U.S. Department of the Treasury

DATE: July 20, 1988

ADMINISTRATIVE EDIT: July 9, 2019

SUBJECT: Delegation of Authority Under the Government Securities Act of 1986

1. PURPOSE. This directive delegates to the Fiscal Assistant Secretary the authority to carry out certain duties of the Secretary of the Treasury pursuant to the Government Securities Act of 1986 (Act). This authority may be redelegated as specified below. The Secretary's authority has been delegated to the Under Secretary for Finance by Treasury Order 100-06 and redelegated to the Assistant Secretary (Domestic Finance) by Treasury Directive (TD) 13-01.
2. SCOPE. This directive applies to all bureaus, offices, and organizations in the Department of the Treasury, including the offices of inspectors general within the Department. The provisions of this order shall not be construed to interfere with or impede the authorities or independence of the Department’s Inspector General, the Treasury Inspector General for Tax Administration, or the Special Inspector General for the Troubled Asset Relief Program.
3. DELEGATION. By virtue of the authority vested in me pursuant to TD 13-01, I hereby delegate to the Fiscal Assistant Secretary the authority of the Secretary of the Treasury, under the Government Securities Act of 1986 (Pub. L. 99-571, October 28, 1986), to exercise and perform all duties, powers, rights and obligations under the Act, subject to the conditions and limitations set forth below:
   1. The delegation to the Fiscal Assistant Secretary is subject to the following conditions:
      1. 1) Decisions that:
         1. a) set policy pertaining to the Act, regulations, interpretations, exemptions and elections of alternative capital treatment, or
         2. b) have a significant effect on the liquidity or efficiency of the government securities market, are reserved to the Assistant Secretary (Domestic Finance). The determination that a decision falls within 2.a.(1)(a) or (b) shall be made by the Assistant Secretary (Domestic Finance), in consultation with the Fiscal Assistant Secretary and the Commissioner of the Bureau of the Fiscal Service. Testimony or consultations with the Congress, congressional staff and the Assistant Secretary (Legislative Affairs) in connection with such decisions are also reserved to the Assistant Secretary (Domestic Finance).
            1. (1) New or supplemental Treasury regulations promulgated pursuant to the Act, or modification, amendment, suspension or repeal of any existing regulation, shall be approved by the Fiscal Assistant Secretary and signed by the Assistant Secretary (Domestic Finance).
         3. c) The Commissioner of the Bureau of the Fiscal Service shall
            1. (1) provide up-to-date information on requests for interpretations, exemptions, alternative capital treatment and changes in the regulations to the Assistant Secretary (Domestic Finance); and
            2. (2) consult on a regular basis with the Assistant Secretary (Domestic Finance) and the Fiscal Assistant Secretary, or their designates, on significant issues that arise in the course of exercising the authority delegated pursuant to this directive.
4. REDELEGATION. This delegation is made with the understanding that the Fiscal Assistant Secretary will redelegate the authority to the Commissioner of the Bureau of the Fiscal Service and the Commissioner shall have the power to redelegate to any official in the Bureau of the Fiscal Service.
5. OFFICE OF PRIMARY INTEREST. Office of the Fiscal Assistant Secretary, Office of the Commissioner of the Bureau of the Fiscal Service, Office of the Assistant Secretary (Domestic Finance)