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U.S. Treasury’s Retail Securities To Be Consolidated

The Treasury’s Bureau of the Public Debt recently announced that it will consolidate the Federal Reserve sites providing retail Treasury securities services (savings bonds and marketable securities, or TreasuryDirect).

The consolidation reduces the number of Fed offices providing savings bonds and TreasuryDirect services from seven to two. When the consolidation is complete, which should be about October 2005, the Federal Reserve Banks in Pittsburgh and Minneapolis will handle all retail Treasury securities services.

This effort reflects the Treasury’s goal to move to an all-electronic environment for retail Treasury services, which will modernize and increase operational efficiencies.

The engine powering this new way of doing business is the TreasuryDirect system, an online site enabling investors to purchase and hold, in book-entry form, savings bonds and eventually marketable securities. TreasuryDirect offers investors a convenient one-stop way to purchase, manage and redeem Treasury securities online.

Paper savings bonds will continue to be serviced until redeemed, and their value will not be affected by the new TreasuryDirect bond sales. The Treasury is not eliminating the savings bond program. For more information, visit www.treasurydirect.gov.

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