Thus, in addressing Social Security's imbalances, we need to ensure that measures taken now to finance future benefit commitments represent real additions to national saving. We need, in effect, to make the phantom "lock-boxes" around the trust fund real. For a brief period in the late 1990s, a common commitment emerged to do just that.
I am pleased to be joined by Acting Comptroller of the Currency Michael Hsu of the Office of the Comptroller of the Currency (OCC) and Acting Chairman Martin Gruenberg of the Federal Deposit Insurance Corporation (FDIC). In May, the Federal Reserve, the OCC, and the FDIC issued a unified proposal to modernize the CRA regulations.