The US government’s money demand is large and volatile and takes the form of the Treasury General Account (TGA) at the Federal Reserve. I study the drivers of TGA volatility and the options available to the Federal Reserve for adjusting its balance sheet in response to this volatility. Using interest rate control, control of the Fed’s overall policy stance, and communication as criteria, I argue that a policy of adjusting the Fed’s holdings of Treasury bills (or other short-maturity assets) performs better than the current ample reserves policy of letting the supply of reserves and overnight reverse repo facility balances adjust passively to changes in the TGA.