Credit Markets; Open Treasury Auctions: Years Away
A significant change in the workings of the bond market that is being considered by the Bush Administration in response to the Salomon Brothers scandal that came to light a year ago will not even be tested for years. The recommended change -- to an open auction for Treasury securities along the lines of an art auction -- would not occur for "a significant period of time," Jerome H. Powell, Under Secretary of the Treasury for Finance and the man who oversees Treasury auctions, said yesterday. He added, "That is a program people will be working on for several years."
