WASHINGTON-Timothy Bitsberger has been nominated to the Treasury Department post of assistant secretary for financial markets. During his hearing before the Senate Finance Committee, Bitsberger explained why he should be confirmed to the position. He has served for more than two years as deputy assistant secretary for federal finance, where his main responsibility was managing the federal debt. "We have made great strides in our objective of achieving the lowest cost of financing, over time, for the American taxpayer," he said. "By improving the transparency of our decision-making, we have reduced investor uncertainty. By expanding our offering of securities beyond the traditional mix, we have taken significant steps to expand and broaden our investor base. By improving our computer systems, we have created a more efficient and accessible electronic marketplace, allowing any investor the opportunity to readily participate in our auctions. Though difficult to precisely quantify, these efforts have helped to lower the cost of financing the debt." Bitsberger's background was mostly in private sector trading and investing prior to coming to the Treasury in 1986.