debt security of the United States government that pays coupon interest and whose maturity date is one year or less from the issuance date.
coupon bearing special certificates of indebtedness with maturities of less than one year. The Treasury Department borrows from the Federal Reserve System from time to time, by issuing these short-term certificates to the Federal Reserve Bank of New York. The certificates cover overdrafts on the Treasury’s account maintained at Federal Reserve Banks. Legislation in June 1979 authorized Treasury borrowings from the Fed only in unusual circumstances, and when the borrowings are approved by the Federal Reserve Board of Governors.