In addition, we have made changes in our supervision that now allow us to supervise large financial institutions on a more coordinated, forward-looking basis. At the same time, we have been careful to make more-measured changes in our approach to regulating and supervising firms at the other end of the spectrum.
Smaller institutions did not emerge from the financial crisis unscathed, and we have identified several areas in which the supervision of these institutions can be strengthened. At the same time, we are well aware that regulatory and compliance costs can impose a burden that is disproportionate to the risks these institutions pose to taxpayers and financial stability.