*  *  *  Mr. Chairman and other members of the committee, I am pleased to be here today to discuss the economic effects of the aging of the global population. In so doing, I would like to emphasize that the views I will express are my own and do not necessarily represent those of the Federal Reserve Board.
Welcome to the release of the September 2012 edition of the Financial Stability Review. The Financial Stability Review has been published semi-annually since 2004 to promote a stable financial system. In addition to its primary objective of price stability, the Bank has a mandate to oversee and maintain financial stability.