[Federal Register Volume 68, Number 136 (Wednesday, July 16, 2003)]
[Notices]
[Pages 42166-42167]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-18044]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Departmental Offices


Debt Management Advisory Committee Meeting

    Notice is hereby given, pursuant to 5 U.S.C. App. 2, section 
10(a)(2), that a meeting will be held at the U.S. Treasury Department, 
15th and Pennsylvania Avenue, NW., Washington, DC, on July 29, 2003, at 
9 a.m. of the following debt management advisory committee:

Treasury Borrowing Advisory Committee of The Bond Market Association 
(``Committee'')

    The agenda for the meeting provides for a charge by the Secretary 
of the Treasury or his designate that the Committee discuss particular 
issues, and a working session. Following the working session, the 
Committee will present a written report of its recommendations. The 
meeting will be closed to the public, pursuant to 5 U.S.C. App. 2, 
section 10(d) and Pub. L. 103-202, section 202(c)(1)(B)(31 U.S.C. 3121 
note).
    This notice shall constitute my determination, pursuant to the 
authority placed in heads of agencies by 5 U.S.C. App. 2, section 10(d) 
and vested in me by Treasury Department Order No. 101-05, that the 
meeting is concerned with discussions and debates of the issues 
presented to the Committee by the Secretary of the Treasury and 
recommendations of the Committee to the Secretary, pursuant to Pub. L. 
103-202, section 202(c)(1)(B). Thus, this information is exempt from 
disclosure under that provision and 5 U.S.C. 552b(c)(3)(B). In 
addition, the meeting is concerned with information that is exempt from 
disclosure under 5 U.S.C. 552b(c)(9)(A). The public interest requires 
that such meetings be closed to the public because the Treasury 
Department requires frank and full advice from representatives of the 
financial community prior to making its final decision on major 
financing operations. Historically, this advice has been offered by 
debt management advisory committees established by the several major 
segments of the financial community. When so utilized, such a committee 
is recognized to be an advisory committee under 5 U.S.C. App. 2, 
section 3.
    Although the Treasury's final announcement of financing plans may 
not reflect the recommendations provided in reports of the Committee, 
premature disclosure of the Committee's deliberations and reports would 
be likely to lead to significant financial speculation in the 
securities market. Thus, this meeting falls within the exemption 
covered by 5 U.S.C. 552b(c)(9)(A).
    The first agenda items of the Committee meeting prior to April 2003 
were a presentation of a statement on economic conditions by a Treasury 
official and a review of financing estimates and technical charts that 
had been released the day before the Committee meeting. The 
presentation of the statement and the review were open to the public, 
but did not involve discussion by Committee members since the financial 
information had been disclosed the day prior to the meeting. The 
remainder of the Committee meeting was closed to the public. In place 
of the presentation of the economic statement and review, Treasury 
staff will provide a technical briefing to the press on the day before 
the Committee meeting, following the release of the economic statement, 
financing estimates and technical charts. This new procedure will make 
the same information available to the public, but it will give the 
press an opportunity to ask questions about financing projections and 
technical charts. As a consequence of this change, Treasury has 
eliminated the open portion of the Committee meeting.
    The Office of Financial Markets is responsible for maintaining 
records of debt management advisory committee meetings and for 
providing annual reports setting forth a summary of Committee 
activities and such other matters as may be informative to the public 
consistent with the policy of 5 U.S.C. 552(b). The Designated Federal 
Officer or other responsible agency official who may be contacted for 
additional information is Tim Bitsberger, Deputy Assistant Secretary, 
Federal Finance, at (202) 622-2245.


[[Page 42167]]


    Dated: July 11, 2003.
Brian C. Roseboro,
Assistant Secretary, Financial Markets.
[FR Doc. 03-18044 Filed 7-15-03; 8:45 am]
BILLING CODE 4810-25-M