I’m reminded of the contributions you have made to the richness of these debates and tasks. There has been a flurry of pronouncements lately regarding regulations, rules, and guidance, and today’s meeting of the Exchequer Club seems like an opportune moment to pause and offer a perspective that lifts us above the many details.
Newly adopted capital rules, and those newly proposed, in particular, have received the most attention, and I believe that these rules and proposed rules are a big step forward. There is no question but that a higher quantity and quality of bank capital will strengthen the banking system.