DEPARTMENT OF THE TREASURY
WASHINGTON, D.C.

ASSISTANT SECRETARY

November 15, 2013

Mr. Gregory T. Long

Executive Director

Federal Retirement Thrift Investment Board
77 K Street, NE

Washington, DC 20002

Dear Mr. Long:

Section 8438 of Title 5 of the United States Code requires the Secretary of the Treasury to report
to Congress on the operation and status of the Government Securities Investment Fund of the
Federal Employees’ Thrift Savings Plan (the G Fund) during any debt issuance suspension
period. The Secretary is also required to send a copy of this report to the Executive Director of
the Federal Retirement Thrift Investment Board.

Enclosed is the report covering the operation and status of the G Fund during the most recent
debt issuance suspension period. As explained in the report, Treasury has fully restored the G
Fund to the position it would have been in had there not been a debt issuance suspension period.
Sincerely,
arfow . if yp “1 na

Alastair M. Fitzpayne
Assistant Secretary for Legislative Affairs

Enclosure


Status of the Attachment 1
Government Securities Investment Fund

uasno13
Principal Interest
Daily Daily
(Suspension) (Suspension)
or ‘Cumulative or ‘Cumulative
Date Restoration {Suspension) Restoration (Suspension)
‘aly 19, 201: 1,382,415, 119.28 9

Sly 22,2013] 6.764.070.0817) (11.851,36449755)|_—— 705,194.52] @2.281,15837)
| _(6099.281,7860n) (18.530,646195.56]| (058,679.79) 43,379.838.11
| 9.189.249.152.60 | 0.341,397.04096)(556323.63)] (43.936,61.74)
| (4894.158,74928)] 14,235,555, 79026] (845, 247.79)] (94 71,409.53)
| 605.s31.04740 | 15.630.02384280] —2428,66343)|_(7,210,072.96)
|__695.586,60195))(14,326,010.444. 79] @50,78038)] 8,060,883.)
| _2.747483,995.38)) (1,073.494,44037)(1,015,00848)}_(8.073,861.82)
| (4363,15762122))39,817.217,802.63))—(2.338,709.28] (105,607,388 32)
| $23.778.655.71| (4.651. 194,12062)] 760,114.83) (111.158370.75)
_1816,799.626.89 | (58.638.99,504.80) —(10404.305.29)] (125,157, 808.40)
| (4.289.926.517.09)] (65,178.42,55960) 3.854.931.92) _(132,594.23482)
| _ 1e.668.732,175.12| (34.515,590.426.48) 6.225.628] _(135,819.87767)
| 5.575.463549 52)] —(90,088,084,376.00)] —(5325,77383)] (141, 14565150)
| __(620.165.595.94)] 00.709.219.969.96] (16,088,085 58] (157,233,737.08)
|_(3922971554.2) (4,63,191,56446)] (5595,209.15) (162,828,546.23)
August 21,2013] 10:963,237,748.99 | (88,371,829,74427] —(5.226,350.88)| _(173.928,436.8)
August 22,2013] (450.531,52475))  (95822,36,069.00] (5,725,754) (179.653,912.22)
| (634,936,90954)] (97.787.297.97854)} (17343,001.90)] (156 996.914.12)
| 4-539.516.452.12)] (105488.192,768.77] (6.118.880.85)] 208 96637291
|_(.903,338.927.95)] (11,661,250597.12))(28.305,661.86)  248,73,712.58)
September 3, 2013] _(15,849,149.447 36) (135,510,399,844.48)| —(@.956400.36) | (258,730,112.92)
September 42013] _ (10.717, 147.759.85)_(146227,567,604.35)|—(9,664,025.27] (268,394, 138.19)
September S,2013] _(3,110.52252861))(151,336,07,132.54)|(10,001,815.35) (278,395,953 54)
ber 6,2013] 2,967 197,647:57] _(154,300267.780)] 60.593.693.86)] 308,989,647 40)

July 23, 201:

uly 24, 2013}

‘July 25, 201

‘August 1, 201:

August 2, 2013

‘August 12, 201:

August 13, 2013
August 14, 201

August 15, 201

August 16, 201:

August 19, 201:

August 20, 201:

August 23, 201:

August 26, 201:

August 27, 201

August 28, 201:

August 29, 201

‘August 30, 201



DEPARTMENT OF THE TREASURY
WASHINGTON, D.C.

ASSISTANT SECRETARY

November 15, 2013

The Honorable Mitch McConnell
Republican Leader

United States Senate
Washington, DC 20510

Dear Leader McConnell:

Section 8438 of Title 5 of the United States Code requires the Secretary of the Treasury to report
to Congress on the operation and status of the Government Securities Investment Fund of the
Federal Employees’ Thrift Savings Plan (the G Fund) during any debt issuance suspension
period.

Enclosed is the report covering the operation and status of the G Fund during the most recent
debt issuance suspension period. As explained in the report, Treasury has fully restored the G
Fund to the position it would have been in had there not been a debt issuance suspension period.

Sincerely,

Meh oe Hapey Ye

Alastair M. Fitzpayne
Assistant Secretary for Legislative Affairs

Enclosure

Identical letter sent to:
The Honorable John A. Boehner, Speaker of the House
The Honorable Nancy Pelosi, House Democratic Leader
The Honorable Harry Reid, Senate Democratic Leader

cc: The Honorable Dave Camp, Chairman, House Committee on Ways and Means
The Honorable Sander M. Levin, Ranking Member, House Committee on Ways and
Means
The Honorable Max Baucus, Chairman, Senate Committee on Finance
The Honorable Orrin Hatch, Ranking Member, Senate Committee on Finance


Report on the Operation and Status of the
Government Securities Investment Fund
May 31, 2013 to October 18, 2013
Pursuant to 5 U.S.C. § 8438(h)

November 15, 2013

On May 19, 2013, the outstanding debt subject to the limit was at the statutory debt limit. In
order to protect the full faith and credit of the United States, beginning on May 31, 2013, the
Secretary of the Treasury employed statutory authority to suspend investments in the Government
Securities Investment Fund (G Fund) of the Federal Employees’ Retirement System. The
Continuing Appropriations Act, 2014, operated to suspend the statutory limit beginning October
17, 2013, rendering further use of this authority unnecessary. The G Fund was fully restored by
October 18, 2013.

Legal authority: Section 8438(g)(1) of Title 5, United States Code, empowers the Secretary of the
Treasury to “suspend the issuance of additional amounts of obligations of the United States [to
this fund], if such issuances could not be made without causing the public debt of the United
States to exceed the public debt limit.” The statute defines the period of this suspension as a
“debt issuance suspension period.” § 8438(g)(6)(B).

Reporting requirement: Section 8438(h) requires submission of a report to Congress on the
operation and status of the G Fund during this period. The report is to be made “as soon as
possible after the expiration of such period, but not later than 30 days after the first business day
after the expiration of such period.” § 8438(h)(2). This document fulfills the requirement of
section 8438(h). A copy of this report is being concurrently transmitted to the Executive Director
of the Federal Retirement Thrift Investment Board.

Restoration requirement: Section 8438(g) requires the Secretary to make the G Fund whole upon
expiration of a debt issuance suspension period. Treasury must issue obligations sufficient to
ensure that the G Fund’s portfolio replicates what it would have been upon the expiration of the
period, as if the suspension had not occurred. § 8438(g)(3). Treasury must also pay the G Fund
for the interest that the fund would have earned. § 8438(g)(4).

Status and operations: Throughout this period, a portion of the G Fund’s holdings could not be
re-invested without exceeding the debt limit. Treasury has now replicated the portfolio the
G Fund would have held but for the suspension, and has paid the G Fund $652,673,686.42 for
interest it would have earned, accounting for receipts and withdrawals.

The table included as Attachment 1 details the daily and cumulative amounts of G Fund principal
and interest that were suspended and restored. With the restoration of $173,947,950,096.87 in
principal on October 17, 2013 and $652,673,686.42 in interest on October 18, 2013, the G Fund
was fully restored to the condition it would have been in had there not been a debt issuance

suspension period.


Status of the Attachment 1
Government Securities Investment Fund
111572013
Principal Interest
Daily. Daily
(Suspension) (Suspension)
or ‘Cumulative or ‘Cumulative
Date Restoration (Suspension) Restoration (Suspension)
‘September 9, 2013] (953,946,506. (155,254,214,286.5! (10,262,850.26)| _ (319,252,497.66)
September 10, 2013] (6,858,897,256.76)}_(162,113,111,543.3: (10,716,024.01)] _ (329,968,521.6%
September 11,2013] 10,944,423,629.71 | _(151,168,687,913.64) (9,994,703.03)} _ (339,963,224.70)
September 12, 201: 2,160,905,490.15 | _(149,007,782,423. (9,852,802.66)} (349,816,027.
September 13, 2013] _(1,608,915,878.01)| _(150,616,698,301.50)| _(29,878,789.30)| (379,694,816.
September 16,2013] _(7,020,420,296.43)) _(157,637,118,597.93)] __(10,424,720.33)| (390,119,536.
September 17, 2013] _ 23,600,951,693.04 | _(134,036,166,904.89) (8,868,400.84)} _(398,987,937.83
September 18, 2013] _8,961,300,532.00 | _(125,074,866,372.8 (8,277,789.00)} _(407,265,726.83
September 19, 2013] _20,409,960,818.82 | (104,664,905,554. (6,931,844.63)] _ (414,197,571.46)
September 20, 201: 6,890,177,423.09 | _(97,774,728,130. (19,433,224.88)|  (433,630,796.34)
September 23, 2013] (3,623,054,074.35)| _(101,397,782,205.33} (6,718,044.60)} _ (440,348,840.94
September 24, 2013] (6,946,333,365.28)] _(108,344,115,570.61. (7,176,752. (447,525,593.8
September 25, 2013] _3,375,601,709.39 | _(104,968,513,861.22)| (6,954,530. (454,480,124.1
September 26, 2013] 21,006,367,663.03 | _(83,962,146,198.19)|_(5,569,152.43)] _(460,049,276.61)
September 27, 2013] _3,523,705,600.60| _(80,438,440,597.59)} (16,011,159. (476,060,436.
September 30, 2013] — (39,441,094,151.30)] _(119,879,534,748.8 (7,940,126. (484,000,562.13
October 12013] — (46,243,063,636.61)] _ (166,122,598,385.: (10,412,912.44)}(494,413,474.5
October 2, 2013} (8,263,852,343.86)| _ (174,386,450,729.36)] _(10,930,054.01)] _(505,343,528.58)
October 3, 2013] 21,660,076,841.80 | _(152,726,373,887.56) (9,576,982.34)| _ (514,920,510.92)
October 4, 2013} (487,545,490.90)| _(153,213,919,378.46)) _ (28,824,157.48)] _ (543,744,668.40
October 7, 2013] (14,200,232,333.76)| _ (167,414,151,712.22)] _(10,497,368.53)] _(554,242,036.93)
October 8, 2013] (5,972,377,888.62)| _(173,386,529,600.84)] _(10,871,298.23)| _(565,113,335.16)
October 9, 2013] 13,129,561,210.28 | (160,256,968,390.56)} _(10,051,380.11)] _(575,164,715.2:
October 10,2013] (17,441,018,755.45)] _ (177,697,987,146.01)} (11,142,071. (586,306,787.26)
October 11,2013] 1,084,031,642.34 | _(176,613,955,503.67 (44,299,312.46)] _(630,606,099.72)
October 15, 2013] (594,521,427.56)] _(177,208,476,931.23))_(11,114,942.69)| _ (641,721,042.41.
October 16,2013] _3,260,526,834.36 | _(173,947,950,096. (10,911,854.45)| _ (652,632,896.86)
October 17,2013} _173,947,950,096.87 (0.00) (40,789.56) (652,673,686.42)
October 18, 201: 0.00 0.00] 652,673,686.42 0.00



DEPARTMENT OF THE TREASURY
WASHINGTON, D.C.

ASSISTANT SECRETARY

November 15, 2013

The Honorable John A. Boehner
Speaker of the House

U.S. House of Representatives
Washington, DC 20515

Dear Speaker Boehner:

Section 8438 of Title 5 of the United States Code requires the Secretary of the Treasury to report
to Congress on the operation and status of the Government Securities Investment Fund of the
Federal Employees’ Thrift Savings Plan (the G Fund) during any debt issuance suspension

period.

Enclosed is the report covering the operation and status of the G Fund during the most recent
debt issuance suspension period. As explained in the report, Treasury has fully restored the G
Fund to the position it would have been in had there not been a debt issuance suspension period.

Sincerely,

Mobi Hepes

Alastair M. Fitzpayne
Assistant Secretary for Legislative Affairs

Enclosure

Identical letter sent to:
The Honorable Nancy Pelosi, House Democratic Leader
The Honorable Harry Reid, Senate Democratic Leader
The Honorable Mitch McConnell, Senate Republican Leader

cc: The Honorable Dave Camp, Chairman, House Committee on Ways and Means
The Honorable Sander M. Levin, Ranking Member, House Committee on Ways and
Means
The Honorable Max Baucus, Chairman, Senate Committee on Finance
The Honorable Orrin Hatch, Ranking Member, Senate Committee on Finance


Status of the Attachment 1

Government Securities Investment Fund
11/15/2013
Principal Interest
Daily Daily
(Suspension) (Suspension)

or Cumulative or ‘Cumulative
Date Restoration (Suspension) Restoration (Suspension)

‘May 31, 201: 1,786,858, 766.48)

anes, 2013] 179585876648 | aga) anne] (2421.29)
[assng.o71.s5)—4003,708,65877} (198625630) ¢7.510,84035)
June 10,2013] 4.571.457.458.65)) (5614714561229) @.730.22889] 2029320256)
Sane 1.2013] (6299440 10.48) (2.46585,7.77) _—.03558439) _ 23.32982655)
| 4634,721,93920]  67.674806,77235] —@.804895.87] _@28.713.22.14)
[sa2.58.is6a7| 37832.648.58586] (639436526) 7107.87.40)
June 28,2013] (852,174445.88)) —(54,711355,87526)|— @,662,395.60) _(59,519913.73}
} rao13.6sso15.16 | 4,667,69526008)| —(1,979.795.18)] (61,459,708 91)
Sune 27,2013] 23,895,762,78582 | (16,771, 91247426) (818,290.87) _(62,317,999.70}
| 1068523575846) G8919476255.1N] 230126468) (68.956,174.18)
| rscs6262,15862] cosi9si4os44s] —2.465011.77) _(7.422,18535}
| 4.05536022035) (1365577470800) (61025900) (75937.52000}
| 11,798520,78880 } —(6.245651,70930)] 491,156.36} (7561630430
} 13608587016] (6749.565850.19) 402,875.33] (76019,179.63)
| 7330,14640522 | (1.is6a77.11485) —(664970.59) (7957269750)

June 4, 2013}

June 5, 2013}

‘June 6, 2013}

June 7, 2013}

Sune 12, 2013}

June 13, 2013}

June 14, 2013}

June 17, 2013}

June 18, 2013

June 19, 201.

June 20, 201:

June 21, 201;

June 24, 2013}

June 26, 2013}

June 28, 2013}

July 1, 201:

July 2, 201:

July 3, 201:

July 5, 201:

‘July 8, 2013}

‘uly 9, 2013

July 10, 2013}

July 11, 2013]

July 12, 2013}

July 15, 201:

July 16, 20:

‘July 17, 2013}

July 18, 2013]


DEPARTMENT OF THE TREASURY
WASHINGTON, D.C.

ASSISTANT SECRETARY

November 15, 2013

The Honorable Nancy Pelosi
Democratic Leader

U.S. House of Representatives
Washington, DC 20515

Dear Leader Pelosi:

Section 8438 of Title 5 of the United States Code requires the Secretary of the Treasury to report
to Congress on the operation and status of the Government Securities Investment Fund of the
Federal Employees’ Thrift Savings Plan (the G Fund) during any debt issuance suspension
period.

Enclosed is the report covering the operation and status of the G Fund during the most recent
debt issuance suspension period. As explained in the report, Treasury has fully restored the G
Fund to the position it would have been in had there not been a debt issuance suspension period.

Sincerely,

aspare Kap ag nm

Alastair M. Fitzpayne
Assistant Secretary for Legislative Affairs

Enclosure

Identical letter sent to:
The Honorable John A. Boehner, Speaker of the House
The Honorable Harry Reid, Senate Democratic Leader
The Honorable Mitch McConnell, Senate Republican Leader

cc: The Honorable Dave Camp, Chairman, House Committee on Ways and Means
The Honorable Sander M. Levin, Ranking Member, House Committee on Ways and
Means
The Honorable Max Baucus, Chairman, Senate Committee on Finance
The Honorable Orrin Hatch, Ranking Member, Senate Committee on Finance


DEPARTMENT OF THE TREASURY
WASHINGTON, D.C.

ASSISTANT SECRETARY

November 15, 2013

The Honorable Harry Reid
Majority Leader

United States Senate
Washington, DC 20510

Dear Leader Reid:

Section 8438 of Title 5 of the United States Code requires the Secretary of the Treasury to report
to Congress on the operation and status of the Government Securities Investment Fund of the
Federal Employees’ Thrift Savings Plan (the G Fund) during any debt issuance suspension

period,

Enclosed is the report covering the operation and status of the G Fund during the most recent
debt issuance suspension period. As explained in the report, Treasury has fully restored the G
Fund to the position it would have been in had there not been a debt issuance suspension period.

Sincerely,

Ms Mam

Alastair M. Fitzpayne
Assistant Secretary for Legislative Affairs

Enclosure

Identical letter sent to:
The Honorable John A. Boehner, Speaker of the House
The Honorable Nancy Pelosi, House Democratic Leader
The Honorable Mitch McConnell, Senate Republican Leader

cc: The Honorable Dave Camp, Chairman, House Committee on Ways and Means
The Honorable Sander M. Levin, Ranking Member, House Committee on Ways and
Means
The Honorable Max Baucus, Chairman, Senate Committee on Finance
The Honorable Orrin Hatch, Ranking Member, Senate Committee on Finance