Welcome to the Bureau of the Public Debt website!

Who We Are

About Our Organization

While our headquarters office is in Washington D.C., most of our employees are located in Parkersburg, West Virginia, where we maintain our primary operations and computer center.

Office of the Commissioner

The Office of the Commissioner provides overall executive and policy direction for the Bureau of the Public Debt. In addition to the immediate Office of the Commissioner, the Office includes:

  • Government Securities Regulations Staff
  • Public and Legislative Affairs Staff
  • Office of the Chief Counsel

The Office of the Commissioner reports directly to the Treasury Department's Office of the Fiscal Assistant Secretary.

Office of Retail Securities

The Office of Retail Securities is responsible for Retail Securities Services. In this role it coordinates customer service and also develops policies, procedures, and regulations governing retail securities. Retail Securities is your source for information about the products and services available to you as an investor through the U.S. Treasury. We also give you the information you need to make decisions about how to invest in Treasury securities through us. Retail is here to serve you. This Office is dedicated to Treasury's debt financing objective: to borrow the money needed to operate the federal government at the lowest cost over time. You can capitalize on this direct Treasury connection at TreasuryDirect.

Office of Public Debt Accounting

The Office of Public Debt Accounting (OPDA) is where you will get accounting and audit information about the public debt and its management within the federal government. That's because OPDA provides policy, direction, guidance, and leadership for managing the public debt accounting programs, the federal investments programs, the special purpose securities program, and the federal borrowings program, as well as for issuing annual audited financial statements and other financial reports.

It is OPDA's direct responsibility to account for, and report on, the public debt. It has established reporting requirements, accounting procedures, policies, standards and controls. It teams with the Department of the Treasury, and the financial community, in evaluating and analyzing the composition and impact of the debt structure. OPDA develops policies governing the Special Purpose Securities program, which includes providing securities services to investors in special purpose securities (including SLGS, REA's, Tax and Loss Bonds, Domestic Series [REFCORP], and FHA debentures), financial statements for the federal debt and for loans to federal agencies, and information about the investment programs of federal agencies.

Office of Financing

The Office of Financing (OF) is responsible for Wholesale Securities Services. It conducts the auctions of marketable Treasury securities that help finance government operations and make interest payments on the national debt. OF conducts regularly scheduled auctions of:

  • 4, 13, 26, and 52-week bills
  • 2, 5, and 10-year notes
  • 5, 10, and 20-year Treasury Inflation Protected Securities (TIPS)
  • 30-year bonds

OF also conducts auctions of cash management bills as-needed.

OF works closely with the Federal Reserve System to conduct the auctions.

Office of the Chief Counsel

The Chief Counsel of the Bureau of the Public Debt (BPD), along with two Deputy Chief Counsels, staff attorneys, and support staff, provides legal advice to BPD's Commissioner and other officials of the Bureau. This can involve areas such as contract and commercial law, securities law and regulation, electronic payments, trusts and estates, privacy/disclosure, ethics, and administrative law.

In addition, the Chief Counsel's Office plays a central role in any regulatory activity, legislative proposals or litigation in BPD's area of responsibility. Today, BPD is committed to transacting as much of its business as possible using various means of electronic commerce. The Chief Counsel deals with a wide variety of novel legal questions as the Bureau changes its traditional method of doing business.

Administrative Resource Center

ARC is the Administrative Resource Center, responsible for franchise services. That means ARC is the go-to office in BPD when federal agencies need advanced administrative services. From accounting to IT, from Human Resources Management and Travel Planning, ARC is a detail-oriented, cost-conscious organization that passes the efficiency savings obtained by BPD to the federal agencies it services. ARC's mission is to fully and professionally support its customers.

You can learn more about ARC's government-to-government shared services here: arc.publicdebt.treas.gov.

Office of Information Technology

The Office of Information Technology (OIT) supports Public Debt with advanced technology applications, infrastructure support, and other aspects of technology services. OIT provides strategic guidance in all decisions relating to technology in support of the Bureau's mission; it directs and plans for the acquisition and deployment of IT resources, and it promotes the use of today's state-of-the-art technology to help you to better access us!

OIT also provides franchise services to other federal agencies through the Administrative Resource Center.

Office of Management Services

The Office of Management Services (OMS) consists of the Office of the Assistant Commissioner (Management Services), the Divisions of Administrative Services, Financial Management, Human Resources, and Security and Emergency Preparedness. It also includes the Equal Employment Opportunity staff.

The mission of OMS is to provide Bureau-wide policy and program direction, guidance, leadership, and advice to Public Debt management on matters pertaining to Public Debt's administrative activities.

Government Securities Regulation Staff

The Government Securities Regulations Staff (GSRS) administers the following regulations:

  1. certain transactions in government securities by government securities brokers and dealers, and custody of such securities by depository institutions under the Government Securities Act of 1986 (GSA), as amended;
  2. the auction rules, which provide the terms and conditions for selling and issuing marketable Treasury securities (also referred to as the Uniform Offering Circular);
  3. the terms and conditions by which Treasury may redeem (buy back) unmatured, marketable Treasury securities; and,
  4. the regulations governing the eligibility and valuation of all collateral pledged to secure certain government deposits, investments, and services.

GSRS keeps the regulations for these programs current by amending them as necessary, by issuing oral and written interpretations of and exemptions from the regulations, as well as issuing orders and guidance.

The staff's mission is to provide balanced regulation while maintaining, integrity, liquidity, efficiency, and investor protection in the government securities market.

In carrying out its regulatory responsibility, GSRS works closely with Treasury policy makers and staff, the Federal Reserve, other regulators, and market participants. It stays abreast of financial markets issues and developments.

Did You Know

The American Civil War resulted in dramatic debt growth. The debt was just $65 million in 1860, but passed $1 billion in 1863 and had reached $2.7 billion following the war.

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