Story perspectives
Fed Governor Advocates Exemption for Treasury Bonds
11/19/2025
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Story summary
- Federal Reserve Governor Stephen Miran urged regulators to exempt U.S. Treasury bonds from a key bank leverage ratio.
- He argued the exemption would encourage banks to hold Treasuries during turmoil and insulate the market.
- The call is part of a broader reform proposal for large banks introduced in June.
- Miran's remarks were delivered to a banking industry group.
- Miran's term as a Federal Reserve Governor ends in January 2026.
