The mission of the Bureau of the Public Debt was to borrow the money needed to operate the federal government, account for the resulting debt, and provide reimbursable support services to federal agencies.
Article I, Section 8 of the Constitution empowers the Congress to borrow money on the credit of the United States. This authority has been delegated to the Secretary of the Treasury. As an organizational entity within Treasury's Fiscal Service, the Bureau of the Public Debt was authorized to conduct such borrowing for the federal government.
Information, Informality, Integrity, Inclusion & Individual Respect
Public Debt had a wide variety of customers. We provided services to a broad range of individual and institutional investors in Treasury securities. Other customers included government securities brokers and dealers, federal agencies, state and local governments, and a diverse array of market participants and others who rely on our public debt accounting information. We're committed to determining the priorities and expectations of our customers and providing them with the best service possible.
We recognized the important role our customers play in the success of our programs and the accomplishment of our mission. We communicated directly with our customers to understand their expectations and assess their satisfaction with our performance. We established high standards for customer service and we continued to seek investors' feedback about our performance.
We strove to achieve a balance between the range of services we provided and the costs of providing those services. Individual respect is the key.
The Bureau of the Public Debt (BPD) led the way for responsible, effective government through commitment to service, efficient operations, openness to change, and values-based behavior.
BPD was a bureau where values-based behavior was universally demonstrated, expected, and cherished.
We called this our Values Vision! It's a combination of how we pursued our important responsibilities, the people who made up our talented and dedicated workforce, and our overall commitment to customer service.
And we were never satisfied; we never rested on our laurels. We took advantage of every exciting opportunity to do even more and become even better. One way we continuously improved was by steadily increasing our attention to how we did our work—that is, how we viewed and treated others and how we valued and nurtured all of our work relationships.
Examples of how our Values Vision will took us in the right direction:
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The public debt actually shrank to zero on January 8, 1835, under President Andrew Jackson. But soon after, it quickly grew into the millions again.