In a speech addressing the issue of who determines the monetary policy in Hong Kong on 13 May 2002, Tony Latter, in the position of the Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), contended that the Financial Secretary together with the HKMA in the Hong Kong SAR Government were responsible for that. He acknowledged the heavy and direct influence of the Federal Reserve of the United States on Hong Kong's monetary policy under the currency peg, but argued that "It was Hong Kong's choice, and we do not require any permission from Washington or New York to continue or discontinue it".[25]