I could go on. But the simple point is that a multi-polar regulatory system is a reasonable approach to make banks safer and the system more stable. Multi-polar regulation is a “third way” between overly complex measures on the one hand and very simple measures on the other. Both alternatives have failed in the past.
I believe that my long and wide experience within the Federal Reserve--at a Reserve Bank and at the Board, on staff and as governor-along with my close working relationship with Chairman Bernanke will enable me to make even greater contributions to the work of the Federal Reserve as the Board's Vice Chairman should you choose to confirm me to this position.