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Of the Federal Reserve system, Richard clarida of pimco. There's been a lot of progress Don Frank and in particular for the large systemically important institutions with stress testing, liquidity, and all the rest. I think what this episode does reveal is that institutions may look small, they can get big as, you know, SVB, for example, tripled in size in a couple of years, and even institutions of that size as we saw over the weekend can be systemic. So I think the clear direction of travel is going to be that under existing statutes and laws, the fed has enormous flexibility in the way that it's supervises institutions on a case by case basis. And I think we're going to see that level of supervision in particular scrutiny of things like the hold of maturity portfolios being underwater and liquidity and uninsured deposits are all going to be factors in. So the director of travel is going to be tighter vision. Would you suggest our Central Bank will have to adapt to the political realities of Republicans hugely distrustful of the big accumulation of capital almost in a jacksonian way, how big will that umbrella extend out from the two big fails? I think it's going to certainly extend into a number of the names that are in that 100 to 250. Remind you, that was actually by statute in 2018, the statute said that less Prudential scrutiny for banks under 250 billion. But again, the legislation given the fed a lot of autonomy within that on an individual bank basis. And we're going

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