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

I have a question for the staff. You noted that the countries believed that this would help market confidence. So the choice of extending a line is potentially consequential here. I have a two-part question. First, what do you think the risk is of the uncertainty surrounding whether particular other countries will or will not in the future be able to obtain a swap line from the Federal Reserve? Second, what would you suggest that we say if asked by the public or if the Chairman is asked in the Congress about what criteria or principles we used to draw the line between the countries that have swap lines and those that don’t? I know that you posed the question to us, but what would you suggest that we say?

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