And I am grateful to my predecessor, Randal K. Quarles, for his leadership in a challenging period. Randy came in when the reform agenda that followed the 2008 crisis was nearing completion. We had just started to look ahead. Then the pandemic hit.
He did a fantastic job as FSB Chair in turning the FSB’s focus to the crisis at hand, without losing sight of the need to continue to make progress on longer-term priorities. Along the way, he further strengthened the FSB in its role as the primary coordinating mechanism on financial stability matters. I will continue the work that Randy had already started.