Lucas Holds Task Force Hearing on Treasury Market Debt

Washington, DC – Today, the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity held a hearing to examine the health of the Treasury market. 

As Chair of the Task Force, Congressman Frank D. Lucas (OK-03) opened the hearing by highlighting the importance of the Treasury market, which you can watch here.

He then had the opportunity to question witnesses on a variety of topics, including reforms to the supplementary leverage ratio, the SEC’s Clearing Rule, and the Federal Reserve’s balance sheet. You can watch his full Q&A here. 

He then concluded the hearing by underscoring the importance of the Treasury market on the real economy, which you can watch by clicking here.

HIGHLIGHTED QUOTES:

Mr. Frank D. Lucas: “As Ag Committee Chairman during the implementation of the Dodd-Frank swaps regime, I understand the value of gathering perspectives from a wide range of stakeholders. Mr. Wipf, as former Chair of the TMPG, how important is it for the Treasury, the Fed, the SEC, to engage with industry — why does the market benefit when all parties collaborate?”

Mr. Thomas Wipf: “The view on this is that every important moment in the development of the Treasury market has involved exactly that, which is a public-private work where the industry can lay out the problems and regulators can address it in a more practical way. So whether it be the original initiation clearing, the expansion of that, what we see today from the SEC, all these things are involving. I think when we go through some of the important moments over the last several decades… the industry and the regulatory community have addressed these issues and have come to very practical solutions in some cases.”

BACKGROUND:

The Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity was created at the beginning of the 119th Congress. 

The Task Force is charged with examining issues related to monetary policy, the fundamental role that U.S. Treasury debt plays in the economy, and the resilience of the Treasury market. The Task Force will also examine the Federal Reserve Act and how economic growth and price stability affect the financial wellbeing of all Americans.

You can find more information on the Task Force here.

###