Joint Report on the Government Securities Market

摘要

The report addresses a broad range of government securities market issues thatarose directly or indirectly from the events of 1991, including the need to strengthen enforcement of Treasury's auction rules; the need to automate the auctions; potential changes in Treasury's auction technique and debt management policies; and the role of the primary dealers. The report also addresses certain issues that were widely debated before the events of mid-1991, such as reauthorization of Treasury's rulemaking authority under the Government Securities Act, the need for sales practice rulemaking authority, and 'transparency'--that is, the availability of timely, accurate price and volume information to market participants. Finally, the report proposes to remove the exemption under the federal securities laws for certain securities issued by Government-sponsored enterprises.