[Federal Register Volume 62, Number 131 (Wednesday, July 9, 1997)]
[Notices]
[Pages 36870-36871]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-17787]
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DEPARTMENT OF THE TREASURY
Departmental Offices; Rechartering of the Treasury Borrowing
Committee of the Public Securities Association
AGENCY: Treasury Department, Departmental Offices.
ACTION: Notice of determination of necessity for renewal of the
Treasury Borrowing Advisory Committee of the Public Securities
Association.
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SUMMARY: It is in the public interest to continue the existence of the
Treasury Borrowing Advisory Committee of the Public Securities
Association.
The Department of the Treasury announces that the charter of the
Treasury Borrowing Advisory Committee of the Public Securities
Association (the ``Committee'') has been renewed in accordance with the
Federal Advisory Committee Act, 5 U.S.C. App. I.
The Secretary of the Treasury has determined that the renewal of
this Committee is necessary and in the public interest. This
determination follows consultation with the Committee Management
Secretariat, General Services Administration.
Purpose. The Committee provides informed advice as representatives
of the financial community to the Secretary of the Treasury and
Treasury staff, upon the Secretary of the Treasury's request, in
carrying out Federal financing and in the management of the public
debt.
Scope. The Committee meets at the request of the Secretary and is
presented with a list of items on which its advice is sought. It is
usually requested to consider the current midquarter refunding
operation and to provide expert advice on financing options for the
entire current quarter and on longer term debt management policies. In
addition to the regular quarterly meetings, the Committee may be
requested to hold a special meeting to discuss debt management issues
that are broader in scope.
The portion of meetings at which the Treasury presents background
information on the federal debt, the financial markets, and the
economic conditions are open to the public. The parts at which the
Committee discusses specific subjects raised in the Treasury request
and makes its recommendations are closed to the public because the
Committee's activities fall within the exemption covered by law for
information that would ``lead to significant financial speculation in
the securities markets'' (5 U.S.C. 552b(c)(9)(A)(i)). A similar
exception to the open meeting format is included in the provision in
the Government Securities Act Amendments of 1993 (31 U.S.C. 3121 note)
that generally provides for open meetings.
The day before the Committee convenes for its regular quarterly 2-
day meeting, the Treasury releases to the public an updated estimate of
Treasury borrowing requirements and other background information on the
Treasury debt. The Treasury releases to the public each written report
of the Committee, and minutes of each meeting prepared by the Treasury
employee who attends, at the press conference announcing each
midquarter refunding.
Membership consists of 20-25 members who are experts in government
securities markets and who are involved in senior positions in debt
markets as investors, investment advisors, or as dealers in debt
securities. They are appointed by the Committee in consultation with
the Treasury. Members must be highly competent, experienced, and
actively involved in financial markets. Effort is made to get regional
representation so that Committee views are a reasonable proxy for
nationwide views. As far as possible, balance between dealers and
investors is sought. The membership changes from time to time,
reflecting changes in their employment and interests. This provides for
a rotation of membership in areas where more than one qualified
candidate may be available.
Statement of Public Interest. It is in the public interest to
continue the existence of the Treasury Borrowing Advisory Committee of
the Public Securities Association. The Secretary of the Treasury, with
the concurrence of the General Services Administration, has also
approved renewal of the Committee.
Authority for this Committee will expire two years from the date
the charter is filed with the appropriate Congressional committees,
unless prior to the expiration of its charter, the Committee is
renewed.
The Assistant Secretary (Management) has determined that this
document is not a major rule as defined in Executive Order 12291 and
that a regulatory impact analysis therefore is not required. Neither
does this document constitute a rule subject to the Regulatory
Flexibility Act (5 U.S.C. Chapter 6).
In accordance with the Federal Advisory Committee Act (5 U.S.C.
App. I), the Department of the Treasury has renewed the charter of the
Treasury Borrowing Advisory Committee of the Public Securities
Association. The Committee members are:
Daniel S. Ahearn, President, Capital Markets Strategies Co., 50
Congress Street, Ste. 816, Boston, MA 02109
James R. Capra, President, Capra Asset Management, Inc., 555 Theodore
Fremd Avenue Ste. C-204, Rye, NY 10580
Kenneth M. DeRegt, Managing Director, Morgan Stanley & Co.,
Incorporated, 1585 Broadway, New York, NY 10036
Stephen C. Francis, Managing Director, Fischer, Francis, Trees & Watts,
Inc., 200 Park Avenue, 46th Fl., New York, NY 10166
Lisa W. Hess, Managing Director, Zesiger Capital Group LLC, 320 Park
Avenue, New York, NY 10022
Gedale B. Horowitz, Senior Managing Director, Salomon Brothers, Inc., 7
World Trade Center, 39th Fl., New York, NY 10048
Timothy W. Jay, Managing Director, Lehman Government Securities, Inc.,
3 World Financial Center, New York, NY 10285-0900
London Office: 1 Broadgate, 3rd Floor, London EC2M 7HA England
Thomas L. Kalaris, President, BZW Securities Inc., 222 Broadway, New
York, NY 10038
Richard Kelly, Chairman of the Board, Aubrey G. Lanston & Co., Inc.,
One Chase Manhattan Plaza, 53rd Fl., New York, NY 10005
[[Page 36871]]
Barbara Kenworthy, Managing Director of Mutual Funds--Taxable,
Prudential Insurance, McCarter Highway 2 Gateway Center, 7th Floor,
Newark, NJ 07102-5029
Mark F. Kessenich, Jr., Managing Director, Eastbridge Capital, Inc.,
308 Royal Poinciana Plaza, Palm Beach, FL 33480
Richard D. Lodge, President, Banc One Funds Management Company, 150 E.
Gay Street, 24th Floor, P.O. Box 432710138, Columbus, OH 43271-0138
Wayne D. Lyski, Chairman & Chief Investment Officer, Alliance Fixed
Income Investors, Alliance Capital, Management Corporation, 1345 Avenue
of the Americas, New York, NY 10105
Robert D. McKnew, Executive Vice President, Bank of America 555
California Street, 10th Fl., San Francisco, CA 94104
Michael P. Mortara, Partner, Co-head Fixed Income Division, Goldman-
Sachs & Co., 85 Broad Street, 26th Floor, New York, NY 10004
Daniel T. Napoli, Senior Vice President, Merrill Lynch & Company 250
Vesey Street, North Tower, World Financial Ctr, 8th Fl., New York, NY
10281
William H. Pike, Managing Director, Chase Securities Inc., 270 Park
Avenue, New York, NY 10017
Richard B. Roberts, Executive Vice President, Wachovia Bank & Trust
Co., NA, P.O. Box 3099, Winston-Salem, NC 27150
Joseph Rosenberg, President, Lawton General Corporation, 667 Madison
Avenue, New York, NY 10021-8087
Morgan B. Stark, Principal, Ramius Capital Group, 40 West 57th Street,
15th Fl., New York, NY 10019
Stephen Thieke, Chairman, Market Risk Committee, JP Morgan & Company,
Inc., 60 Wall Street, 20th Floor, New York, NY 10260
Craig M. Wardlaw, Executive Vice President, Nations Bank Corporation,
Nations Bank Corporate Center, Mail Code NCI 007-0606, Charlotte, NC
28255-0001
Dated: July 2, 1997.
George Munoz,
Assistant Secretary (Management) and Chief Financial Officer.
[FR Doc. 97-17787 Filed 7-8-97; 8:45 am]
BILLING CODE 4810-25-U
