Since TALF is open to all investment firms, we needed agents to work with potential borrowers. In March, I participated in the TARP/TALF Access Summit that you organized. At that summit, we heard that a more diverse set of TALF agents would help bring in a more diverse set of TALF borrowers.
Acting on that good suggestion, we recently announced the inclusion of four new TALF agents, selected to increase the diversity of TALF borrowers. Three of the four are owned by African Americans. We expect the new TALF agents to begin operation in November. In the area of procurement, the Federal Reserve uses various methods to reach women- and minority-owned contractors.