TREASURY DIRECTIVE: 16-22

DATE: January 16, 2009

SUBJECT: Delegation of Authority to Administer the Investment Activity of Federal Investment Funds

1. DELEGATION. By virtue of the authority granted to the Fiscal Assistant Secretary, the Commissioner, Bureau of the Public Debt is delegated the authority to approve withdrawals from all Federal trust, deposit, revolving and other special fund accounts (investment funds) authorized to invest in Government Account Series securities administered by the Bureau of the Public Debt; to issue these securities to Federal investment funds; and to provide investment accounting services to specific Government trust funds as required by statute or as deemed desirable by the Fiscal Assistant Secretary.

2. REDELEGATION. The Commissioner may redelegate this authority in writing to officials of the Bureau of the Public Debt, and it may be exercised in the individual capacity and under the individual title of each official receiving such authority.

3. AUTHORITIES. Treasury Order 101-05, "Reporting Relationships and Supervision of Officials, Offices and Bureaus, Delegation of Certain Authority, and Order of Succession in the Department of the Treasury."

4. CANCELLATION. Treasury Directive 16-22, "Withdrawals from Trust and Deposit Fund Accounts Delegation of Authority to Administer the Investment Activity of Federal Investment Funds," dated July 13, 2000, is superseded.

5. OFFICE OF PRIMARY INTEREST. Office of the Fiscal Assistant Secretary, Division of Federal Investments, Office of Public Debt Accounting, Bureau of the Public Debt.

/S/

Kenneth E. Carfine

Fiscal Assistant Secretary