FROM THE OFFICE OF PUBLIC AFFAIRS

The Treasury Department Office of Public Affairs is modifying its procedure for disseminating the announcement of the government's quarterly refunding needs. The changes are intended to improve the timeliness and transparency of quarterly refunding announcements.

Starting with the next scheduled refunding announcement on January 30, 2002, Treasury's Office of Public Affairs will post the announcement on the Treasury web site (www.Treas.gov) at 9:00AM (EST). The announcement also will be delivered to credentialed members of the media in the Treasury Pressroom shortly before 9:00AM with lock-down embargo rules. The announcements include release of the Treasury Department's borrowing estimates for the following quarter and the policy statement.

The traditional practice of releasing the quarterly refunding announcement at a news conference will be discontinued. A senior Treasury official will brief members of the media subsequent to the announcement at a regularly scheduled time.

The Office of Public Affairs will disseminate Treasury information in the most timely and transparent manner possible while also maintaining confidentiality prior its proper release.