Overall, our experience with these programs has been quite positive, in part because of the quality of state supervision in the states with the cooperative agreements. Indeed, the evidence suggests that safety and soundness of state banks compare quite favorably with national banks, possibly reflecting the benefits of having both state and federal supervision.
These are quintessential elements of a well-functioning financial system that passes the litmus test of the public's trust. I trust you are with me on this. Thank you.