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

Could I add a couple of thoughts before you move on to the next thing? The concerns of the sort you raised are part of the reason that the swap is being proposed at all. Consider just doing the ACF. These are duly licensed depository institutions in the United States. If we were to create the ACF but to say that no duly licensed DI in the United States with a foreign parent could participate, that’s a huge change in our national treatment policy. That’s enormous. So without a decision to really change the way we approach licensed entities in the United States, we don’t have a way of distinguishing foreign parent organizations from domestically licensed DIs.

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