Treasury Quarterly Refunding Process

Treasury debt managers begin the quarterly refunding process by soliciting advice and views from the private sector through questions to primary dealers that are also posted to the Treasury Department's website.  We encourage responses to these questions from all interested parties and hold meetings with half of the primary dealers each quarter through face-to-face meetings.

Following the primary dealer meetings, we solicit advice from the Treasury Borrowing Advisory Committee. The Committee responds to questions and discussion materials presented by Treasury, and issues a formal report to the Secretary of the Treasury. We release the minutes of these meetings to the public the day following the meeting. Our decisions on changes in debt management policy, based on our analyses and the advice we receive from the private sector, are made public in a statement by a Treasury official.

While specific changes in debt management policy are usually announced through quarterly refunding statements, they may be announced in separate press releases and may be elaborated upon in speeches and appearances by Treasury officials. In addition, Treasury encourages the public to send views on debt management policy to