Current Issues in Economics and Finance

The Evolution of Treasury Cash Management during the Financial Crisis

Volume 18, Number 32012
JEL classification: A19, B26

Authors: Paul J. Santoro

The U.S. Treasury and the Federal Reserve System have long enjoyed a close relationship, each helping the other to carry out certain statutory responsibilities. This relationship proved beneficial during the 2008-09 financial crisis, when the Treasury altered its cash management practices to facilitate the Fed’s dramatic expansion of credit to banks, primary dealers, and foreign central banks.

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