[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]



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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.

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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