Woman is the phallus
To be the Phallus is to “embody” the Phallus as the place to which it penetrates, but also to signify the promise of a return to the preindividuated jouissance that characterizes the undifferentiated relation to the mother (note 13: 159).
On page 45, JB states:
Women are said to “be” the Phallus in the sense that they maintain the power to reflect or represent the “reality” of the self-grounding postures of the masculine subject, a power which, if withdrawn would break up the foundational illusions of the masculine subject position. In order to “be” the Phallus, the reflector and guarantor of an apparent masculine subject position, women must become, must “be” (in the sense of “posture as if they were”) precisely what men are not and, in their very lack, establish the essential function of men. Hence, “being” the Phallus is always a “being for” a masculine subject who seeks to reconfirm and augment his identity through the recognition of that “being for”. … The division and exchange between this “being” and “having” the Phallus is established by the Symbolic, the paternal law.