In a few weeks, we will learn the results of our annual stress test and will publicly release an update on the health of large banks, evaluating their balance sheets against a quite severe hypothetical recession. The COVID event did, however, serve to reinforce that the safeguards we have built and maintained since the financial crisis have passed the strictest stress test of all.
1 12 U.S.C. 2901(a)(3). 2 Board of Governors of the Federal Reserve System, Monetary Policy Report – February 2021 (Washington:  Board of Governors, February 2021).