I should note that an important part of putting the macroprudential approach into practice is establishing a new regulatory infrastructure, including the FSOC and its working-committee structure. In addition, individual regulatory agencies have made organizational changes needed to fulfill their new responsibilities.
At the Federal Reserve, we have reoriented our supervision of large bank holding companies, and we have created a new office called the Office of Financial Stability Policy and Research, which plays a key role in monitoring financial risks, analyzing the implications for financial stability, and identifying approaches for mitigating identified risks.