Steven Kelly on Crises, Stability, and the Fed’s Role in Financial Markets
Macro Musings with David Beckworth
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Do They Need the Approval of the Secretary of Treasury?
The treasury nw has to approve 13 three in all instances. A big change to 13 three occurred in 19 91, where they changed the language so that permissible collateral could include investment securities. So this is what allows them basically to do these market base interventions. And we saw maybe a little bit of tention in 20 20, certainly towards the end of 20 20, when some of the facilities got stopped. But in general, there's a lot of co operation.
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