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Consideration of a Proposed Treasury Securities Lending Facility

Summary

The Bond Market Association (TBMA)* provides comments to the U.S. Department of Treasury (Treasury) on the Treasury’s white paper Consideration of a Proposed Treasury Securities Lending Facility published in April 2006.  TBMA broadly supports the efforts of Treasury, but cautions care should be taken to understand fully the costs and benefits of introducing a securities lender of last resort facility.

*SIFMA is a product of a merger between the Securities Industry Association (SIA) and the Bond Market Association (TBMA) in 2006.

Submitted To

U.S. Department of the Treasury

Submitted By

SIFMA

Date

9

August

2006

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