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

Mr. Chairman, I support the proposal on the floor. I think the safeguards are meaningful and real and should help. I think the bar for further consideration, as Nathan described, should be high, but we shouldn’t overstate what that bar is, given how circumstances can change quickly. I wouldn’t want to have to change that rule in the middle of the game, but I think the high- bar language works. On the question of delegating to the subcommittee, I think in the interest of speed it would be appropriate; but given the sense around the table, certainly making sure that the folks around the table were at the very least briefed as to the thought process might be a prudent path forward.

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