Performing Services for the U.S. Treasury and the Federal Reserve System> > >
The Federal Reserve Banks perform fiduciary services for the U.S. Treasury . The Fed maintains the Treasury’s funds account and clears checks drawn on that account, thereby acting as the federal government’s bank.
A few Reserve Banks also conduct nationwide auctions of Treasury securities, through which the Treasury raises money to finance government spending and refinance debt.
Philadelphia’s Treasury Payments Department supports the Post Payment Services Systems for the U.S. Treasury, which helps reconcile government checks and provides the functionality to handle any check-related claim cases.
Philadelphia’s Collateral Management and Administrative Services Department also maintains the Collateral Management System, a web-based application that records, manages, values, and monitors collateral for certain U.S. Treasury programs and on behalf of the entire Federal Reserve System for the Reserve Banks’ discount window lending.