The Commissioner of the Public Debt Welcomes You
Glad you dropped by.
Haven't heard of the Bureau of the Public Debt before? I'll bet you've heard of our "products."
We are a small agency within the Department of the Treasury. Our customers are your neighbors, co-workers, and most likely you too. You are our customer if you have ever bought any type of Treasury security for yourself or, as millions have done in the case of savings bonds, as a gift for someone else.
Our job is to borrow the money needed to operate the Federal Government and to account for the resulting debt. In a nutshell, we borrow by selling Treasury bills, notes, and bonds, as well as U.S. Savings Bonds; we pay interest to investors; and, when the time comes to pay back the loans, we redeem investors' securities. Every time we borrow or pay back money, it affects the outstanding debt of the United States. It's important that we keep careful track of the amount of this debt. You can see the results of all of our calculations here on our site.
Borrowing the money the Federal Government needs is a constant job. Public Debt borrows about $2 trillion each year by conducting some 140 auctions, as well as through the continuous sale of savings bonds at 40,000 locations throughout the country. We have something for everyone. Major securities dealers and financial institutions regularly buy hundreds of millions of dollars of our securities. Other investors loan us $50 or $100 at a time, when they purchase savings bonds. We strive to provide high-quality service to all our customers, regardless of the size of their purchase. We do this with the strong support of our dedicated employees, who are located mostly in Parkersburg, West Virginia, and Washington, D.C. We also receive help in carrying out our tasks from Federal Reserve Banks throughout the country, who act as our agents.
On our Web site, you'll find loads of information about savings bonds, including our nifty, free Savings Bond Wizard. Download him and he'll help you keep track of your bonds and what they're currently worth. Interested in buying T-bills, notes, or bonds? Check out TreasuryDirect – a really simple way to buy and hold these securities. You'll also find information about upcoming auctions, results of past auctions, and a lot more.
We hope you enjoy Public Debt's Web site and that you find it informative and helpful.
Van Zeck
Commissioner