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

I think we’ve started on the wrong tone here. [Laughter] Item 5, we need authorization for the Desk operations. We have two items to vote on separately. On the domestic side, we have a memo from Bill Dudley proposing to change the accounting of repurchase agreements so they will be booked on the SOMA rather than on the books of the FRBNY. Are there any questions for Bill? If not, without objection. Thank you. On the foreign side, Mr. Dudley is proposing no change to the authorization, directive, or procedural instructions. Any questions? Without objection. Thank you. Bill, you’re up.

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