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

I’m in favor. On the basic question of how you would deal with other requests beyond the four, Nathan gave two options. One is that you delegate to the subcommittee discretion to make those judgments. The second option was to say, “No, not without coming back to the Committee.” I do think it makes sense to see how the IMF thing works and how it is received, how much participation they get, and how these boundary problems and the signaling problem play out, and it is probably a good idea for the Committee to have at least a briefing about how that is playing out so that there is some context going forward. I would be in favor of your delegating that authority to the subcommittee, as you would expect me to be, just because sometimes these judgments need to be made quickly. But I certainly understand why people would want to have a better sense of how this is unfolding and how we deal with it. The boundary problems are going to get worse if we have to go broader than this.

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