Wall Street banks are urging the US Treasury to play a more active role in how the country’s debt is sold, encroaching on the turf of the Federal Reserve Bank of New York.
Since the demise of MF Global in 2011, the Fed has not approved any new primary dealers to help underwrite debt sales to the world’s biggest bond market.
The current 21 primary dealers help the New York Fed’s markets desk conduct monetary policy. In 1960 the system was brought in , with number of members peaking at 46 in the 1980s.
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