In this context, it is important to note that the Board is concerned about the loss of the strong consumer protection perspective that currently exists in our supervisory and other policy discussions. It is appropriate and beneficial that the central bank has a mission that includes an analytical and nuanced understanding of developments in the consumer marketplace.
For these reasons, we stand ready to work with this subcommittee and others in Congress to help identify ways to further strengthen our program institutionally. I will discuss today some of the Board's important consumer protection initiatives and explore several ideas for increasing regulatory accountability for consumer protection, institutionalizing today's commitment to aggressive, effective programs, and maintaining the benefits inherent in current structures.