01/07/2009
https://www.congress.gov...
"This makes no sense and we are not going to be a part of this."
"I am fascinated that sovereigns have a zero weighting, period, unless they are in default and it goes from zero to 150."
"It just makes no sense to me. And it is my understanding it was the Europeans that pressed us hard to move into this regime, and I am just wondering why we did not push back."
"I actually think it is a novel idea that you guys have come up with this countercyclical buffer."