This exercise, unprecedented in scale and scope, was led by the Federal Reserve in cooperation with the Office of the Comptroller of the Currency and the FDIC. Importantly, the agencies' report made public considerable information on the projected losses and revenues of the 19 firms, allowing private analysts to judge for themselves the credibility of the exercise.
Financial market participants responded favorably to the announcement of the results, and many of the tested banks were subsequently able to tap public capital markets. Overall, the policy actions implemented in recent months have helped stabilize a number of key financial markets, both in the United States and abroad.