Minutes of the Meeting of the Treasury Borrowing Advisory Committee November 4, 2025

The Committee convened in a closed session at the Department of the Treasury at 10:45 a.m. All members except Gagan Singh were present. Allison Weed 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, Chris Cameron, Nicholas Chisholm, Dave Chung, Gabriella Csepe, Gary Grippo, Liang Jensen, Shahnewaz Khan, Gavin Ross, Joshua Stachura, Nick Steele, and Renee Tang. Federal Reserve Bank of New York staff members Ellen Correia Golay, Peggy Kauh, and Kyle Watson were also present.