Public Debt Bureau is an agency in the US Treasury Fiscal Services. US Treasury Secretary Timothy Geithner directs the Bureau incorporated with Financial Management Services into a single Fiscal Service Bureau by 2012.
Under the authority derived from Article I, section 8 of the Constitution, the Public Debt Bureau is responsible for borrowing the money necessary to operate the federal government, and where donations to reduce debt are made. It is also responsible for the debt generated and recently, providing administrative and IT services to federal agencies. The main operation is done in Washington, D.C. and Parkersburg, West Virginia. In addition, the Federal Reserve Bank, acting as Treasury's fiscal agent, operates an essential system to support the Public Debt Program and perform various customer processing and service functions in marketable and stored securities.
Video Bureau of the Public Debt
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The mission of Public Debt is to borrow the money needed to operate the federal government, explain the debt generated, and provide replacement support services to federal agencies. Federal government funding is done by selling Treasury bonds, securities, bonds, securities protected by Treasury inflation, and US Savings Bonds.
The Bureau also provides administrative and information technology services that can be changed to other government agencies through the Administrative Resource Center (ARC). Public Debt fulfills its mission through five different programs: Wholesale Securities Services, Government Agency Investment Services, Retail Securities Services, Summary of Debt Accounting, and Franchise Services. The Public Debt's vision is "Leading the way for a responsible and effective government through commitment to service, efficient operation, openness to change, and value-based behavior".
Value-based organization
Public Debt has identified five core values ​​that serve as a reminder of the expectations of its employees' bureau: Information Sharing, Informality, Integrity, Inclusion, and Individual Awards. The purpose of Public Debt in building a value-based culture is to increase accountability, improve productivity and results, and contribute to employee morale. In 2009, the Public Debt was ranked 4th best place to work in the federal government based on a civil service survey conducted by the Personnel Management Office on 216 subcomponents of federal agencies.
Maps Bureau of the Public Debt
History
While the public debt of the United States could be traced to the very beginning of the nation itself in 1776, Public Debt, as it is known today, was formally created in 1940. The United States government created the financial budget through three methods: by printing money, collecting taxes, and by borrow. Printing expensive money and introduction of money in this country can create inflation problems. Taxing people requires the ability to incur additional expenses from their personal income to meet the urgent need for debt. Borrowing is required to be able to finance the deficit at the time of those who are able to repay the debt in the belief that at the time of surplus, the debt will be repaid to those owed to the borrowers. Today, the Public Bureau also makes insurance and issues securities through the market. Creation is part of the Financial reorganization plan in which the Public Debt Service is officially designated as the Bureau of Public Debt. Public Debt has been present in Parkersburg, WV since 1954, when the city was designated as a relocation site for Public Debt in the event of a national emergency. In 1957, Parkersburg became an electronic processing center for savings bonds, and from 1993 to 1996, Public Debt consolidated and diverted most of its operations into Parkersburg. Currently, more than 95% of Public Debt employees work in Parkersburg. In October 2012, the Public Debt Bureau is consolidated with the Financial Management Services to form the Fiscal Service Bureau.
Organizational structure
Program
Wholesale Securities Services
The Wholesale Securities Services program ensures important government financing needs are met and regulates the rules of Treasury auctions and government securities market regulations. Wholesale Securities Services is responsible for the sale and issuance of trillions of dollars of securities annually, and the operation of the Treasury and Federal Reserve systems that support the issuance and redemption of Treasury securities.
Another responsibility of the program is to identify which securities that the government can promise to guarantee and determine how these effects are assessed. This process ensures that both government funds on deposits in commercial banks and private sector contracts with government are guaranteed.
The Wholesale Securities Services program contributes to Treasury priorities to finance debt at the lowest cost over time by ensuring operational readiness to meet government financing needs and protect and strengthen Treasury lending capabilities. It also educates and builds relationships with large investors and maintains confidence in Treasury auctions through auction compliance program.
Government Agency Investment Services
The Government Agency's Investment Services Program consists of three components: Federal Investment, Special Purpose, and Federal Loan. The program offers special investment to federal, state, and local government entities.
- The Federal Investment Area issues, services, and redeems Government Account Series securities for federal agencies. The Federal Investments component handles the accounting and reporting of all receipts and expenditures for 18 trust funds (such as Channel Water Trust Funds, Road Trust Funds and Unemployment Funds) administered by the Ministry of Finance.
- Areas of the Special Securities issue Purpose, service and redeemment of special purpose effects, and function as fiscal agents for securities issued by other federal agencies. Series of State and Local Government (SLGS) is the largest of these securities. SLGS offers a flexible investment alternative for state and local governments to refinance the extraordinary, tax-free debt.
- The Federal Loan Area manages direct loans and loan guarantees to federal agencies that operate loan programs. This loan program supports education, housing, veterans and small businesses. The Federal Loan Area is also responsible for the accounting and reporting of all principal and amount of interest.
Retail_Securities_Services Retail_Securities_Services> Retail Security Services
The Retail Securities Service program serves millions of Treasury securities investors. In particular, the program is responsible for the issuance, service, and redemption of US Savings Bonds and marketable Treasury securities. In addition, Treasury Direct and Treasury Direct Treasury systems fall under the Retail Securities Program. Legacy Treasury Direct and TreasuryDirect systems allow individuals and institutions arrange accounts to purchase Treasury securities and hold them directly with Treasury, rather than with financial institutions.
The program is currently focused on supporting Treasury goals to effectively manage government finances by positioning Treasuries to eliminate new issues from paper saving bonds and improve service quality and efficiency for customers.
Summary of Debt Accounting
The Debt Accounting Program Summary is responsible for calculating the United States public debt and related interest costs. This program controls and reconciles Treasury securities transactions and related cash flows. This cash flows represent funds received from the sale of securities and funds disbursed as interest and principal payments. Summary of Accounting Debt also produces and publishes data and reports on the composition of public debt as well as the balance of debt to pennies. The program focuses on enhancing the clarity, usefulness and availability of federal debt information.
Franchise Service
The Public Debt Administration Resource Center (ARC) provides replaceable financial, administrative and IT services for various federal agencies. Administrative services include financial accounting services, travel and relocation, human resources, procurement, and investment services. Information technology services include application and hosting development, website development, Internet services, network maintenance, security consulting, and encryption services.
ARC is selected by the Office of Management and Budget as a Joint Service Provider for Financial Management as well as Public Key Infrastructure (PKI) services, and as a Joint Service Center for Certification & amp; Accreditation (C & amp; A) through the Business Information System Security Path (ISSLOB). ARC allows customers to focus on their mission, not support functions; lower the cost of customer administration services; improve data quality through standardization; and strengthen control and ensure compliance audit.
Do not Pay Business Center
On June 18, 2010, the Public Debt Bureau assisted other government agencies in the reduction and prevention of improper payments by the federally-funded federal program. With the establishment of an entry point for these government funded payments agencies, determining eligibility for grants, benefits, or contract awards can be made. As a result of the downsizing of improper payments this will no longer happen or be completely avoided. Funds will not go to the wrong receiver or be used by the recipient in an inappropriate manner, the recipient will not receive the wrong amount of funds (including overpayment and underpayment), and the documentation will be available to support payments that should occur and will not be available for payments that should not happen.
Program data
As of August 31, 2009:
Wholesale Securities Service :
- 274 auctions
- $ 24.1 trillion bid
- $ 8.3 trillion is provided
- $ 6.9 trillion in marketable issues held at National Book Entry System
- $ 900 billion in Treasury securities is transferred daily
Retail Security Services :
- $ 188.5 billion in paper saving bonds owned by 50 million investors
- $ 54.9 billion in things book entries that can be stored in legacy systems by 278,000 subscribers
- $ 8.7 billion in electronic savings and marketable issues owned by 292,000 investors on the Internet accessing the TreasuryDirect system
Government Agency Investment Services :
- $ 4.4 trillion was invested by 74 federal agencies
- $ 2.9 trillion in 18 managed trust funds (Social Security, Highways, etc.)
- $ 1.5 trillion in 228 other federal government trust and investment accounts
- $ 218 billion is invested by over 6,000 state and local governments
- $ 789 billion loaned to 37 federal agents
Summary of Accounting Debt :
- $ 11.8 trillion is incredible
- $ 7.5 trillion held by the public
- $ 4.3 trillion is held by a government account
- $ 98 trillion of funds flow
Franchise Service :
- 71 customer agents (including Public Debt)
- $ 161 million in revenue (est.)
See also
- United States public debt
References
External links
- Public Debt Bureau
- TreasuryDirect
- List of SSPW Certified MCC Service Providers
- Retail Security Services
Source of the article : Wikipedia
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