Remarks by Under Secretary for Domestic Finance Nellie Liang “Strengthening Treasury Market Resilience and the Expansion of Central Clearing” at the Financial Markets Group Fall Conference, hosted by the Federal Reserve Bank of Chicago

As Prepared for DeliveryThank you for the invitation to be part of this conference and to speak with you today. The conference agenda lays out some of the significant opportunities and challenges of expanding central clearing in the Treasury market, and I look forward to hearing your perspectives.In my remarks, I will focus on the critical roles and evolution of the Treasury market, and review the significant progress made to strengthen the Treasury market as well as what remains to be done. I will highlight the recent work done under the umbrella of the Inter-Agency Working Group on Treasury Market Surveillance (IAWG), which was formed in 1992, to strengthen the resilience of the Treasury market.[i] I would emphasize that an efficient and resilient Treasury market has been a shared goal and is a place