Moreover, the reestablishment of equilibrium regarding safety and soundness in our banking system was accomplished without costing the taxpayers a penny. To be sure, the effects of the banking crisis, as well as the ongoing pace of consolidation within the industry, have reduced the total number of banking organizations by more than a third since 1980.
The reform agenda that I have outlined to you today is a work in progress. In the past, you have taken a proactive role in the pursuit of genuine reforms in the thrift banking system. Now is the time to reaffirm that commitment.