109RESERVEBANKSERVICESquirements. Each day the Federal Reserve Banks report the totalamount in TT&L accounts to the Treasury’s cash managers, whoin turn decide what portion of the tax receipts is needed to coverthe government’s daily operating expenses. The managers notifythe Reserve Banks of that amount, and the Reserve Banks transferthe needed funds from the TT&L accounts to the Treasury’s ac-count at the Federal Reserve.The Reserve Banks also handle the weekly,monthly, and quarterly auctions of Treasury secu-rities, through which the Treasury raises money tofinance government spending and to refinance thedebt. The Reserve Banks announce the sales, ac-cept the bids (called tenders), communicate thebids to the Treasury, issue the securities in book-entry form oncethe Treasury has chosen the successful bids, collect payment fromthe successful bidders, and deposit the money in the Treasury’sfunds account at the Federal Reserve. The Reserve Banks, on be-half of the Treasury and some other government agencies, also de-liver new book-entry securities, service securities that are out-standing, and redeem securities that have matured.The Federal Reserve Banks provide another unique securitiesservice for the Treasury: They maintain a separate safekeepingsystem, called Treasury Direct, which holds book-entry Treasurysecurities purchased by individuals who wish to hold their securi-ties directly with the Treasury instead of with a depository institu-tion. Individuals purchase Treasury securities directly but instructthat the securities be delivered to their Treasury Direct account.