Lawmakers join pushback over SEC dealer rule

Bipartisan letter to Treasury says proposal would damage market liquidity

US congress

Members of Congress are pressing the US Treasury to challenge a controversial SEC proposal that critics say would damage liquidity in US Treasury markets.

Four Republicans and three Democrats co-authored a letter in December urging the Treasury to assess the likely effect of the proposal, which would broaden the number of firms having to register in the US as dealers and government securities dealers.

The intervention is welcome news for buy-siders, who have roundly criticised the plans from

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