There were other things that happened in between there, but apparently not everybody remembers that. So as treasury issuance continues to grow and primary dealers shoulder an increasing share of that demand, Balance sheet capacity has become a real constraint [for primary dealers]. So Ms. Klimpel, how does expanding central clearing help primary dealers reduce balance sheet strain. And more efficiently intermediate growing volumes of treasury securities? Thank you for the question, Congressman. (01:06–01:18)
CLAIM
Asserts that balance sheet capacity is a significant constraint for primary dealers.
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