Charter conversions and regulatory arbitrage Finally, I am pleased to note that one potential gap, which I know is of interest to this Committee, already has been addressed by the joint efforts of the banking agencies. The dual banking system and the existence of different federal supervisors create the opportunity for insured depository institutions to change charters or federal supervisors.
After holding a number of public meetings in communities across the country, and after issuing a new statement on our goals and strategy that was enriched by what we heard, we decided that this kind of input could continue to inform and enrich the other important decisions we face.