By investing part of its $1 trillion cash balance in the repo market, the government would become an active counterparty, alongside the Fed's liquidity operations. "It's a way for Treasury to make the footprint of normal swings in their cash balance less pronounced on front-end markets," said Gennadiy Goldberg, head of US interest rate strategy at TD Securities. In its quarterly survey of primary dealers this month, the Treasury asked for their views about potentially investing excess cash in the repo market. For some on Wall Street, the Treasury's potential presence in the repo market would be akin to the addition of another global systemically important bank, comparable to the size of JPMorgan Chase & Co., or Citigroup Inc. The added liquidity could help quell funding market volatility, especially around periods when large swings are expected — such as coupon auction settlements, tax dates, and month- or quarter-end reporting dates.