Role of banks as liquidity providers As global money markets have grown in size and importance and as financial instruments that decouple debt funding from credit risk have become increasingly sophisticated, it is tempting to think of traditional banks that make a business of taking deposits and making loans as anachronisms, and, indeed, much as been written about the "disintermediation" of banks.
I believe the changes and proposed changes to stress testing that I have discussed today reinforce the founding principles of the first test, administered in the challenging and uncertain spring of 2009, and reflect what we have learned each year over the decade since then.