The next challenge is to use the training skills you have acquired in sharing the knowledge you have gained with the stakeholders tasked to implement AML/CFT measures. The objective is to empower them to fully respond to evolving challenges in our fight against money laundering and terrorist financing.
Under current law, our facilities for investment banks that don't involve securities eligible for open market operations (OMO-eligible paper) will necessarily be wound down when circumstances are no longer "unusual and exigent"; I'll come back to questions about these facilities in a minute. However, the Federal Reserve's auction facilities have been an important innovation that we should not lose.