The U.S. agencies are still trying to reach a consensus on a revised proposal for capital charges on retail credit to put before our colleagues in Basel. The Federal Reserve, for its part, will continue to make every effort to reach consensus on this issue that is both risk-sensitive and workable.
I believe that all the federal banking agencies are committed to achieving a revised accord that reflects the realities of the twenty-first century; that meets our needs for a safe, sound, and competitive banking system; and that addresses the legitimate concerns of the industry.