Nellie Liang’s testimony on the Treasury market and its importance for monetary policy and financial stability

Nellie Liang testified before the House Financial Services Committee’s Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity in a hearing on April 8, 2025. Liang was Treasury Undersecretary for Domestic Finance from 2021 to 2025, a senior fellow in the Hutchins Center on Fiscal and Monetary Policy from 2017 to 2021, and before that, Director of the Division of Financial Stability at the Federal Reserve Board. Her testimony focused on the Treasury market and its importance for monetary policy and financial stability, and highlights areas where additional reforms are needed to strengthen its resilience. You can watch a recording of the testimony here.

Read the written testimony