Preeminent among these domestic and global efforts have been steps to increase the loss-absorbing capacity of banks, regulations to limit both maturity transformation in short-term funding markets and liquidity mismatches within banks, and new authorities to facilitate the resolution of large financial institutions and to subject systemically important firms to more stringent prudential regulation.
*  *  *  I would like to thank the subcommittee for inviting me to discuss H.R. 5414, the proposed Check Clearing for the 21st Century Act.