Minutes of the Meeting of the Treasury Borrowing Advisory Committee May 5, 2026

The Committee convened in a closed session at the Department of the Treasury at 10:45 a.m. All members except Chris Leonard were present. Jim McCormick from Citigroup was also present to assist the Committee Chair. Counselor to the Secretary 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, Dave Chung, Gabriella Csepe, Robert Dunsky, Ethan Fallang, Gary Grippo, Townes Holland, Liang Jensen, Gavin Ross, Alessio Saretto, Joshua Stachura, Nick Steele, and Renee Tang.