Clearly, supervisors of the various sectors of the financial industry - banking, insurance, and securities - will continue to be confronted with rapid and dramatic changes in banking and financial markets. Supervisors will need to react to technological innovations, expansion of financial institutions into new and increasingly more complex activities, and ongoing consolidation within the industry worldwide.
A rigorous, coordinated supervisory approach will be necessary to counterbalance the pressures of an increasingly dynamic and competitive marketplace. I am confident that by working together and with the financial industry supervisors we can meet the challenge. I want to assure you that, as central bankers, we at the Federal Reserve have strong interests in maintaining efficient, well-managed, and responsible financial institutions.