FACACLASSIC

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.

Details on agency responses to committee recommendations can be found under the Performance Measures section for each committee in the fields “Agency Feedback” and “Agency Feedback Comment.”

TRES - 1256 - Treasury Borrowing Advisory Committee - Agency Authority

GENERAL INFORMATION

Committee Name	Treasury Borrowing Advisory Committee	Agency Name	Department of the Treasury
Fiscal Year	2025	Committee Number	1256
Original Establishment Date	10/6/1972	Committee Status	Chartered
Actual Termination Date		Committee URL	https://home.treasury.gov/policy-issues/financi...
Actual Merged Date		Presidential Appointments*	No
New Committee This FY	No	Max Number of Members*	20
Terminated This FY	No	Designated Fed Officer Position Title*	Director, Office of Debt Management
Merged This FY		Designated Federal Officer Prefix	Mr.
Current Charter Date	3/27/2025	Designated Federal Officer First Name*	Fred
Date Of Renewal Charter	3/27/2027	Designated Federal Officer Middle Name
Projected Termination Date		Designated Federal Officer Last Name*	Pietrangeli
Exempt From Renewal*	No	Designated Federal Officer Suffix
Specific Termination Authority	5 U.S.C. APP. I P.L. 92-463	Designated Federal Officer Phone*	(202) 622-1876
Establishment Authority*	Agency Authority	Designated Federal Officer Fax*	202-622-0244
Specific Establishment Authority*	5 U.S.C. APP. I P.L. 92-463	Designated Federal Officer Email*	fred.pietrangeli@treasury.gov
Effective Date Of Authority*	10/6/1972
Exempt From EO 13875 Discretionary Cmte	Not Applicable
Committee Type*	Continuing
Presidential*	No
Committee Function*	Non Scientific Program Advisory Board

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*	Continue
Legislation to Terminate Required	No
Legislation Status	Not Applicable
How does cmte accomplish its purpose?*	The Committee meets on a quarterly basis to provide advice on government financing. It draws on the experience of its members and the resources of the members' firms. The Committee submits a report to the Secretary outlining the views of the financial community on the state of the economy, the Committee’s views on how to best meet the government’s financing needs, and answers to questions posed by Treasury officials.
How is membership balanced?*	The Committee is composed of participants that are subject matter experts in the government securities markets including institutional investors and security dealers.
How frequent & relevant are cmte mtgs?*	The Committee meets at the request of the Secretary of the Treasury, generally immediately prior to each of the Treasury's mid-calendar quarter refinancing operations. Committee reports are released to the public the morning after each meeting.
Why advice can't be obtained elsewhere?*	The Committee is unique in its expertise in the government securities market.
Why close or partially close meetings?	The committee meetings are closed to the public under 5 USC 552b c (9) (A). Committee discussion could lead to undue speculation in the securities markets if held in public.
Recommendation Remarks	NA

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*	No	Action Reorganize Priorities*	No
Outcome Trust In Government	No	Action Reallocate Resources	No
Outcome Major Policy Changes	No	Action Issued New Regulations	No
Outcome Advance In Scientific Research	No	Action Proposed Legislation	No
Outcome Effective Grant Making	No	Action Approved Grants Or Other Payments	No
Outcome Improved Service Delivery	No	Action Other	Yes
Outcome Increased Customer Satisfaction	No	Action Comment	As noted above, Treasury takes into account the views of the committee when setting the frequency, maturity and sizes of Treasury security auctions. The TBAC recommendations are not binding on Treasury, only advisory.
Outcome Implement Laws/Reg Requirements	No	Grants Review*	No
Outcome Other	Yes	Number Of Grants Reviewed	0
Outcome Comment	The committee's advice helps Treasury develop borrowing plans that maintain the confidence of the global financial community. This confidence translates into low cost financing over time by providing deep and consistent demand for Treasury securities.	Number Of Grants Recommended	0
Cost Savings*	Unable to Determine	Dollar Value Of Grants Recommended	$0.00
Cost Savings Comment	Since our operations are large enough to change interest rates, we cannot use market measures of existing rates to benchmark our performance.	Grants Review Comment	NA
Number Of Recommendations*	168	Access Contact Designated Fed. Officer*	No
Number Of Recommendations Comment	The committee meets 4 times a year to provide recommendations based on questions submitted to it by the Treasury. The number of recommendations listed is the cumulative number since 1982.	Access Agency Website	Yes
% of Recs Fully Implemented*	45.00%	Access Committee Website	Yes
% of Recs Fully Implemented Comment	The value of the committee is in its weighing of the pros and cons of possible policy actions rather than its recommendations.	Access GSA FACA Website	Yes
% of Recs Partially Implemented*	0.00%	Access Publications	No
% of Recs Partially Implemented Comment	The value of the committee is in its weighing of the pros and cons of possible policy actions rather than its recommendations.	Access Other	No
Agency Feedback*	Yes	Access Comment	All committee reports, presentations and minutes are available at: http://www.treasury.gov/resource-center/data-chart-center/quarterly-refunding/Pages/default.aspx
Agency Feedback Comment*	Following each meeting, Treasury releases the minutes of the committee meeting, the committee's report to the Secretary of the Treasury, and a statement of the actions that Treasury is taking. This statement provides the committee with Treasury's responses to the committee's advice.	Narrative Description*	The Committee provides Treasury with expert advice on the consequences of Treasury's financing decisions on financial markets. The committee's composition, of both financial intermediaries and large investors, ensures that Treasury receives a wide range of views on how it should best meet its objective of lowest cost financing over time.

COSTS

1. Payments to Non-Federal Members*		1. Est Paymnts to Non-Fed Membrs Nxt FY*
2. Payments to Federal Members*		2. Est. Payments to Fed Members Next FY*
3. Payments to Federal Staff*		3. Estimated Payments to Federal Staff*
4. Payments to Consultants*		4. Est. Payments to Consultants Next FY*
5. Travel Reimb. For Non-Federal Membrs*		5. Est Travel Reimb Non-Fed Membr nxtFY*
6. Travel Reimb. For Federal Members*		6. Est Travel Reimb For Fed Members*
7. Travel Reimb. For Federal Staff*		7. Est. Travel Reimb to Fed Staf Nxt FY*
8. Travel Reimb. For Consultants*		8. Est Travel Reimb to Consltnts Nxt FY*
10. Other Costs		10. Est. Other Costs Next FY*
11. Total Costs	$0.00	11. Est. Total Next FY*	$0.00
Date Cost Last Modified	2/13/2025 12:51 PM	Est. Fed Staff Support Next FY*
Federal Staff Support (FTE)*		Est Cost Remarks
Cost Remarks

Interest Areas

Category Area Finance Banking Credit Finance Investment Securities Government Federal Government

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