*  *  *  Thank you for inviting me to address the associates of the Stanford Institute for Economic Policy Research; it is a pleasure to be here. As you know, the U.S. economy is currently continuing its recovery from the relatively mild recession in 2001, which ended the longest period of economic expansion in our nation’s recorded business-cycle history.
Timely and consistent implementation of the new regulatory standards as well as uniform assessment of the implementation process based on common evaluation standards around the globe are crucial for strengthening the resilience of financial systems and restoring confidence in markets.