estimate of the trailing moving average ADS for the last
applicable month in the fiscal year is a prediction of the moving
average for those months that need to be predicted. This estimate is
used as the predicted value of ADS for each month in the forecast
period; to obtain the forecast total covered sales for each month,
multiply the predicted ADS by the number of days in each month.
The following is a more formal (mathematical) description of the
procedure:
1. Begin with the monthly data for total dollar volume of
covered sales (column C). The sample spans ten years, from August
2014 through February 2025.\2\ Divide each month's total dollar
volume by the number of trading days in that month (column B) to
obtain the average daily dollar volume (ADS, column D).
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\2\ Because the model uses a two period lag in the 6-month
trailing moving average of average daily covered sales, seven
additional months of data are added to the table so that the model
is estimated with 120 observations.
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2. For each month t, calculate the six-month trailing moving
average of ADS (shown in column E). For example, the value for March
2015 is the average of the six months ending in March 2015, or
October 2014 through March 2015 inclusive.
3. Calculate the one- and two-month lags of the trailing moving
average. For example, the one-month lag of the six-month trailing
moving average for March 2015 is equal to the six-month trailing
moving average for February 2015. The two-month lag of the six-month
trailing moving average for March 2015 is equal to the six-month
trailing moving average for January 2015. These are shown in columns
F and G.
4. Estimate the model using ordinary least squares:
y<INF>t</INF> = [alpha] + [beta]<INF>1</INF> y<INF>t-1</INF> +
[beta]<INF>2</INF> y<INF>t-2</INF> + u<INF>t</INF>
Where y<INF>t</INF> is the six-month trailing moving average of
the average daily sales for month t, and y<INF>t-1</INF> and
y<INF>t-2</INF> are the one- and two-month lags of y<INF>t</INF>,
and u<INF>t</INF> representing the error term for month t. The model
can be estimated using standard commercially available software. The
estimated parameter values are [alpha] = +3,895,798,017,
[beta]<INF>1</INF> = +1.676426, [beta]<INF>2</INF> = -0.682343. The
root-mean squared error (RMSE) of the regression is 12,221,951,636.
5. The predicted value of the six-month trailing moving average
of the last month to be forecast represents the final forecast of
covered sales for the entire prediction period. This value is shown
in column H. This represents the prediction for August 2025. To
calculate this value from the model above, one needs the one-month
and two-month lag of the six-month trailing moving average ADS,
i.e., the six-month trailing moving average for June and July. The
six-month trailing moving average for July is obtained by using the
one- and two-month lags for July, that is, the six-month trailing
moving averages for June and May. To arrive at all the necessary
inputs, one begins with the first month to be forecast, in this
case, March 2025, and iterates predictions forward until the last
month is predicted. One then multiplies the final predicted six-
month trailing moving average ADS by the number of days in each
month to arrive at the forecast total dollar amount of covered
sales. This is shown in column I.
6. For example, for March 2025, using the a, b<INF>1</INF>, and
b<INF>2</INF> parameter estimates shown
[[Page 15494]]
above, along with the one- and two-month lags in the six-month
trailing moving average ADS (representing the six-month trailing
moving average ADS for January and February 2025, respectively), one
can estimate the forecast six-month trailing moving average ADS for
March: +3,895,798,017 + (1.676426 x 717,967,657,152) + (-0.682343 x
692,274,672,471) = 735,147,103,930.
7. With the estimated six-month trailing moving average ADS for
March 2025 calculated above, one can estimate the six-month trailing
moving average ADS for April 2025. The estimate obtained from March
2025 becomes the one-month lag for April, and the one-month lag used
in the March forecast becomes the two-month lag for the April
forecast. Thus, the predicted six-month trailing moving average ADS
for April 2025 is calculated as: +3,895,798,017 + (1.676426 x
735,147,103,930) + (-0.682343 x 717,967,657,152) = 746,415,760,047.
8. Using the forecasts for March and April, one can estimate the
value for May. Repeat this procedure for subsequent months, until
the estimate for August 2025 is obtained. This value is
761,290,676,404.\3\ This value is then used to calculate the final
forecast total monthly covered sales for all six months from March
2025 through August 2025.
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\3\ One obtains insignificantly different values using the
rounded parameter estimates shown above. The predicted ADS values
displayed above represents the full precision estimate.
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9. To obtain the estimate of total monthly covered sales for
each month, multiply the number of trading days in the month, shown
in column B in Table A, by the final forecast six-month trailing
moving average ADS, shown in column H of Table A. This product is
shown in column I of Table A, and these figures are used to
calculate the new fee rate.
B. Using the Forecasts From A To Calculate the New Fee Rate
1. Use Table A to estimate fees collected for the period
September 1, 2024, through May 13, 2025. The projected aggregate
dollar amount of covered sales for this period is
$126,733,581,688,716. Actual and projected fee collections at the
current fee rate of $27.80 per million are $3,523,193,571.
2. Estimate the amount of assessments on security futures
products collected from September 1, 2024, through August 31, 2025.
The only entity reporting assessable security futures products
ceased operations in September 2020.\4\ Consequently, the estimated
amount of assessments on security futures products collected from
September 2024 through August 2025 is zero.
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\4\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2025 for single stock futures is
zero.
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3. Subtract the amount $3,523,193,571 from the target off-
setting collection amount set by Congress of $2,188,658,000,
resulting in -$1,334,535,571 to be collected on dollar volume for
the period May 14, 2025, through August 31, 2025.
4. Use Table A to estimate dollar volume for the period May 14,
2025, through August 31, 2025. The estimate is $57,096,800,730,300.
Finally, compute the fee rate required to produce the -
$1,334,535,571 in revenue. This rate is -$1,334,535,571 divided by
$57,096,800,730,300 or -0.00002337321.
5. Round the result to the seventh decimal point, yielding a
rate of -0.00002340 (or -$23.40 per million).
Neither the calculation methodology nor section 31 of the
Exchange Act contemplates a negative fee rate, and the Commission
cannot effectuate a negative fee rate. For these reasons, the fee
rate is thus instead set to $0.00 per million.
This table summarizes the estimates of the aggregate dollar
amount of covered sales, by time period. The figures in this table
can be used to determine the new fee rate.
Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
[Fee rate calculation]
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a. Baseline estimate of the aggregate dollar amount of 119,881,966
sales, 09/01/2024 to 04/30/2025 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of 6,851,616
sales, 05/01/2025 to 05/13/2025 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of 9,135,488
sales, 05/14/2025 to 05/31/2025 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of 47,961,313
sales, 06/01/2025 to 08/31/2025 ($Millions)............
e. Estimated collections in assessments on securities 0.000
futures products in FY 2004 ($Millions)................
f. Implied fee rate (($2,1888,658,000-27.80*(a + b)-e)/ ($23.40)
(c + d)................................................
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[[Page 15495]]
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Number
of Average daily 6-Month trailing 1 Month lag of 6- 2 Month lag of 6- Forecast 6- Forecast total
Month trading Total dollar dollar amount of moving average month trailing month trailing month trailing dollar amount
days in amount of sales sales (ADS) ADS moving average moving average moving average of sales
month ADS ADS ADS
(A) (B) (C) (D) (E) (F) (G) (H) (I)
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Aug-14................................................ 21 $5,075,332,147,677 $241,682,483,223 ................. ................. ................. .............. ..............
Sep-14................................................ 21 5,507,943,363,243 262,283,017,297 ................. ................. ................. .............. ..............
Oct-14................................................ 23 7,796,638,035,879 338,984,262,430 ................. ................. ................. .............. ..............
Nov-14................................................ 19 5,340,847,027,697 281,097,211,984 ................. ................. ................. .............. ..............
Dec-14................................................ 22 6,559,110,068,128 298,141,366,733 ................. ................. ................. .............. ..............
Jan-15................................................ 20 6,185,619,541,044 309,280,977,052 $288,578,219,786 ................. ................. .............. ..............
Feb-15................................................ 19 5,723,523,235,641 301,238,065,034 298,504,150,088 $288,578,219,786 ................. .............. ..............
Mar-15................................................ 22 6,395,046,297,249 290,683,922,602 303,237,634,306 298,504,150,088 $288,578,219,786 .............. ..............
Apr-15................................................ 21 5,625,548,298,004 267,883,252,286 291,387,465,949 303,237,634,306 298,504,150,088 .............. ..............
May-15................................................ 20 5,521,351,972,386 276,067,598,619 290,549,197,054 291,387,465,949 303,237,634,306 .............. ..............
Jun-15................................................ 22 6,005,521,460,806 272,978,248,218 286,355,343,969 290,549,197,054 291,387,465,949 .............. ..............
Jul-15................................................ 22 6,493,670,315,390 295,166,832,518 284,002,986,546 286,355,343,969 290,549,197,054 .............. ..............
Aug-15................................................ 21 6,963,901,249,270 331,614,345,203 289,065,699,908 284,002,986,546 286,355,343,969 .............. ..............
Sep-15................................................ 21 6,434,496,770,897 306,404,608,138 291,685,814,164 289,065,699,908 284,002,986,546 .............. ..............
Oct-15................................................ 22 6,592,594,708,082 299,663,395,822 296,982,504,753 291,685,814,164 289,065,699,908 .............. ..............
Nov-15................................................ 20 5,822,824,015,945 291,141,200,797 299,494,771,783 296,982,504,753 291,685,814,164 .............. ..............
Dec-15................................................ 22 6,384,337,478,801 290,197,158,127 302,364,590,101 299,494,771,783 296,982,504,753 .............. ..............
Jan-16................................................ 19 6,696,059,796,055 352,424,199,792 311,907,484,647 302,364,590,101 299,494,771,783 .............. ..............
Feb-16................................................ 20 6,659,878,908,747 332,993,945,437 312,137,418,019 311,907,484,647 302,364,590,101 .............. ..............
Mar-16................................................ 22 6,161,943,754,542 280,088,352,479 307,751,375,409 312,137,418,019 311,907,484,647 .............. ..............
Apr-16................................................ 21 5,541,076,988,322 263,860,808,968 301,784,277,600 307,751,375,409 312,137,418,019 .............. ..............
May-16................................................ 21 5,693,520,415,112 271,120,019,767 298,447,414,095 301,784,277,600 307,751,375,409 .............. ..............
Jun-16................................................ 22 6,317,212,852,759 287,146,038,762 297,938,894,201 298,447,414,095 301,784,277,600 .............. ..............
Jul-16................................................ 20 5,331,797,261,269 266,589,863,063 283,633,171,413 297,938,894,201 298,447,414,095 .............. ..............
Aug-16................................................ 23 5,635,976,607,786 245,042,461,208 268,974,590,708 283,633,171,413 297,938,894,201 .............. ..............
Sep-16................................................ 21 5,942,072,286,976 282,955,823,189 269,452,502,493 268,974,590,708 283,633,171,413 .............. ..............
Oct-16................................................ 21 5,460,906,573,682 260,043,170,175 268,816,229,361 269,452,502,493 268,974,590,708 .............. ..............
Nov-16................................................ 21 6,845,287,809,886 325,966,086,185 277,957,240,431 268,816,229,361 269,452,502,493 .............. ..............
Dec-16................................................ 21 6,208,579,880,985 295,646,660,999 279,374,010,803 277,957,240,431 268,816,229,361 .............. ..............
Jan-17................................................ 20 5,598,200,907,603 279,910,045,380 281,594,041,190 279,374,010,803 277,957,240,431 .............. ..............
Feb-17................................................ 19 5,443,426,609,533 286,496,137,344 288,502,987,212 281,594,041,190 279,374,010,803 .............. ..............
Mar-17................................................ 23 6,661,861,914,530 289,646,170,197 289,618,045,047 288,502,987,212 281,594,041,190 .............. ..............
Apr-17................................................ 19 5,116,714,033,499 269,300,738,605 291,160,973,118 289,618,045,047 288,502,987,212 .............. ..............
May-17................................................ 22 6,305,822,460,672 286,628,293,667 284,604,674,365 291,160,973,118 289,618,045,047 .............. ..............
Jun-17................................................ 22 6,854,993,097,601 311,590,595,346 287,261,996,756 284,604,674,365 291,160,973,118 .............. ..............
Jul-17................................................ 20 5,394,333,070,522 269,716,653,526 285,563,098,114 287,261,996,756 284,604,674,365 .............. ..............
Aug-17................................................ 23 6,206,204,906,864 269,834,995,951 282,786,241,215 285,563,098,114 287,261,996,756 .............. ..............
Sep-17................................................ 20 5,939,886,169,525 296,994,308,476 284,010,930,928 282,786,241,215 285,563,098,114 .............. ..............
Oct-17................................................ 22 6,134,529,538,894 278,842,251,768 285,601,183,122 284,010,930,928 282,786,241,215 .............. ..............
Nov-17................................................ 21 6,289,748,560,897 299,511,836,233 287,748,440,217 285,601,183,122 284,010,930,928 .............. ..............
Dec-17................................................ 20 6,672,181,323,001 333,609,066,150 291,418,185,351 287,748,440,217 285,601,183,122 .............. ..............
Jan-18................................................ 21 7,672,288,677,308 365,347,079,872 307,356,589,742 291,418,185,351 287,748,440,217 .............. ..............
Feb-18................................................ 19 8,725,420,462,639 459,232,655,928 338,922,866,405 307,356,589,742 291,418,185,351 .............. ..............
Mar-18................................................ 21 8,264,755,011,030 393,559,762,430 355,017,108,730 338,922,866,405 307,356,589,742 .............. ..............
Apr-18................................................ 21 7,490,308,402,446 356,681,352,497 367,990,292,185 355,017,108,730 338,922,866,405 .............. ..............
May-18................................................ 22 7,242,077,467,361 329,185,339,426 372,935,876,051 367,990,292,185 355,017,108,730 .............. ..............
Jun-18................................................ 21 7,936,783,802,579 377,942,085,837 380,324,712,665 372,935,876,051 367,990,292,185 .............. ..............
Jul-18................................................ 21 6,807,593,326,456 324,171,110,784 373,462,051,150 380,324,712,665 372,935,876,051 .............. ..............
Aug-18................................................ 23 7,363,115,477,823 320,135,455,558 350,279,184,422 373,462,051,150 380,324,712,665 .............. ..............
Sep-18................................................ 19 6,781,988,459,996 356,946,761,052 344,177,017,526 350,279,184,422 373,462,051,150 .............. ..............
Oct-18................................................ 23 10,133,514,482,168 440,587,586,181 358,161,389,806 344,177,017,526 350,279,184,422 .............. ..............
Nov-18................................................ 21 8,414,847,862,204 400,707,041,057 370,081,673,412 358,161,389,806 344,177,017,526 .............. ..............
Dec-18................................................ 19 9,075,221,733,736 477,643,249,144 386,698,533,963 370,081,673,412 358,161,389,806 .............. ..............
Jan-19................................................ 21 7,960,664,643,749 379,079,268,750 395,849,893,624 386,698,533,963 370,081,673,412 .............. ..............
Feb-19................................................ 19 6,676,391,653,247 351,389,034,381 401,058,823,428 395,849,893,624 386,698,533,963 .............. ..............
Mar-19................................................ 21 7,828,979,311,928 372,808,538,663 403,702,453,030 401,058,823,428 395,849,893,624 .............. ..............
Apr-19................................................ 21 6,907,923,076,080 328,948,717,909 385,095,974,984 403,702,453,030 401,058,823,428 .............. ..............
May-19................................................ 22 7,895,053,976,747 358,866,089,852 378,122,483,117 385,095,974,984 403,702,453,030 .............. ..............
Jun-19................................................ 20 7,070,583,442,058 353,529,172,103 357,436,803,610 378,122,483,117 385,095,974,984 .............. ..............
[[Page 15496]]
Jul-19................................................ 22 6,792,811,319,721 308,764,150,896 345,717,617,301 357,436,803,610 378,122,483,117 .............. ..............
Aug-19................................................ 22 8,059,527,400,976 366,342,154,590 348,209,804,002 345,717,617,301 357,436,803,610 .............. ..............
Sep-19................................................ 20 6,958,132,871,506 347,906,643,575 344,059,488,154 348,209,804,002 345,717,617,301 .............. ..............
Oct-19................................................ 23 7,235,982,824,882 314,607,948,908 341,669,359,987 344,059,488,154 348,209,804,002 .............. ..............
Nov-19................................................ 20 6,784,888,230,209 339,244,411,510 338,399,080,264 341,669,359,987 344,059,488,154 .............. ..............
Dec-19................................................ 21 7,252,856,724,647 345,374,129,745 337,039,906,538 338,399,080,264 341,669,359,987 .............. ..............
Jan-20................................................ 21 8,178,172,797,805 389,436,799,895 350,485,348,037 337,039,906,538 338,399,080,264 .............. ..............
Feb-20................................................ 19 8,951,554,790,521 471,134,462,659 367,950,732,716 350,485,348,037 337,039,906,538 .............. ..............
Mar-20................................................ 22 16,218,726,536,159 737,214,842,553 432,835,432,545 367,950,732,716 350,485,348,037 .............. ..............
Apr-20................................................ 21 10,289,596,902,933 489,980,804,902 462,064,241,877 432,835,432,545 367,950,732,716 .............. ..............
May-20................................................ 20 9,435,524,799,540 471,776,239,977 484,152,879,955 462,064,241,877 432,835,432,545 .............. ..............
Jun-20................................................ 22 12,093,857,552,130 549,720,797,824 518,210,657,968 484,152,879,955 462,064,241,877 .............. ..............
Jul-20................................................ 22 10,355,334,352,448 470,697,016,020 531,754,027,322 518,210,657,968 484,152,879,955 .............. ..............
Aug-20................................................ 21 9,763,364,099,611 464,922,099,981 530,718,633,543 531,754,027,322 518,210,657,968 .............. ..............
Sep-20................................................ 21 11,545,564,207,158 549,788,771,769 499,480,955,079 530,718,633,543 531,754,027,322 .............. ..............
Oct-20................................................ 22 10,052,383,314,951 456,926,514,316 493,971,906,648 499,480,955,079 530,718,633,543 .............. ..............
Nov-20................................................ 20 11,039,477,432,965 551,973,871,648 507,338,178,593 493,971,906,648 499,480,955,079 .............. ..............
Dec-20................................................ 22 12,172,302,216,779 553,286,464,399 507,932,456,356 507,338,178,593 493,971,906,648 .............. ..............
Jan-21................................................ 19 12,396,479,814,996 652,446,306,052 538,224,004,694 507,932,456,356 507,338,178,593 .............. ..............
Feb-21................................................ 19 12,103,659,666,497 637,034,719,289 566,909,441,246 538,224,004,694 507,932,456,356 .............. ..............
Mar-21................................................ 23 16,485,012,205,966 716,739,661,129 594,734,589,472 566,909,441,246 538,224,004,694 .............. ..............
Apr-21................................................ 21 11,602,282,119,601 552,489,624,743 610,661,774,543 594,734,589,472 566,909,441,246 .............. ..............
May-21................................................ 20 11,729,455,630,914 586,472,781,546 616,411,592,860 610,661,774,543 594,734,589,472 .............. ..............
Jun-21................................................ 22 13,038,812,281,463 592,673,285,521 622,976,063,047 616,411,592,860 610,661,774,543 .............. ..............
Jul-21................................................ 21 11,623,478,100,180 553,498,957,151 606,484,838,230 622,976,063,047 616,411,592,860 .............. ..............
Aug-21................................................ 22 11,493,350,851,643 522,425,038,711 587,383,224,800 606,484,838,230 622,976,063,047 .............. ..............
Sep-21................................................ 21 12,312,072,157,576 586,289,150,361 565,641,473,005 587,383,224,800 606,484,838,230 .............. ..............
Oct-21................................................ 21 12,011,570,888,110 571,979,566,100 568,889,796,565 565,641,473,005 587,383,224,800 .............. ..............
Nov-21................................................ 21 13,996,377,941,116 666,494,187,672 582,226,697,586 568,889,796,565 565,641,473,005 .............. ..............
Dec-21................................................ 22 15,494,373,840,971 704,289,720,044 600,829,436,673 582,226,697,586 568,889,796,565 .............. ..............
Jan-22................................................ 20 16,002,717,162,409 800,135,858,120 641,935,586,835 600,829,436,673 582,226,697,586 .............. ..............
Feb-22................................................ 19 14,483,452,476,259 762,286,972,435 681,912,575,789 641,935,586,835 600,829,436,673 .............. ..............
Mar-22................................................ 23 17,089,275,084,128 743,011,960,179 708,033,044,092 681,912,575,789 641,935,586,835 .............. ..............
Apr-22................................................ 20 13,123,148,685,917 656,157,434,296 722,062,688,791 708,033,044,092 681,912,575,789 .............. ..............
May-22................................................ 21 15,039,352,606,836 716,159,647,945 730,340,265,503 722,062,688,791 708,033,044,092 .............. ..............
Jun-22................................................ 21 13,021,062,095,851 620,050,575,993 716,300,408,161 730,340,265,503 722,062,688,791 .............. ..............
Jul-22................................................ 20 10,112,087,348,637 505,604,367,432 667,211,826,380 716,300,408,161 730,340,265,503 .............. ..............
Aug-22................................................ 23 11,593,039,396,644 504,045,191,158 624,171,529,501 667,211,826,380 716,300,408,161 .............. ..............
Sep-22................................................ 21 12,052,452,021,792 573,926,286,752 595,990,583,929 624,171,529,501 667,211,826,380 .............. ..............
Oct-22................................................ 21 11,962,224,366,908 569,629,731,758 581,569,300,173 595,990,583,929 624,171,529,501 .............. ..............
Nov-22................................................ 21 11,900,801,868,077 566,704,850,861 556,660,167,326 581,569,300,173 595,990,583,929 .............. ..............
Dec-22................................................ 21 11,980,859,826,961 570,517,134,617 548,404,593,763 556,660,167,326 581,569,300,173 .............. ..............
Jan-23................................................ 20 11,045,225,185,619 552,261,259,281 556,180,742,404 548,404,593,763 556,660,167,326 .............. ..............
Feb-23................................................ 19 10,787,317,510,620 567,753,553,191 566,798,802,743 556,180,742,404 548,404,593,763 .............. ..............
Mar-23................................................ 23 13,985,409,202,169 608,061,269,660 572,487,966,561 566,798,802,743 556,180,742,404 .............. ..............
Apr-23................................................ 19 9,399,552,596,651 494,713,294,561 560,001,893,695 572,487,966,561 566,798,802,743 .............. ..............
May-23................................................ 22 11,791,806,548,751 535,991,206,761 554,882,953,012 560,001,893,695 572,487,966,561 .............. ..............
Jun-23................................................ 21 13,061,036,476,029 621,954,117,906 563,455,783,560 554,882,953,012 560,001,893,695 .............. ..............
Jul-23................................................ 20 11,366,116,854,082 568,305,842,704 566,129,880,797 563,455,783,560 554,882,953,012 .............. ..............
Aug-23................................................ 23 12,671,358,964,418 550,928,650,627 563,325,730,370 566,129,880,797 563,455,783,560 .............. ..............
Sep-23................................................ 20 11,205,898,765,006 560,294,938,250 555,364,675,135 563,325,730,370 566,129,880,797 .............. ..............
Oct-23................................................ 22 13,188,976,620,062 599,498,937,276 572,828,948,921 555,364,675,135 563,325,730,370 .............. ..............
Nov-23................................................ 21 11,988,333,174,115 570,873,008,291 578,642,582,509 572,828,948,921 555,364,675,135 .............. ..............
Dec-23................................................ 20 13,128,847,387,720 656,442,369,386 584,390,624,422 578,642,582,509 572,828,948,921 .............. ..............
Jan-24................................................ 21 13,601,328,853,198 647,682,326,343 597,620,038,362 584,390,624,422 578,642,582,509 .............. ..............
Feb-24................................................ 20 13,773,538,263,581 688,676,913,179 620,578,082,121 597,620,038,362 584,390,624,422 .............. ..............
Mar-24................................................ 20 14,842,839,760,845 742,141,988,042 650,885,923,753 620,578,082,121 597,620,038,362 .............. ..............
Apr-24................................................ 22 14,638,651,655,508 665,393,257,069 661,868,310,385 650,885,923,753 620,578,082,121 .............. ..............
May-24................................................ 22 13,826,082,480,569 628,458,294,571 671,465,858,098 661,868,310,385 650,885,923,753 .............. ..............
[[Page 15497]]
Jun-24................................................ 19 12,831,940,323,239 675,365,280,170 674,619,676,562 671,465,858,098 661,868,310,385 .............. ..............
Jul-24................................................ 22 14,104,512,115,506 641,114,187,068 673,524,986,683 674,619,676,562 671,465,858,098 .............. ..............
Aug-24................................................ 22 13,948,316,899,330 634,014,404,515 664,414,568,573 673,524,986,683 674,619,676,562 .............. ..............
Sep-24................................................ 20 13,073,651,577,918 653,682,578,896 649,671,333,715 664,414,568,573 673,524,986,683 .............. ..............
Oct-24................................................ 23 13,738,447,402,519 597,323,800,110 638,326,424,222 649,671,333,715 664,414,568,573 .............. ..............
Nov-24................................................ 20 15,117,644,635,380 755,882,231,769 659,563,747,088 638,326,424,222 649,671,333,715 .............. ..............
Dec-24................................................ 21 15,704,624,168,553 747,839,246,122 671,642,741,413 659,563,747,088 638,326,424,222 .............. ..............
Jan-25................................................ 20 15,298,115,468,255 764,905,773,413 692,274,672,471 671,642,741,413 659,563,747,088 .............. ..............
Feb-25................................................ 19 14,975,273,939,488 788,172,312,605 717,967,657,152 692,274,672,471 671,642,741,413 .............. ..............
Mar-25................................................ 21 .................. ................. ................. 717,967,657,152 692,274,672,471 761,290,676,40 15,987,104,204
4 ,484
Apr-25................................................ 21 .................. ................. ................. 0 717,967,657,152 761,290,676,40 15,987,104,204
4 ,484
May-25................................................ 21 .................. ................. ................. 0 0 761,290,676,40 15,987,104,204
4 ,484
Jun-25................................................ 20 .................. ................. ................. 0 0 761,290,676,40 15,225,813,528
4 ,080
Jul-25................................................ 22 .................. ................. ................. ................. 0 761,290,676,40 16,748,394,880
4 ,888
Aug-25................................................ 21 .................. ................. ................. ................. ................. 761,290,676,40 15,987,104,204
4 ,484
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[[Page 15498]]
BILLING CODE 8011-01-P
[GRAPHIC] [TIFF OMITTED] TP11AP25.004
[[Page 15499]]
[FR Doc. 2025-06214 Filed 4-10-25; 8:45 a.m.]
BILLING CODE 8011-01-C
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</html>Indexed from Federal Register on April 11, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.