The Bureau of the Public Debt was established on June 30, 1940, pursuant to the Reorganization Act of 1939 (31 U. S. C. 306). The Bureau's mission is to borrow the money needed to operate the Federal Government, account for the resulting public debt, and provide reimbursable support to Federal agencies. The Bureau fulfills its mission through five programs: wholesale securities, Government agency investment, retail securities services, summary debt accounting, and franchise services. The Bureau auctions and issues Treasury bills, notes, and bonds and manages the U. S. Savings Bond Program. It issues, services, and redeems bonds through a nationwide network of issuing and paying agents. It provides daily and other periodic reports to account for the composition and size of the debt. In addition, the Bureau implements the regulations for the Government securities market. These regulations provide for investor protection while maintaining a fair and liquid market for Government securities.
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