Departmental Offices; Debt Management Advisory Committee; Meeting, 61453 [E8-24361]

Download as PDF Federal Register / Vol. 73, No. 201 / Thursday, October 16, 2008 / Notices there be no restrictions to promote liquidity in the marketplace? 1.6 What are the key issues the Treasury should consider in determining the possible losses to which the government would be exposed in offering the guarantee? What methodology should be used to determine possible losses? Does it differ by asset class? If so, please describe using the same asset classes as enumerated under 1.21–1.24. Does it differ by the degree to which the asset is troubled? 1.7 What are the key elements the Treasury should consider in setting premiums for this program? Is it feasible or appropriate to set premiums reflecting the prices of similar assets purchased under Section 101 of the EESA? 1.7.1 If use of prices of similar assets purchased under Section 101 of the EESA are not feasible or appropriate, should premiums be set by use of market mechanisms similar to (but separate from) those contemplated for the troubled assets purchase program? How would this be implemented? If not feasible or appropriate, what methodologies should be used to set premiums? 1.7.2 Do these considerations of feasibility or appropriateness vary by asset class? If so, please describe using the same asset classes as enumerated under 1.21–1.24. Should the premiums vary by the degree to which the asset is troubled? 1.8 How and in what form should payment of premiums be scheduled? 2 How should a guarantee program be designed to minimize adverse selection, given that the program must be voluntary? Is there a way to limit adverse selection that avoids individually analyzing assets? 3 What legal, accounting, or regulatory issues would such a guarantee program raise? 4 What administrative and/or operational challenges would such a guarantee program create? 4.1 What expertise would Treasury need to operate such a guarantee program? Please describe for all facets of the program. 5 What are the key issues to be considered in determining the eligibility of a given type of financial institution to participate in this program? Should these eligibility provisions differ from those of the troubled asset purchase program? 6 What are the key issues to be considered in determining the eligibility of a given asset to be guaranteed by this program? Should eligibility provisions of assets to be guaranteed under this program differ from those of the troubled asset purchase program? 7 Assuming the guarantee is priced to cover expected claims, are there situations (perhaps created by regulatory or accounting considerations) in which financial institutions would prefer this program to the troubled asset purchase program? Please describe. 7.1 Does this preference differ by type and condition of the asset? For what troubled assets might financial institutions choose to participate in the guarantee program rather than sell under the troubled asset purchase program? Is accommodating this choice likely to best promote the goals of the EESA? Does it adequately protect the taxpayer? If not, what design feature should be included to assure these goals are met? Dated: October 10, 2008. Lindsay Valdeon, Deputy Executive Secretary, Treasury Department. [FR Doc. E8–24686 Filed 10–14–08; 4:15 pm] BILLING CODE 4810–25–P DEPARTMENT OF THE TREASURY Departmental Offices; Debt Management Advisory Committee; Meeting Notice is hereby given, pursuant to 5 U.S.C. App. 2, section 10(a)(2), that a meeting will be held at the Hay-Adams Hotel, 16th Street and Pennsylvania Avenue, NW., Washington, DC, on November 4, 2008 at 10:30 a.m. of the following debt management advisory committee: Treasury Borrowing Advisory Committee of The Securities Industry and Financial Markets Association. The agenda for the meeting provides for a charge by the Secretary of the Treasury or his designate that the Committee discuss particular issues and conduct a working session. Following the working session, the Committee will present a written report of its recommendations. The meeting will be closed to the public, pursuant to 5 U.S.C. App. 2, section 10(d) and Public Law 103–202, section 202(c)(1)(B)(31 U.S.C. 3121 note). This notice shall constitute my determination, pursuant to the authority placed in heads of agencies by 5 U.S.C. App. 2, section 10(d) and vested in me by Treasury Department Order No. 101– 05, that the meeting will consist of discussions and debates of the issues presented to the Committee by the Secretary of the Treasury and the making of recommendations of the Committee to the Secretary, pursuant to 61453 Public Law 103–202, section 202(c)(1)(B). Thus, this information is exempt from disclosure under that provision and 5 U.S.C. 552b(c)(3)(B). In addition, the meeting is concerned with information that is exempt from disclosure under 5 U.S.C. 552b(c)(9)(A). The public interest requires that such meetings be closed to the public because the Treasury Department requires frank and full advice from representatives of the financial community prior to making its final decisions on major financing operations. Historically, this advice has been offered by debt management advisory committees established by the several major segments of the financial community. When so utilized, such a committee is recognized to be an advisory committee under 5 U.S.C. App. 2, section 3. Although the Treasury’s final announcement of financing plans may not reflect the recommendations provided in reports of the Committee, premature disclosure of the Committee’s deliberations and reports would be likely to lead to significant financial speculation in the securities market. Thus, this meeting falls within the exemption covered by 5 U.S.C. 552b(c)(9)(A). Treasury staff will provide a technical briefing to the press on the day before the Committee meeting, following the release of a statement of economic conditions, financing estimates and technical charts. This briefing will give the press an opportunity to ask questions about financing projections and technical charts. The day after the Committee meeting, Treasury will release the minutes of the meeting, any charts that were discussed at the meeting, and the Committee’s report to the Secretary. The Office of Debt Management is responsible for maintaining records of debt management advisory committee meetings and for providing annual reports setting forth a summary of Committee activities and such other matters as may be informative to the public consistent with the policy of 5 U.S.C. 552(b). The Designated Federal Officer or other responsible agency official who may be contacted for additional information is Karthik Ramanathan, Acting Assistant Secretary for Financial Markets (202) 622–2042. Dated: October 3, 2008. Anthony W. Ryan, Acting Under Secretary for Domestic Finance. [FR Doc. E8–24361 Filed 10–15–08; 8:45 am] BILLING CODE 4810–25–M

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[Federal Register Volume 73, Number 201 (Thursday, October 16, 2008)]
[Notices]
[Page 61453]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-24361]


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DEPARTMENT OF THE TREASURY


Departmental Offices; Debt Management Advisory Committee; Meeting

    Notice is hereby given, pursuant to 5 U.S.C. App. 2, section 
10(a)(2), that a meeting will be held at the Hay-Adams Hotel, 16th 
Street and Pennsylvania Avenue, NW., Washington, DC, on November 4, 
2008 at 10:30 a.m. of the following debt management advisory committee: 
Treasury Borrowing Advisory Committee of The Securities Industry and 
Financial Markets Association.
    The agenda for the meeting provides for a charge by the Secretary 
of the Treasury or his designate that the Committee discuss particular 
issues and conduct a working session. Following the working session, 
the Committee will present a written report of its recommendations. The 
meeting will be closed to the public, pursuant to 5 U.S.C. App. 2, 
section 10(d) and Public Law 103-202, section 202(c)(1)(B)(31 U.S.C. 
3121 note).
    This notice shall constitute my determination, pursuant to the 
authority placed in heads of agencies by 5 U.S.C. App. 2, section 10(d) 
and vested in me by Treasury Department Order No. 101-05, that the 
meeting will consist of discussions and debates of the issues presented 
to the Committee by the Secretary of the Treasury and the making of 
recommendations of the Committee to the Secretary, pursuant to Public 
Law 103-202, section 202(c)(1)(B). Thus, this information is exempt 
from disclosure under that provision and 5 U.S.C. 552b(c)(3)(B). In 
addition, the meeting is concerned with information that is exempt from 
disclosure under 5 U.S.C. 552b(c)(9)(A). The public interest requires 
that such meetings be closed to the public because the Treasury 
Department requires frank and full advice from representatives of the 
financial community prior to making its final decisions on major 
financing operations. Historically, this advice has been offered by 
debt management advisory committees established by the several major 
segments of the financial community. When so utilized, such a committee 
is recognized to be an advisory committee under 5 U.S.C. App. 2, 
section 3.
    Although the Treasury's final announcement of financing plans may 
not reflect the recommendations provided in reports of the Committee, 
premature disclosure of the Committee's deliberations and reports would 
be likely to lead to significant financial speculation in the 
securities market. Thus, this meeting falls within the exemption 
covered by 5 U.S.C. 552b(c)(9)(A).
    Treasury staff will provide a technical briefing to the press on 
the day before the Committee meeting, following the release of a 
statement of economic conditions, financing estimates and technical 
charts. This briefing will give the press an opportunity to ask 
questions about financing projections and technical charts. The day 
after the Committee meeting, Treasury will release the minutes of the 
meeting, any charts that were discussed at the meeting, and the 
Committee's report to the Secretary.
    The Office of Debt Management is responsible for maintaining 
records of debt management advisory committee meetings and for 
providing annual reports setting forth a summary of Committee 
activities and such other matters as may be informative to the public 
consistent with the policy of 5 U.S.C. 552(b). The Designated Federal 
Officer or other responsible agency official who may be contacted for 
additional information is Karthik Ramanathan, Acting Assistant 
Secretary for Financial Markets (202) 622-2042.

    Dated: October 3, 2008.
Anthony W. Ryan,
Acting Under Secretary for Domestic Finance.
[FR Doc. E8-24361 Filed 10-15-08; 8:45 am]
BILLING CODE 4810-25-M

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