The Role of the Federal Home Loan Banks in the Panic System

I think the Federal Home Loan Banks play a very critical role in the system broadly, particularly to smaller institutions. Now it can't solve every problem and you will have institutions that ultimately go belly up like SBB. But there are many, many cases where because of the Federal Home loan Bank liquidity, it allow those institutions to survive and fight on for another day. That goes back to the need in my view for keeping having a banking system with a lot of smaller institutions.