U.S. Treasury Secretary Steven Mnuchin said on Tuesday he is open to loosening l...
- U.S. Treasury Secretary Steven Mnuchin said on Tuesday he is open to loosening liquidity requirements for big banks to relieve possible cash crunches in short-term funding markets, Bloomberg reported.
His comments came after weeks of turmoil in overnight lending markets that banks rely on for short-term funding needs. Big U.S. banks have said liquidity requirements imposed by the Fed contributed to the market issues and that those required buffers have discouraged banks from lending in those markets. Fed Chairman Jay Powell said in September he did not believe liquidity requirements were too high.
“It’s a reasonable question: Have we gone too far in the other direction in requiring the banks to maintain this excess liquidity for intra-day operations?,” he added.
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