For example, the decline in the dollar since February 2009 that I just noted followed a comparable increase in the dollar, which largely reflected flight-to-safety flows triggered by the financial crisis in the latter half of 2008; the dollar’s decline since then in substantial part reflects the reversal of those flows as the crisis eased.
While especially applicable to small banks, this point has broader application, as in our earlier-mentioned proposal to exempt most banks with less than $ billion in assets from the qualitative component of our annual CCAR exercise.