Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association (TBAC)

The TBAC is an advisory committee governed by federal statute (the Federal Advisory Committee Act and the Government Securities Act) that meets quarterly with the Treasury Department. The TBAC's membership is comprised of senior representatives from a variety of buy and sell side institutions, such as banks, broker-dealers, asset managers, hedge funds, and insurance companies. The TBAC 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. Although part of the TBAC's official name, the Securities Industry and Financial Markets Association does not participate in the deliberations of the TBAC.