Minutes of the Meeting of the Treasury Borrowing Advisory Committee July 29, 2025

The Committee convened in a closed session at the Department of the Treasury at 9:00 a.m. All members were present. Barrie Ringelheim from Citigroup was also present to assist the Committee Chair. Director of Policy & Planning Hunter McMaster, Deputy Assistant Secretary for Federal Finance Brian Smith, Director of the Office of Debt Management Fred Pietrangeli, and Deputy Director of the Office of Debt Management Tom Katzenbach welcomed the Committee. Other members of Treasury staff present were Abigail Brown, Nicholas Chisholm, Dave Chung, Gabriella Csepe, Gary Grippo, Liang Jensen, Shahnewaz Khan, Chris Kubeluis, Kyle Lee, Libby Ragan, Gavin Ross, Joshua Stachura, Nick Steele, and Renee Tang. Federal Reserve Bank of New York staff members Luis Gonzalez, Justin Meyer, and Kyle Watson were also present.