*  *  *  I commend the organizers of this conference for the event’s apt subtitle: “The Devil’s in the Details.” For the Federal Reserve and other financial regulators, getting the details right is crucial as we implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and strive to meet our broader financial stability responsibilities.
In fact, the global expansion since the turn of the 21st century ranks amongst the highest since the early 1970s. While the global expansion has in general been broad based, the improved growth performance of developing and emerging economies relative to those of developed economies has been most noteworthy.