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The Federal Reserve and the Working Group on Government Securities Clearance and Settlement have made a significant contribution to strengthen our government securities clearing system and, therefore, our financial system as a whole. The two existing major government securities clearing banks play an integral role in the government securities market, and the Working Group’s report is an important part of the effort to ensure that the system is prepared in the event that the services of one of these two banks is disrupted or terminated.
The Treasury Department looks forward to continuing to work with the Federal Reserve, the SEC, other interested government agencies, and private sector participants to further strengthen the infrastructure of our government securities market.