What is the Bureau of Public Debt?
Formed in 1940, the Bureau of Public Debt is a government agency of the Treasury Department; the Bureau of Public debt is a fundamental part of the Fiscal Service of the United States. The Bureau of Public Debt operates with the authority derived from Article I, section 8 of the United States Constitution—this chapter provides the rules and regulations associated with the management of public debt.
The Bureau of Public Debt operates with roughly 2,000 federal employees. The Bureau of Public Debt has jurisdiction within the United States Federal Government; the agency operates under the Department of the Treasury. Currently, the Bureau of Public Debt is run by Van Zeck– the Commissioner of the agency.
What is Public Debt?
Public debt refers to the broad responsibility of borrowing money to improve and operate the federal government. In essence, public debt is the funds owed by the United States Federal Government for the production and delivery of various public goods. More specifically, public debt also accounts for the resulting debts accumulated through various IT services to federal agencies, administrative costs, defense and the development of roads, highways and transportation mediums.
Mission Statement of the Bureau of the Public Debt:
As an agency of the United States Treasury Department, the Bureau of the Public Debt’s mission is to borrow funds needed to operate the United States Federal Government. Because of this function, the agency must provide support services to federal agencies within governing bodies.
The Bureau of the Public Debt provides financing to the United States Federal Government by selling notes, bonds, Treasury Bills, Treasury inflation-protected securities and United States Savings Bonds.
The Bureau of the Public Debt also provides administrative and information technology services to other governmental agencies through the Administrative Resource Center.
In total, the Bureau fulfills this mission through five unique government programs: Wholesale Security Services, Retail Securities Services, Summary Debt Accounting, Government Agency Investment Services and Franchise Services. Through these functions, the ultimate goal of the Bureau of the Public Debt is to establish and maintain effective government through commitment, efficiency, values-based behavior and innovation.