US Treasury official calls for SLR relief during market stress

Under Secretary Liang also urges scrutiny of “artificial incentives” for Treasury futures in 40-Act rules


A senior Treasury official has reiterated calls for excess reserves held in the Federal Reserve system to be excluded from the Supplementary Leverage Ratio (SLR) calculation during times of market stress, a move that would revive one element of the temporary relief provided during the Covid-19 pandemic.

“I would put a countercyclical piece on the SLR that could be relaxed,” said Nellie Liang, under secretary for domestic finance at the US Treasury. “The Fed did it in April 2020. The ECB did it

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