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

Our press release that we are negotiating lists, as clearly as one can in a press release, the criteria that we were looking at—that they are large, well-managed, fundamentally sound, systemically important countries. So we are trying to communicate that. In addition, in conversations when these folks come to us—and especially if we get some direction from the FOMC as to how you’d like to proceed on this issue—we can be very, very blunt with them in telling them why the answer is “no” or “yes,” depending on which way the FOMC goes.

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