The Securities Industry and Financial Markets Association in the United States has proposed to exclude U.S. Treasury bonds from leverage ratio calculations.

In a statement released on Thursday, the Securities Industry and Financial Markets Association (SIFMA) called on regulators to exclude U.S. Treasuries and central bank deposits from leverage ratio calculations so that banks can effectively act as intermediaries in the U.S. Treasury market. SIFMA mentioned the rapid growth potential of U.S. Treasury issuance and the current market volatility. SIFMA President and CEO Kenneth E. Bentsen Jr. stated in the statement: "Broker-dealers affiliated with banks play a critical intermediary role in the U.S. Treasury market. These leverage ratio metrics are insensitive to risk and often constrain broker-dealers from providing market intermediation activities at inappropriate times when investors are seeking safe-haven assets or are eager to unwind positions".