Moreover, while the details of whatever agreement is reached to resolve the fiscal cliff are important, the economic confidence of both market participants and the general public likely will also be influenced by the extent to which our political system proves able to deliver a reasonable solution with a minimum of uncertainty and delay.
One of the most important goals is to ensure that banks have adequate capital to withstand severe financial stress. I am pleased that, just this morning, the Federal Reserve Board finalized the Basel III capital requirements for bank holding companies and Federal Reserve state-chartered member banks.