The composition of who buys U.S. government debt has shifted materially over the past decade. The GAO’s March 2026 federal debt management report (GAO-26-107529) maps those shifts in detail — and the pattern that emerges is not simply reassuring. In fiscal year 2014, primary dealers — the 26 designated banks and securities firms required to bid at every Treasury auction — purchased 42 percent of notes, bonds, and similar coupon securities at auction.