TREASURY DIRECTIVE 16-57

Date: September 13, 1988

Sunset Review: TBD

Expiration Date: TBD

SUBJECT: Delegation of Authority to the Commissioner of the Public Debt Under the Government Securities Act of 1986

1. PURPOSE. This directive delegates to the Commissioner of the Public Debt, the authority to carry out certain duties of the Secretary of the Treasury pursuant to the Government Securities Act of 1986 (Act). This authority may be redelegated as specified below.

2. BACKGROUND. The Secretary's authority has been delegated to the Under Secretary for Finance by Treasury Order 100-06, "Delegation of Authority to the Under Secretary for Finance to Implement the Government Securities Act of 1986," redelegated to the Assistant Secretary (Domestic Finance) by Treasury Directive (TD) 13-01, "Delegation of Authority to Assistant Secretary (Domestic Finance) to Implement the Government Securities Act of 1986," and redelegated to the Fiscal Assistant Secretary by TD 13-02, "Delegation of Authority Under the Government Securities Act of 1986."

3. DELEGATION. By virtue of the authority vested in me pursuant to TD 13-02, I hereby delegate to the Commissioner of the Public Debt the authority of the Secretary of the Treasury, under the Government Securities Act of 1986 (Public Law 99-571, dated October 28, 1986), to exercise and perform all duties, powers, rights and obligations under the Act, subject to the conditions and limitations set forth below. This delegation is made on the understanding that the Commissioner or his/her designee will establish and maintain an effective working partnership with the Offices of the Assistant Secretary (Domestic Finance) and the General Counsel, that facilitates the joint development of policy positions and ensures active involvement in, and approval of, matters involving significant issues.

a. The authority delegated to the Commissioner of the Public Debt is subject to the following conditions:

(1) Decisions that:

(a) set policy pertaining to the Act, regulations, interpretations, exemptions and elections of alternative capital treatment, or

(b) have a significant effect on the liquidity or efficiency of the government securities market, are reserved to the Assistant Secretary (Domestic Finance). The determination that a decision falls within 2.a. (1) (a) or (b) shall be made by the Assistant Secretary (Domestic Finance), in consultation with the Fiscal Assistant Secretary and the Commissioner of the Public Debt. Testimony or consultations with Congress, congressional staff and the Assistant Secretary (Legislative Affairs) in connection with such decisions are also reserved to the Assistant Secretary (Domestic Finance).

(2) New or supplemental Treasury regulations promulgated pursuant to the Act, or modification, amendment, suspension or repeal of any existing regulation, shall be approved by the Fiscal Assistant Secretary and signed by the Assistant Secretary (Domestic Finance).

(3) The Commissioner of the Public Debt shall:

(a) Provide up-to-date information on requests for interpretations, exemptions, alternative capital treatment and changes in the regulations to the Assistant Secretary (Domestic Finance); and

(b) consult on a regular basis with the Assistant Secretary (Domestic Finance) and the Fiscal Assistant Secretary, or their designates, on significant issues that arise in the course of exercising the authority delegated pursuant to this directive.

4. REDELEGATION. The Commissioner or the Public Debt shall have the power to redelegate this authority to any official in the Bureau of the Public Debt.

5. OFFICE OF PRIMARY INTEREST. Office of the Commissioner of the Public Debt, Office of the Assistant Secretary (Domestic Finance) and Office of the Fiscal Assistant Secretary.

Gerald Murphy

Fiscal Assistant Secretary