I also thank Peter Bednarek, Christoph Roling, Atilim Seymen, Roman Goldbach,  Friso van der Meyden, Kamil Pliszka, Aaron Janowski, Michael Scholz and Christian Bothe for their contributions to the speech. All remaining errors and inconsistencies are my own. 2. See, e.g., Jimènez, Ongena, Peydró and Saurina (2012) and Jimènez, Ongena, Peydró and Saurina (2014). 3. See Grimm, Jordà, Schularick and Taylor (2023). 4.
*** In sum, the Congress needs to create a GSE regulator with authority on a par with that of banking regulators, with a free hand to set appropriate capital standards, and with a clear process sanctioned by the Congress for placing a GSE in receivership.