The US Treasury Department is researching investing a portion of TGA's cash into the private repurchase market

The US Treasury Department is studying regularly investing some of the cash in TGA into the private repurchase market, rather than keeping it entirely at the Federal Reserve. The current scale of TGA is slightly less than $1 trillion. This idea was supported by several market participants at the annual US treasury bond bond market meeting of the Federal Reserve of New York. The Ministry of Finance proposed this idea in May this year, and discussions are currently shifting towards specific implementation methods. If the Ministry of Finance invests some TGA cash into the repurchase market, it will add a direct funding channel for the money market.