Recently, an increasing number of financial institutions have introduced dual operation, under which not only main offices but also backup offices conduct part of their business operations even in normal times.14 The second is mutual assistance initiatives.
One of my only regrets about coming to the Fed is my timing. I wish I had had the good fortune to arrive a few years earlier, so I could have had the privilege of being Don’s colleague, and of learning from him. Now I can only do so indirectly.