As I begin my remarks, I would like to point out that no system of supervision or regulation can provide total assurance that banking problems will not occur or that banks will not fail. Nor should it.
The dedication and knowledge demonstrated that day by so many people exemplifies why the Federal Reserve as an institution is far more than any single individual. To my Board colleagues and to the staff here today, I would like to say thank you for your service to your country and to the world.