On March 5, Scott Alvarez, General Counsel of the Board of Governors of the Federal Reserve System, testified before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, and the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, Committee on Financial Services, U.S. House of Representatives. Mr. Alvarez' remarks were intended to inform members of the subcommittees of the legal standards that the Board of Governors uses to assess investments by sovereign wealth funds in bank holding companies.

http://www.federalreserve.gov/newsevents/testimony/alvarez20080305a.htm