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Hello everyone and welcome to At Barrens.

I'm Andy Surwer and welcome to our guest, Brian Moynihan, CEO of Bank of America.

Brian, great to see you.

Thanks for joining us.

That's great to be here again.

So I want to ask you about U.S. debt being downgraded.

Is that deserved, warranted?

What's your take on that, Brian?

Well, you can debate warranted or not. The answer is it's done. So you had three major

ranging agencies. This is the last one. The first two have happened a decade-plus ago.

And it's done. And so does it have a big impact? No. The market sort of shrugged it off.

But there are technical impacts. There are certain investors are restricted only to AAA securities, even if it's a U.S. Treasury. Others are just

restricted U.S. treasuries. And so all that will work through the system and be a little

bit of resettling. But it caused the largest banks to be downgraded a notch because we can't

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