I have been deeply impressed with the thoughtful analysis reflected in those comments, and would like to thank all parties who took the time and effort to submit comments. Reviewing and considering comments takes time and extends the U.S. rulemaking process; nevertheless, we believe the comment process is essential. Quite simply, feedback from the industry and others leads to better rules.
For something as important and far-reaching as Basel II, we understand the need to engage in a frank dialogue with the banking industry, Congress, and other relevant parties. Indeed, the Federal Reserve has been committed to an open interchange of ideas about the U.S. proposals since the start of the Basel II process.