MFA submitted a supplemental comment letter to the Securities and Exchange Commission (SEC) regarding the Treasury clearing proposal. MFA emphasizes the importance of thoughtful and incremental modifications to the Treasury market structure, considering its critical role in global financial stability. While supporting the Commission’s intent to strengthen the market, MFA recommends a careful approach to central clearing, suggesting the expansion of central clearing availability for customers is essential before any clearing mandate is considered. If the Commission decides to move forward with a mandate, MFA proposes a phased-in mandate, starting with market segments where the benefits of central clearing are most significant and existing infrastructure supports it well. The comment letter outlines specific recommendations for achieving these goals.