US Treasuries revolution in limbo under Mnuchin

Washington

THE revolution in the US Treasury market is in limbo.

Deep within an office park in Rockville, Maryland, a US financial industry watchdog is hard at work trying to make the US$13.9 trillion market easier to understand.

The fate of that effort is in the hands of a new Treasury secretary, former Goldman Sachs executive Steven Mnuchin, whose decision ultimately will determine whether Wall Street banks continue to dominate a market that helps set everything from credit card to mortgage rates.

More than two years of work is at stake, and some of the project's architects worry that efforts t…