By the 2017 tax cut and the big beautiful bill. There were other things that happened in between there, but apparently not everybody remembers that. So As treasury issuance continues to grow, primary dealers shoulder an increasing share of that demand. balance sheet capacity has become a real constraint. So Ms. Klimpel, how does expanding central clearing help primary dealers reduce balance sheet strain. And more efficiently intermediate growing volumes of treasury securities? (01:06–01:18)
CLAIM
Asserts that primary dealers are taking on a larger share of the growing treasury issuance demand.
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