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• W33136023 abstract "i ABSTRACT Wise investors in Treasury securities can deal directly with the Bureau of the Public Debt by opening a Treasury Direct account with a Federal Reserve Bank, thus avoiding charges imposed by banks and brokerage firms that frequently act as intermediaries for Treasury securities investors. Although there are several advantages to investing in Treasury securities, certain practices followed by the Federal Reserve Bank reduce interest rightfully due investors. This paper cites examples of how the Federal Reserve Bank takes unfair advantage of its investors by avoiding full payment of interest. Investor record-keeping problems also arise when the Federal Reserve Bank reopens a previously issued security. Recommendations are made for strengthening the Treasury Direct system, with specific suggestions for how to achieve fair treatment of investors. Strengthening Treasury Direct 6 THE TREASURY DIRECT SYSTEM For several decades, investors have been permitted and encouraged to purchase Treasury bills, notes, and bonds from the United States Treasury (Bureau of the Public Debt) by establishing a Treasury Direct account with a regional Federal Reserve Bank that administers and services such accounts. These accounts have several advantages. Among them are the following: The U.S. Government guarantees Treasury issues and interest is exempt from state and local taxation; the Federal Reserve Bank charges no fees for opening a Treasury Direct account or for the purchase of bills, notes, and bonds; securities are held in book entry form and the purchase price is charged electronically to an investor’s bank account; interest payments are credited similarly; on request, the Federal Reserve will liquidate partially or fully an investor’s holdings in the secondary treasury market for a nominal fee of $34 per security; Treasury Direct holdings also may be transferred without charge to other financial institutions such as brokerage firms or banks if an investor requires trust account or other services; and conversely, investors may transfer Treasury securities held elsewhere into Treasury Direct accounts. There is an annual maintenance fee of only $25 on Treasury Direct accounts of $100,000 or more. Treasury Direct Electronic Services has a toll-free telephone number (800-722-2678) for all Treasury Direct business. Callers can get information about their accounts or request a variety of Treasury forms, from opening an account to updating personal information. Standard recorded information on future and select past Treasury issues is also provided. Existing account holders can purchase new Treasury offerings or reinvest maturing securities. Treasury Direct also has a web site offering parallel services at www.treasurydirect.gov. To encourage small investors, the Federal Reserve recently reduced its minimum investment requirement from $10,000 to $1,000 for the purchase of bills; previously only notes or bonds had such a minimum. On a weekly basis, the Federal Reserve issues thirteenand twenty-six-week bills. Fifty-two-week bills once offered monthly and then reduced to quarterly are no longer offered, with March 1, 2001 being the last issue date. The Federal Reserve also issues cash management bills (CMBs) on an irregular schedule for varying periods to dealers and institutional investors. Two-year notes are offered monthly with fiveand ten-year notes offered quarterly in February, May, August, and November. Ten-year inflation-indexed notes are offered semiannually in January and July. Bonds have maturities in excess of ten years with 30year bonds scheduled each year on February 15 and August 15. Currently October 15 is the annual issue date for 30-year inflation-indexed bonds. Bills are discounted, which permits an investor to pay less than face value, with interest (discount) received on the issue date and the face value paid at maturity; interest is taxed at maturity rather than when the bill is issued. Notes (two-, fiveand ten-year) and thirty-year bonds pay interest semi-annually. With inflation-indexed notes and bonds, the interest rate remains fixed from the date of issue but the principal amount is adjusted periodically for inflation and paid at maturity. Interest payments are based on the inflation-adjusted principal at the time of semi-annual payments." @default.
• W33136023 created "2016-06-24" @default.
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• W33136023 date "2001-01-01" @default.
• W33136023 modified "2023-09-27" @default.
• W33136023 title "Strengthening Treasury Direct" @default.
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