The Wholesale Securities Services program ensures that the government's critical financing needs are met and that the integrity and efficiency of primary and secondary markets for Treasury securities are maintained. It also includes our regulatory responsibilities.
This program includes all activities related to the sale and issuance of $4.5 trillion in Treasury securities each year, as well as responsibilities for the operation of Treasury and Federal Reserve systems that support the $4.5 trillion of Treasury securities currently held by institutional investors and their customers.
Using the regulatory authority of the Government Securities Act of 1986, we promote the integrity and efficiency of the secondary market for Treasury securities. We also identify the securities that can be pledged to the government as collateral and determine how these securities are valued. This work ensures that both government funds on deposit at commercial banks and private-sector contracts with the government are secured.
Treasury's objective is to meet the government's financing needs at the lowest cost over time. Our efforts to support this objective include educating bidders like you about our auction rules, operational procedures and investment products. To help us provide accurate and timely auction information, we make it a point to listen to our investors and understand the information you need. The recent introduction of our technologically up-to-date auction system improves the reliability of our debt operations while significantly reducing manual auction processes. Also, we're always looking for opportunities to reduce the barriers to auction participation. We want to make it easy for you to take part, and our overriding regulatory goals help ensure the safety and soundness of primary and secondary Treasury markets for you.
Our strategic directions for the Wholesale Securities Services program are: