J.P. Morgan marshaled immense power on Wall Street in large part because his reputation for fulfilling his promises was legendary. Today, most banks rely partly on deposit insurance in lieu of reputation to hold below-market-rate deposits.
*  *  *  Chairman Spratt, Ranking Member Ryan, and other members of the Committee, I am pleased to have this opportunity to offer my views on current economic and financial conditions and on issues pertaining to the federal budget.