Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Yes. President Geithner, you described the EMEs as motivated by a desire to transform their reserves from illiquid Treasuries or from Treasuries to some more fungible and more convenient form of dollars. That strongly suggests collateralizing their swap line with the Treasuries rather than their own currency. What would be the disadvantage of doing that?

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