Pat McHenry: “So the swap line is about direct American exposure in that regard?”

This is a matter of real substance for the independence of the Fed and the rulemaking at the Federal Reserve.

Broad and material changes to the Basel III Endgame necessitate a full reproposal. Full stop.

We need to understand the decisions that were made last weekend on -- from Thursday until Sunday night...

We need to get to the bottom of whether or not this is a supervisory problem, a regulatory problem, a bank mismanagement problem, perhaps all three.