As the FOMC has noted in its recent statements, at some point after the process of raising the federal funds rate is well under way, we will cease or phase out reinvesting repayments of principal from our securities holdings.
If it’s principles-based and less prescriptive then, as I just said, market participants will have to think about whether their actions are consistent with the principles of the Code. So, we are working with the industry to produce a principles-based code of conduct rather than a set of prescriptive regulatory standards.