Bureau of the Public Debt
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| Agency overview | |
|---|---|
| Formed | 1940 |
| Preceding agency |
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| Dissolved | October 7, 2012 |
| Superseding agency | |
| Jurisdiction | U.S. Federal Government |
| Headquarters | Washington, D.C. |
| Employees | 1,950 (2009) |
| Agency executive |
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| Parent agency | Department of the Treasury |
| Website | www.publicdebt.treas.gov |
The Bureau of the Public Debt was an agency within the Fiscal Service of the United States Department of the Treasury. United States Secretary of the Treasury Timothy Geithner directed the Bureau be combined with the Financial Management Service into the single Bureau of the Fiscal Service in 2012.
Under authority derived from Article I, section 8 of the Constitution, the Bureau of Public Debt was responsible for borrowing the money needed to operate the federal government, and is where donations to reduce the debt were made. It also accounted for the resulting debt and more recently, provides administrative and IT services to federal agencies. Principal operations were conducted in Washington, D.C. and Parkersburg, West Virginia. Additionally, Federal Reserve Banks, acting as Treasury’s fiscal agents, operate critical systems in support of Public Debt Programs and perform a variety of processing and customer service functions in marketable and savings securities.
Public Debt’s mission is to borrow the money needed to operate the federal government, account for the resulting debt, and provide reimbursable support services to federal agencies. Financing the federal government is accomplished by selling Treasury bills, notes, bonds, Treasury inflation-protected securities, and U.S. Savings Bonds.
The Bureau also provides reimbursable administrative and information technology services 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 Debt Accounting, and Franchise Services. Public Debt’s vision is "Leading the way for responsible, effective government through commitment to service, efficient operations, openness to change, and values-based behavior".
Public Debt has identified five core values which serve as reminders of the bureau's expectations of its employees: Information Sharing, Informality, Integrity, Inclusion, and Individual Respect. Public Debt's goal in building a values-based culture is to increase accountability, improve productivity and results, and contribute to employee morale. In 2009, Public Debt was ranked 4th best place to work in the federal government based on a survey of civil servants conducted by the Office of Personnel Management across 216 federal agency subcomponents.
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