The Committee convened in closed session at the Hay Adams Hotel at 9:30 a.m. All Committee members were present except for Richard Axilrod and Ian Banwell. Under Secretary for Domestic Finance Mary Miller, Acting Assistant Secretary for Financial Markets Matthew S. Rutherford, Senior Policy Advisor James Clark, and Director of the Office of Debt Management Colin Kim welcomed the Committee, including the newest Committee member Jon Kinol. Other members of Treasury staff present were Fred Pietrangeli, Jennifer Imler, Amar Reganti, Jamie Franco, Ian Samuels, Tim Bowler, Matt Carey, Joshua Louria, Jake Liebschutz, and Tom Katzenbach. Federal Reserve Bank of New York members Josh Frost and Sean Savage were also present.
A Committee member asked about the status of Treasury allowing negative rate bidding in bill auctions. Under Secretary Miller noted that Treasury is in the process of building the operational capabilities to allow for negative rate bidding in Treasury bill auctions, should this become necessary in the future. She also noted that no decision had been made to implement negative rate bidding at this time.
- The composition of Treasury notes and bonds to refund approximately $54.2 billion of privately-held notes maturing on August 15, 2012.
- The composition of Treasury marketable financing for the remainder of the July - September quarter, including cash management bills.
The composition of Treasury marketable financing for the October - December quarter, including cash management bills