U.S. Government Securities: The Federal Reserve Response Regarding Its Market-Making Standard

摘要

The report discusses the work of the General Accounting Office (GAO) on the U.S. government securities market and the primary dealer system. Primary dealers' participation at Treasury auctions was analyzed and this material was included in the hearing record. GAO also noted in their testimony that they had analyzed primary dealers' adherence to the market-making standard, and had posed several questions to the Federal Reserve.