Board of Governors of the Federal Reserve System

the need to incorporate systemic considerations into the regulatory regime...compared to structural or other approaches to the SIFI issue, such as

price that dealers charge investors when selling a bond (the “ask” price...price at which dealers are willing to buy the bond from an investor (the

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for, loan markets and financial markets generally? Has the Council observed...key points: • The Treasury memorandum correctly urges the federal agencies

the merchant or issuer). In some cases, merchants claim that they have

the Federal Reserve Board or FRB) and the Federal Deposit Insurance Corporation...and CFG's nonbank subsidiaries), and protecting them from the activities

keyed to the numbered lines of the draft directive. These notes represent...PRICES OF SOME MATERIALS HAVE DECLINED 7 RECENTLY, UPWARD DEMAND AND COST

prices, and moderate long-term interest rates--the economic goals the ...communications—the framework it uses to pursue its congressionally-assigned

key functions to promote the effective operation of the U.S. economy and...the “Board”) as described in Note 3 of the financial statements and as

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