Senator Elizabeth Warren’s letter to US Treasury Secretary Mnuchin on Fed intervention in repo

I write to you in your capacity as Chair of the Financial Stability Oversight Council (FSOC) to request information regarding the recent volatility in the short-term lending market, the “emergency measure” taken by the Federal Reserve Bank ofNew York (New York Fed) in response to this volatility, and the two extensions announced in response to these efforts in recent weeks. 1 While the Federal Reserve has taken the necessary action to ensure that markets continue to function, I am alarmed that it has been required to engage in money market interventions that have not been used since the 2008 financial crisis, and I write to obtain your understanding of the underlying causes of this fluctuation in the market and how you plan to mitigate them.

The text of the letter is available at

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