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Treasury Borrowing Advisory Committee

The Treasury Borrowing Advisory Committee ("Borrowing Committee”) of The Securities Industry and Financial Markets Association (SIFMA) is an advisory committee governed by federal statute that meets quarterly with the Treasury Department.

The Borrowing Committee’s membership is comprised of senior representatives from investment funds and banks. The Borrowing Committee presents their observations to the Treasury Department on the overall strength of the U.S. economy as well as providing recommendations on a variety of technical debt management issues. The Securities Industry and Financial Markets Association does not participate in the deliberations of the Borrowing Committee.

Minutes of the August 4, 2009 meeting

Source: Treasury release

Treasury Borrowing Advisory Committee Of the Securities Industry and Financial Markets Association August 4, 2009

The Committee convened in closed session at the Hay-Adams Hotel at 11:30 a.m. All Committee members were present. Deputy Assistant Secretary (DAS) for Federal Finance Matthew Rutherford and Office of Debt Management Director Karthik Ramanathan welcomed the Committee and gave them the charge.

The first item on the charge asked the Committee what adjustments to debt issuance, if any, Treasury should make in consideration of its financing needs in the short, medium, and long term. Director Ramanathan opened the discussion with a presentation to the Committee which highlighted current fiscal conditions and potential factors to consider in addressing these issues. The presentation began with a review of the growth in the budget deficit, and the relative magnitude of the deficit and the requisite financing in fiscal year 2009 versus previous years.

Director Ramanathan noted that Treasury had already raised about $1.4 trillion in marketable debt as of June 2009 versus $790 billion in all of fiscal year 2008, and was well poised to meet the balance of its financing requirements not only for the remainder of the year but also fiscal year 2010. Despite media reports to the contrary and an improving economic outlook, Director Ramanathan noted that the Office of Debt Management had issued over $6 trillion in gross Treasuries in the first 10 months of the fiscal year in a smooth and transparent manner.

TBAC members


(View the PDF version of the Treasury Borrowing Advisory Committee Members)

  • CHAIRMAN, Keith T. Anderson, , Chief Investment Officer, Soros Fund Management
  • VICE CHAIRMAN, Rick Rieder, Head of Fixed Income Alternatives, BlackRock
  • Richard A. Axilrod, Managing Director, Moore Capital Management, Inc.
  • Ian G. Banwell, CEO & CIO, Round Table IMC
  • Fred Brettschneider, Head of Global Markets, Americas, Deutsche Bank
  • Dana Emery, Executive Vice President, Dodge & Cox
  • Paul McCulley, Managing Director, PIMCO
  • Jeffrey S. Phlegar, Executive Vice President, Alliance Bernstein
  • Richard Tang, Head of Fixed Income Sales, Americas, RBS
  • Ashok Varadhan, Managing Director, Goldman, Sachs & Co.
  • Mark Werner, CEO, Pierpont Securities Inc.
  • Matthew E. Zames, Managing Director, JP Morgan Chase


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