Thank you, Chairman. Rising government spending has made purchasing treasuries more onerous for primary dealers. and as their balance sheets have not grown at the same pace. Ms. McLaughlin, to be clear, is it fair to say that primary dealer balance capacity issues generally did not start to develop until after the financial crisis? (00:03–00:10)
CLAIM
Asserts that increased government spending has made it more difficult for primary dealers to purchase treasuries.
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