These issues have been swiftly addressed by the ISDA. Turning to the overarching legal framework within which these standard-form contracts operate, the legal enforceability of close-out netting and collateral arrangements plays a central role in the smooth functioning of all over-the-counter derivatives markets, reducing counterparty risk.
Our commitment to our dual objectives, together with the underlying strengths of the U.S. economy, will help ensure that the dollar is strong and a source of global financial stability.