2  BIS Review 73/2001  What do we actually know about the new investors who have chosen to buy individual stocks in recent years? To my knowledge, the best source of such information is the “Equity Ownership in America” survey conducted in 1999 by the Investment Company Institute and the Securities Industry Association.
We strive to maintain a degree of intellectual rigor and collegiality in these discussions where consensus is again the norm, despite the sometimes different perspectives of the various agencies. In the past, there were some notable instances of significant disagreement among the U.S. agencies, but my observation since being appointed to the Federal Reserve is that the coordination process is working quite well.