The United States is considering extending swap lines to the United Arab Emirates and other Persian Gulf states affected by the Strait of Hormuz's closure. This move would break with the past of the Federal Reserve using swap lines with foreign central banks to calm global financial disruptions during times of crisis. The Treasury has an Exchange Stabilization Fund of around $218 billion that it can use to intervene in foreign exchange markets. This could lead to greater collaboration with the executive branch on the use of swap lines. The Fed's use of these lines was also noted in its confirmation hearing by Kevin Warsh, indicating they should not be strictly independent.