Bill Dudley: exclude reserves, not Treasuries, from SLR

Former head of NY Fed says standing repo facility and reform of G-Sib buckets also key

Bill Dudley
William Dudley: Treasury market review should establish universally accessible standing repo facility
Image: Victoria Jones/PA Archive/PA Images

Exempting US Treasuries from the leverage ratio is not necessary to ensure the smooth functioning of the Treasury market, according to William Dudley, former president of the Federal Reserve Bank of New York.

Conversely, regulators should permanently exempt reserves that banks hold at the Fed from the supplementary leverage ratio (SLR), Dudley tells He does, however, consider a host of other reforms – such as establishing a standing repo facility and changing the way a capital add-on

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