Monetary Policy and Investment Opportunities

By Laura S. Nowak | Go to book overview

financial responsibility and custody rules for dealers and brokers in government securities. The Securities and Exchange Commission (SEC) still has jurisdiction in cases of fraud. More recently, irregularities in the bidding process have again aroused concern in the industry. The potential disruption in the smooth functioning of the government securities market brings attention to the unregulated nature of this important business. Primary dealers who deal directly with the Fed as well as other dealers have shown that more supervision and/or regulation might be called for. The many new firms who specialize in government securities are not covered by some of the provisions of the securities laws and are not closely supervised by the Fed. Ultimately, the fear is that unscrupulous or inexperienced players could upset the functioning of the market or endanger the integrity of the government securities market.


NOTES
1.
Policy records of the FOMC show that during Chairman Greenspan's first term, for example, of the twenty dissents for a tighter monetary policy, eighteen came from the presidents while only two came from the governors. Of the twenty- three dissenters who favored easier policy when the official policy was otherwise, twenty-one were dissents from governors and only two were dissents from Fed presidents.
2.
Federal Reserve Bulletin ( March 1991): 148.
3.
Rosengren, "Is There a Need for Regulation in the Government Securities Market?"; Smith, "Fed Loses Oversight,"161.

REFERENCES

Meulendyke Ann-Marie. U. S. Monetary Policy and Financial Markets. New York: Federal Reserve Bank of New York, 1989.

"Monetary Policy and Open Market Operations During 1989." Federal Reserve Bank of New York Quarterly Review 15 (Spring 1990): 43-65.

Rosengren Eric S. "Is There a Need for Regulation in the Government Securities Market?" New England Economic Review (Federal Reserve Bank of Boston) ( September/October 1986): 29-40.

Smith Brian P. "Fed Loses Oversight of Securities Dealers to Treasury." Savings Institutions 107 ( November 1986): 161, 163.

-40-

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