Redesigning of regulations impact  A large scale overhaul of the regulatory framework has been undertaken to plug the gaps in regulation observed during the crisis and also to make the financial system more resilient. The new set of regulations, popularly called Basel III, seeks to address both firm specific and broader systemic risk.
Conclusion Let me conclude by offering my view on where we stand in our effort to promote financial stability in the United States. There is no doubt the soundness and resilience of our financial system has improved since the 2007-09 crisis. We have a better capitalized and more liquid banking system, less run-prone money markets, and more robust resolution mechanisms for large financial institutions.