Who Owns the US National Debt? Key Takeaways here are two kinds of national debt: intragovernmental and public. Intragovernmental is debt held by the Federal Reserve and Social Security and other government agencies. Public debt is held by the public: individual investors, institutions, foreign governments. After intragovernmental holdings, the next largest category is national debt held by foreign governments. Of those, Japan has the most, followed by China. The Federal Reserve also invests in U.S. national debt as it added liquidity to the economy during and after the Great Recession, and more recently during the pandemic. https://www.thebalancemoney.com/who-owns-the-u-s-national-debt-3306124 The Federal Reserve... View Article