Financing

We offer marketable securities which are securities that can be transferred to someone else or sold before they reach maturity. The United States Treasury offers five types of Treasury marketable securities: Treasury Bills, Treasury Notes, Treasury Bonds, Treasury Inflation-Protected Securities (TIPS), and Floating Rate Notes (FRNs)

We also offer non-marketable securities which are securities that cannot be sold or transferred.  The non-marketable securities include U.S. savings bonds and state and local government securities (SLGS).

All these securities are backed by the full faith and credit of the United States government. 
We sell the securities to several audiences: institutional investors, individual investors, and government, both federal and state and local governments, and foreign nations. 

The Auction Process

We sell U.S. Treasury marketable securities through auctions. In 2024, we held 440 public auctions and issued about $28.5 trillion in Treasury marketable securities. The auctions are conducted by bidding, either non-competitive or competitive bidding. 

With non-competitive bidding, you agree to accept the rate, yield, or discount margin determined at the auction. If you are using your TreasuryDirect account, you must bid non-competitively. Competitive bidding is done by banks, brokers, or dealers who specify the rate, yield, or discount margin that they will accept. Institutional investors may have a TAAPS account that lets them bid directly, saving the cost and effort of an intermediary. During an auction, Treasury first accepts all the non-competitive bids that comply with the auction rules. Then, we accept competitive bids based on their rate, yield, or discount margin (from lowest to highest) until the entire amount of the offering is awarded. All successful bidders get the same rate, yield, or discount margin as the highest accepted bid.

TreasuryDirect account holders who bought securities non-competitively will see their securities in their TreasuryDirect account on the same day as the auction.

TreasuryDirect

TreasuryDirect is a web application from the U.S. Department of the Treasury that allows individuals, corporations, partnerships, representatives of trusts, and organizations to buy and hold both marketable securities and U.S. savings bonds.

TreasuryDirect account holders can bid non-competitively in Treasury auctions for marketable securities.  U.S. savings bonds can also be bought through TreasuryDirect.

Federal Agencies and State and Local Governments - FedInvest

Federal agencies that have the necessary legal authority, proper documentation, and available funds can purchase Government Account Series (GAS) securities using FedInvest. The Federal Investments Program makes up almost one-quarter of the public debt, providing services to about 240 trust, deposit, and special funds.
State and Local Government Securities

Issuers of state and local government tax-exempt debt can purchase securities that comply with the Internal Revenue Code. Several varieties of State/Local Government Securities (SLGS) can be managed using SLGSafe, an online portfolio application.

Funds Management Program

The Bureau of the Fiscal Service (BFS) is delegated the responsibility for administering 18 federal investment funds.
With more than $3 trillion in assets, the Treasury-managed investment funds are some of the largest trust funds in the federal government. They receive Social Security, Medicare, excise, and employment taxes---all collected by Treasury---and premiums, fines, penalties, and other designated monies collected by the agencies that administer the programs for which these trust funds exist.

Federal Borrowings Program

The purpose of the Federal Borrowings Program is to facilitate loans to federal agencies on behalf of the Department of the Treasury (Treasury). Certain authorized Federal agencies may borrow funds from Treasury. The proceeds are used to support programs such as education, housing, flood relief, agriculture, and small businesses.

Gifts to the Government

The Bureau of the Fiscal Service may accept gifts donated to the United States Government to reduce debt held by the public. Acting for the Secretary of the Treasury, Fiscal Service may accept a gift of:
 

• Money, only on the condition that it be used to reduce debt held by the public.
• An outstanding government obligation, only on the condition that the obligation be cashed and the proceeds used to reduce debt held by the public.
• Other intangible personal property only on the condition that the property is sold and the proceeds used to reduce the public debt.
• Gifts to reduce debt held by the public may be inter vivos (from a living person) gifts or testamentary bequests (in a person's will).

There are two ways for you to make a contribution to reduce the debt:

• At Pay.gov, you can contribute online by credit card, debit card, PayPal, checking account, or savings account.
• You can write a check payable to the Bureau of the Fiscal Service, and, in the memo section, notate that it's a gift to reduce the debt held by the public. Mail your check to:
  Attn Dept G
  Bureau of the Fiscal Service
  P. O. Box 2188
  Parkersburg, WV 26106-2188