Treasury securities held as reserves must mature within 93 days
What the document says“Treasury bills, notes, or bonds-- (I) with a remaining maturity of 93 days or less; or (II) issued with a maturity of 93 days or less”
Subsection (a)(1)(A)(iii). Treasury securities count as reserves only if they have a remaining maturity of 93 days or less, or were issued with a maturity of that length. The repurchase agreements allowed under clause (iv) are also tied to Treasury bills with a maturity of 93 days or less, and clause (v) requires reverse repurchase agreements to be overnight and collateralized by Treasury securities.
What the document actually says“Treasury bills, notes, or bonds-- (I) with a remaining maturity of 93 days or less; or (II) issued with a maturity of 93 days or less”
The maker can hold loans to the government. They must be short. They must come due within 93 days.
A long loan can lose value if rates move. A short one moves less. The law also caps how long some other deals may run.
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