[Federal Register Volume 60, Number 132 (Tuesday, July 11, 1995)] [Notices] [Pages 35790-35791] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 95-16937] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Departmental Offices; Rechartering of the Treasury Borrowing Committee of the Public Securities Association AGENCY: Treasury Department, Departmental Offices. ACTION: Notice of determination of necessity for renewal of the Treasury Borrowing Advisory Committee of the Public Securities Association. ----------------------------------------------------------------------- SUMMARY: It is in the public interest to continue the existence of the Treasury Borrowing Advisory Committee of the Public Securities Association. The Department of the Treasury announces that the charter of the Treasury Borrowing Advisory Committee of the Public Securities Association (the ``Committee'') has been renewed in accordance with the Federal Advisory Committee Act, 5 U.S.C. App. I. The Secretary of the Treasury has determined that the renewal of this Committee is necessary and in the public interest. This determination follows consultation with the Committee Management Secretariat, General Services Administration. Purpose The Committee provides informed advice as representatives of the financial community to the Secretary of the Treasury and Treasury staff, upon the Secretary of the Treasury's request, in carrying out Federal financing and in the management of the public debt. Scope The Committee meets at the request of the Secretary and is presented with a list of items on which its advice is sought. It is usually requested to consider the current midquarter refunding operation and to provide expert advice on financing options for the entire current quarter and on longer term debt management policies. In addition to the regular quarterly meetings, the Committee may be requested to hold a special meeting to discuss debt management issues that are broader in scope. The portion of meetings at which the Treasury presents background information on the federal debt, the financial markets, and the economic conditions are open to the public. The parts at which the Committee discusses specific subjects raised in the Treasury request and makes its recommendations are closed to the public because the Committee's activities fall within the exemption covered by law for [[Page 35791]] information that would ``lead to significant financial speculation in the securities markets'' (5 U.S.C. 552b(c)(9)(A)(i)). A similar exception to the open meeting format is included in the provision in the Government Securities Act Amendments of 1993 (31 U.S.C. 3121 note) that generally provides for open meetings. The day before the Committee convenes for its regular quarterly 2- day meeting, the Treasury releases to the public an updated estimate of Treasury borrowing requirements and other background information on the Treasury debt. The Treasury releases to the public each written report of the Committee, and minutes of each meeting prepared by the Treasury employee who attends, at the press conference announcing each midquarter refunding. Membership consists of 20-25 members who are experts in government securities markets and who are involved in senior positions in debt markets as investors, investment advisors, or as dealers in debt securities. They are appointed by the Committee in consultation with the Treasury. Members must be highly competent, experienced, and actively involved in financial markets. Effort is made to get regional representation so that Committee views are a reasonable proxy for nationwide views. As far as possible, balance between dealers and investors is sought. The membership changes from time to time, reflecting changes in their employment and interests. This provides for a rotation of membership in areas where more than one qualified candidate may be available. Statement of Public Interest It is in the public interest to continue the existence of the Treasury Borrowing Advisory Committee of the Public Securities Association. The Secretary of the Treasury, with the concurrence of the General Services Administration, has also approved renewal of the Committee. Authority for this Committee will expire two years from the date the charter is filed with the appropriate Congressional committees, unless prior to the expiration of its charter, the Committee is renewed. The Assistant Secretary (Management) has determined that this document is not a major rule as defined in Executive Order 12291 and that a regulatory impact analysis therefore is not required. Neither does this document constitute a rule subject to the Regulatory Flexibility Act (5 U.S.C. Chapter 6). In accordance with the Federal Advisory Committee Act (5 U.S.C. App. I), the Department of the Treasury has renewed the charter of the Treasury Borrowing Advisory Committee of the Public Securities Association. The Committee members are: Daniel S. Ahearn, President, Capital Markets Strategies Co., 50 Congress Street, Ste. 842, Boston, MA 02109 Thomas Bennett, Partner, Miller Anderson & Sherrerd, One Tow Bridge, West Conshohocken, PA 19428 James R. Capra, Principal, Moore Capital Management, 350 Theodore Fremd Avenue, 3rd Floor, Rye, NY 10580 Jon S. Corzine, Senior Partner & Chairman, Goldman, Sachs & Company, 85 Broad Street, New York, NY 10004 Stephen C. Francis, Managing Director, Fischer, Francis, Trees & Watts, Inc., 200 Park Avenue, 46th Fl., New York, NY 10166 Richard Kelly, Chairman of the Board, Aubrey G. Lanston & Co., Inc., One Chase Manhattan Plaza, 53rd Fl., New York, NY 10005 Barbara Kenworthy, Managing Director, of Mutual Funds--Taxable, Prudential Insurance, McCarter Highway, 2 Gateway Center, 7th Floor, Newark, NJ 07102-5029 Mark F. Kessenich, Jr., President, Eastbridge Capital, Inc., 135 East 57th Street, New York, NY 10022 Bruce R. Lakefield, Managing Director, Lehman Brothers, 200 Vesey Street, 9th Fl., New York, NY 10285 Richard D. Lodge, President, Banc One Funds Management Co., 100 East Broad St., 17th Fl., Columbus, OH 43271-0133 Robert D. McKnew, Executive Vice President, Bank of America, 555 California Street,, 10th Fl., San Francisco, CA 94104 Daniel T. Napoli, Senior Vice President, Merrill Lynch & Company, 250 Vesey Street, North Tower, World Financial Ctr, 8th Fl., New York, NY 10281 William H. Pike, Managing Director, Chemical Bank, 270 Park Avenue, New York, NY 10017 Marcy Recktenwald, Managing Director, Bankers Trust Company, 1 Appold Street, Broadgate, London EC2A 2HE, England Richard Roberts, Executive Vice President, Wachovia Bank & Trust Co., N.A., P.O. Box 3099, Winston-Salem, NC 27150 Joseph Rosenberg, President, Lawton General Corporation, 667 Madison Avenue, New York, NY 10021-8087 John C. Sites, Jr., Executive Vice President, Bear Stearns & Company, Inc., 245 Park Avenue, 4th Fl., New York, NY 10167 Morgan B. Stark, Managing Director, Granite Capital International Group, 375 Park Avenue, 18th Floor, New York, NY 10152 Stephen Thieke, Chairman, Market Risk Committee, JP Morgan & Company, Inc., 60 Wall Street, 20th Floor, New York, NY 10260 Craig M. Wardlaw, Executive Vice President, Nations Bank Corporation, Nations Bank Corporate Center, Mail Code NCI 007-0606, Charlotte, NC 28255-0001. Dated; July 6, 1996. John D. Hawke, Jr., Under Secretary of the Treasury (Domestic Finance). [FR Doc. 95-16937 Filed 7-10-95; 8:45 am] BILLING CODE 4810-25-P