In accordance with the FOMC Directive issued July 31, 2019, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct an overnight repurchase agreement (repo) operation from 9:30 AM ET to 9:45 AM ET today, September 17, 2019, in order to help maintain the federal funds rate within the target range of 2 to 2-1/4 percent.
This repo operation will be conducted with Primary Dealers for up to an aggregate amount of $75 billion. Securities eligible as collateral in the repo include Treasury, agency debt, and agency mortgage-backed securities. Primary Dealers will be permitted to submit up to two propositions per security type. There will be a limit of $10 billion per proposition submitted in this operation. Propositions will be awarded based on their attractiveness relative to a benchmark rate for each collateral type, and are subject to a minimum bid rate of 2.10 percent.
Allison Herren Lee was sworn into office on July 8 as an SEC Commissioner. Ms. Lee was nominated to the SEC by President Donald J. Trump and unanimously confirmed by the U.S. Senate.
“Allison’s expertise in securities law, including from her prior tenure at the Commission, will be invaluable to our efforts to advance the interests of investors and our markets,” said Chairman Jay Clayton. “Many of Allison’s former – and as of Monday, current – colleagues have expressed to me their support for Allison’s return. On behalf of all of my colleagues, Commissioners and staff alike, I am pleased to welcome her back.”
“I’m honored to return to the SEC and to work with the dedicated public servants on the staff, and my fellow Commissioners, to carry out the SEC’s critical mission,” Commissioner Lee said. Continue reading →
Elad L. Roisman has been sworn into office as an SEC Commissioner by SEC Chairman Jay Clayton. Mr. Roisman was nominated to the SEC by President Donald J. Trump and his nomination was confirmed by the U.S. Senate on September 5. Commissioner Roisman fills a term that expires on June 5, 2023.
“It is my honor to welcome Elad back to the Commission,” said SEC Chairman Jay Clayton. “Elad’s broad experience and previous work at the Commission will serve Main Street investors and our markets well.”
“I am excited to have the opportunity to be back working with the talented and hardworking people at the SEC, as well as with my fellow Commissioners,” said Commissioner Roisman. “I look forward to engaging with them and the public to carry out the SEC’s important mission.”
Commissioner Roisman comes to the SEC from the Senate Banking Committee, where he served as Chief Counsel. He previously served as Counsel to SEC Commissioner Daniel Gallagher and prior to that, as a Chief Counsel at NYSE Euronext. He also worked as an attorney at the law firm of Milbank, Tweed, Hadley & McCloy LLP where he served as an associate in the New York office. Commissioner Roisman earned his bachelor’s degree in History at Cornell University and his J.D. at the Boston University School of Law.