Announcement of Change in the Management of the System Open Market Account

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Press Release

Announcement of Change in the Management of the System Open Market Account

November 13, 2006

The Federal Reserve Bank of New York today announced a change in the way it will manage the Federal Reserve System’s portfolio of Treasury securities. The existing set of graduated per-issue limits applied to SOMA holdings of U.S. Treasury securities has been changed to a single 35 percent per-issue holding limit to be applied equally across the maturity spectrum.

This change will reduce operational complexities in the maintenance of the portfolio. Prior to 2000, the SOMA portfolio had operated under an informal 35 percent per-issue guideline for some time. The decision to return to this practice was the outcome of a regular review of SOMA portfolio guidelines and objectives.

The SOMA Manager, after consultation with the Federal Open Market Committee (FOMC), may change the percentage limits as they apply to SOMA holdings. The change announced today has been reviewed with the FOMC.

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