It supports a dynamic and competitive financial services market that yields tangible benefits for consumers, businesses, and the economy as a whole. The dual banking system could not function without close cooperation and understanding between federal and state supervisors.
As you know, the Federal Reserve has consistently been a strong supporter of the dual banking system, and I have every reason to believe that support will continue. We understand, as you do, the importance of a safe and sound banking system to the proper functioning of the economy. We also understand the role of effective supervision in ensuring that our banks are sound.