The U.S. repurchase, or “repo,” market for short-term loans with securities as collateral would escape the latest proposal to hit banks with a financial crisis responsibility fee, reports Financial Times. The levy unveiled by U.S. President Barack Obama earlier this month appeared set to include the repo market, which drew concern from both bankers and regulators. The 15 basis-point fee targets liabilities above $50 billion that are not subject to a Federal Deposit Insurance Corporation insurance premium.

JPMorgan Chase, the Federal Reserve, and the Treasury Department felt the fee could pose a threat to the viability of the repo sector, and officials announced the exemption on Monday. Dealers argued that the potential disruption of the repo market could negatively impact government bond market stability during a critical period of increasing debt issuance.