Federal Reserve plans to guard govt securities market
The New York Fed outlined a contingency plan to keep the three billion dollar daily government securities market functioning amid insurance cancellations. Debs said it could store securities in the Fed vaults and credit trades to member banks without transferring paper. Continental Insurance cuts coverage at large banks, eight major New York banks affected.
MENTIONED IN THIS ARTICLE
NEW York
Federal Reserve Bank of New York
Richard A. Debs
Pank
Debs
New York Fed
Federal Reserve
Continental Insurance Co
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