Roseman could not be reached for comment at deadline.

As fiscal agents of the Treasury Department, the Federal Reserve banks receive bids, issue securities to awarded bidders, collect payments on behalf of the Treasury and make interest and redemption payments from the Treasury's account to the accounts of securities holders, according to the GAO. During fiscal year 2005, the Federal Reserve banks processed debt held by the public of about US$4.5 trillion in issuances, about $4.2 trillion in redemptions and about $128 billion in interest payments.