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book-entry securities, government securities market regulation, special purpose securities, and public debt accounting programs are managed, and one in Parkersburg, West Virginia, where the savings securities program is managed.

The purpose of this book is to describe the historical events which took place within the United States Government to bring about the evolution of the function of administering the Government's public debt. The primary emphasis of this work is on the functions, operations, policies, products, external influences and technologies of the Bureau of the Public Debt since its inception in 1940. Phase One of this book discusses the historical highlights of debt management including its organization and implementation methods.

Phase Two describes the birth and early history of the Bureau from 1940 to 1960, especially its role in borrowing money to help finance the allied cause in World War II. The middle years of the Bureau are described in Phase Three (1960-1980), a period of greatly increased government expenditure in the social arena. Phase Four documents the great expansion of public debt in the 1980's. The last section provides brief biographies of the seven men who have served as Commissioners of the Public Debt since 1940 and the present Fiscal Assistant Secretary.

A close look at the Savings Bond operations, computerization of operations, and leadership of the Bureau is also presented, as these areas most closely affect the general public. We hope that you find this work enjoyable and informative.

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