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

So let’s do this. Let’s have Bill and his team look at the feasibility of a split auction. Let’s have any discussions we might have about how we might improve our monitoring of the credit risks and of the institutions. We will then have the staff communicate with everyone in the FOMC. Then depending on the reaction, we’ll have notation votes. Will that be a reasonable way to go?

All right. We will not take any further votes on this issue, but we will have the staff contact you and discuss with you both the issue of 28 versus 84 and the issue, going forward, of how to improve our surveillance. There will have to be notation votes if we decide to go forward. The extension of the TAF would be a Board vote, but we also would need the FOMC to approve an increase in the swap line so that the ECB could follow us. All right. So we’re leaving those notation votes, and you will all be contacted by the staff. I appreciate your feedback on that. The last item on the agenda is the options program for the TSLF. Scott Alvarez advises me that we can take a straw vote. I’m okay with a regular vote. Let’s go ahead and take a vote. This is a vote by the FOMC. Could you read the resolution, Scott?

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