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| Bureau
of Public Debt |
What It Is:
The Bureau of Public Debt is an agency of the U.S. Treasury Department responsible for the physical issuance of U.S. Treasuries and U.S. savings bonds.
It was originally called the Register of the Treasury. In 1919, it became the Public Debt Service, and in 1940 it again changed its name to what it is today. In 1986, upon the passage of the Government Securities Act, the Bureau of Public Debt became the rulemaking authority for the government securities market.
How It Works/Example:
The Bureau of Public Debt is the administrative body that handles the physical sale, receipt, and storage of Treasury securities and U.S. savings bonds. In doing so, the Bureau of Public Debt conducts and administers some 140 public auctions a year. It also administers the sale of savings bonds through over 40,000 locations across the country.
From the Bureau of Public Debt's main offices is in Parkersburg, West Virginia, and Washington, D.C., it acts as the bookkeeper for the public debt. It also calculates and processes the interest and principal payments owed to bondholders. Further, the bureau processes claims of stolen, lost, or destroyed securities and promotes the sale of savings bonds. The Federal Reserve Banks often act as agents for the Bureau of Public Debt, meaning they perform several functions on the bureau's behalf.
The Bureau of Public Debt reports the size of the public debt every morning around 11:30 am EST. It relies on about 50 reporting agencies to come up with the tally.
Why It Matters:
The Bureau of Public Debt is one of the least-known agencies of the government, but it plays a crucial role in keeping the gears turning in the government securities markets. However, it does not have any public policy authority, and thus does not shape the strategy behind the security sales and redemptions.
For more information on the Bureau of Public Debt, visit
www.publicdebt.treas.gov.
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