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

Thank you, Mr. Chairman. I apologize. I was a couple of minutes late—caught in traffic here in Miami actually—and I missed Bill Dudley’s briefing at the beginning. So I don’t really know all that he covered in terms of market stress. But my question really relates to an impression I have that a high proportion of the TAF usage is actually foreign banking organizations, where the primary regulatory would, in effect, be a foreign regulator. Listening to President Yellen’s discussion of coordination and communication among domestic regulators leaves me with the question of what the state of our communication with foreign regulators is, if they would be in possession of information that we might not have while we are exposed on this longer-term basis to a foreign banking organization.

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