Ladies and gentlemen, 2009 will be a critical year for our economy. But we should look at this crisis as like the gift of fire of old. Fire is important in all facets of our lives including the need for light, power and heat. Yet fire is not without risks to life and property.
We need good governance to maintain trust in the myriad financial contracts on which our economy is built. 2  See Office of the Superintendent of Financial Institutions, “Oversight of CDOR Benchmark-Setting Submissions,” 13 January 2014. 3  Specifically, it is a weighted average of general collateral repo trades that take place daily through three interdealer-brokers.