But some remain, and new ones have inevitably appeared. The contemporary concerns of financial modernization include repeal of Glass-Steagall, expanded insurance activities for banking firms, the entry of insurance and securities firms into banking, the possibility of unlimited mixing of banking and commerce, and ongoing technological changes and financial innovations. Tonight I would like to address some aspects of these concerns.
I will suggest to you that while financial modernization is still, as it was twenty years ago, a necessity, it is also the case that in an uncertain world characterized by rapid change caution is not a dirty word. I will begin with what for me is the easiest topic: banking and commerce.