All of the following operate as financial intermediaries EXCEPT

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The U.S. Treasury is not a financial intermediary, it is the government department responsible for managing the country's finances and issuing and managing government debt. Financial intermediaries are institutions that take in funds from savers and then use those funds to make loans or invest in other assets. Commercial banks, mutual funds, and insurance companies all operate as financial intermediaries.

All of the Following Operate as Financial Intermediaries EXCEPT