Treasury Department Announces Suspension of Sales of State and Local Government Series Securities

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The U.S. Department of the Treasury's Bureau of the Fiscal Service (Treasury Department) announced on July 23, 2021, the suspension of sales of State and Local Government Series (SLGS) nonmarketable Treasury securities. The suspension is effective on July 30, 2021, at noon EDT until further notice.

The SLGS suspension, also known as "closing the SLGS window," is necessary due to the statutory debt ceiling and to assist the Treasury Department's management of the debt subject to limit. The Treasury Department will reopen the SLGS window when Congress enacts, and the President signs, legislation suspending or raising the debt limit.

New subscriptions for SLGS will not be accepted after noon EDT on July 30, 2021. Open-market Treasury securities, which are purchased after soliciting bids from banks and other financial institutions, are still an option.

 

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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