Obligations issued by federal agencies other than the U.S. Treasury Department are

Answer (C) is correct. Obligations issued by the Treasury Department are insured by the full faith and credit of the U.S. government. However, obligations of other federal agencies (agency securities) are guaranteed only by the issuing agency, not the federal government. Exceptions are securities issued by the Government National Mortgage Association (Ginnie Mae), which have the full backing of the U.S. government.