Financial Markets

This office helps formulate policy on Federal debt management, State and local finance, financial market oversight and regulation, Federal credit and privatization. This office also oversees deterrence of U.S. currency counterfeiters and the Federal Financing Bank, and assumes operational oversight for the Air Transportation Stabilization Board and the President’s Commission on the U.S. Postal Service.

Federal Finance

This Office oversees issues involving Treasury financing, public debt management, Federal regulation of financial markets, and related economic matters including regulatory issues in the Government securities markets and the futures markets. The Office analyzes and monitors economic and financial developments; assesses and originates alternative financing initiatives for the Federal government; manages clearing and settlement issues involving the Government securities markets; proposes changes in tax provisions affecting the Treasury securities market; and oversees foreign investment in Treasury securities. The Office is also responsible for leading the inter-agency effort on advanced counterfeit deterrence.

Debt Management

The Office of Debt Management, under Assistant Secretary of Federal Finance, is responsible for providing the Assistant Secretary for Financial Markets with advice and analysis on matters related to the Treasury's debt management policy, the issuance of Treasury and federally-related securities, and financial markets. In addition, the Office produces Treasury's official yield curve, sets and certifies interest rates for Federal borrowing and lending programs, and advises on the regulation of the Government securities market. Debt Management Policy decisions are generally announced as part of our Quarterly Refunding. The Office works closely with the Treasury Borrowing Advisory Committee and market participants to manage Treasury borrowing needs.

Public Finance

The Office of Public Finance provides analysis and advice on how Federal agencies, Government Corporations, and State and local governments finance their activities, manage their assets and liabilities, and use the capital markets. The Office establishes Treasury policies, provides technical assistance, promotes best practices, and administers financing agreements between the Treasury and other governmental entities. It consists of two sub-offices – the Office of State and Local Finance and the Office of Federal Program Finance – and oversees the Federal Financing Bank.

Office of State and Local Finance

The Office of State and Local Finance coordinates the Treasury’s policies on State, local, and territorial issues. The Office monitors events, trends, and practices in the municipal bond market, and serves as the Treasury’s central point of contact for market participants, including State and local finance officials, municipal market regulators, standards bodies, rating agencies, and bankers. In addition, the Office provides research and analysis on State and local financing of infrastructure, develops Federal policy responses to fiscally stressed entities, promotes best practices for the long-term sustainability of public pensions, and monitors State and local budget and financial management practices. The Office also leads the Treasury’s work on Puerto Rico’s debt restructuring and fiscal and economic reforms under the Puerto Rico Oversight, Management, and Economic Stability Act.

Office of Federal Program Finance

The Office of Federal Program Finance establishes the Treasury’s policies on how Federal agencies, instrumentalities, and Government Corporations borrow, lend, invest, and otherwise participate in the capital markets and the banking system. The Office manages a portfolio of loans from the Treasury to various Federal entities, and works with the Office of Management and Budget to establish Federal credit policy for the administration of loan and guarantee programs across the Government. The Office provides technical assistance and consultative input to Federal agencies on the financial terms and conditions of various Federal programs and transactions.

Capital Markets

The Office of Capital Markets (OCM) advises and assists the Secretary, the Under Secretary for Domestic Finance, the Assistant Secretary for Financial Markets and other senior officials on the capital markets implications of policy choices. OCM is also one of the primary offices responsible for housing policy and broader housing finance reform. In addition, OCM has been substantively engaged in the Treasury Department’s efforts to monitor and enhance financial stability throughout the financial crisis. OCM is comprised of individuals with deep experience in banking, finance and markets, and is intended to provide a markets-based perspective to broader economic policy debates and policymakers. OCM consists of the Office of Financial Market Policy and the Office of Policy and Analysis.