* * * Chairman Crapo, Ranking Member Brown, and other members of the Committee, thank you for the opportunity to discuss the extraordinary steps the Federal Reserve has taken to address the challenges we are facing. I would like to begin by acknowledging the tragic loss and tremendous hardship that people are experiencing both here in the United States and around the world.
Here I want to express my special thanks to the CSDs, which have shown a constructive attitude despite the fact that they are challenged by this project and that on some topics some tension might remain. Time will help to improve our common understanding, and to achieve mutual recognition of how best to deliver efficient, safe and cheap settlement solutions for Europe.