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

In principle, if you were so inclined, you could probably just raise the size of the existing swap line to $30 billion. However, we built in a variety of mechanisms and safeguards in this proposal. In addition, the structure of what we’re putting forward is tailored particularly to meet the kinds of challenges and liquidity pressures that exist right now. So in some sense this one is structured to meet the challenges that the Mexicans are most likely to face in the current episode rather than the more generic one that already exists on the books.

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