*  *  *  I commend the organizers of this conference for the event’s apt subtitle: “The Devil’s in the Details.” For the Federal Reserve and other financial regulators, getting the details right is crucial as we implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and strive to meet our broader financial stability responsibilities.
About three and a half years have passed since the darkest days of the financial crisis, but our economy is still far from having fully recovered from its effects. The heavy human and economic costs of the crisis underscore the importance of taking all necessary steps to avoid a repeat of the events of the past few years.