Second, the implied reductions in minimum regulatory capital were often substantial - far more than previous quantitative impact studies, both here and abroad, had suggested. As responsible and prudent regulators, we believe it is appropriate to improve our understanding of these results and to see whether changes might be needed in our proposals.
So, before I turn to my planned topic of discussing banking and banking supervision more generally, I'd like to spend a few moments reviewing the efforts of the Federal Reserve, some of them in conjunction with other financial institution regulators, to maintain and restore vital financial services to the people of the Gulf Coast--including those who remain in the region and those who have been forced by the storm to relocate outside the region.