The first test, known as the Supervisory Capital Assessment Program (SCAP), used simplified models with limited data inputs. Despite substantial uncertainty about the economy’s path, the SCAP was broadly viewed as successful. It provided a solid foundation for building out the stress-testing program over the subsequent decade.
*  *  *  Ladies and gentlemen, good morning: Once again, I welcome you to this gathering of exporters and policymakers, which we have been doing since 2002 to discuss issues and concerns of common interest. I am glad to see familiar faces around. I also extend a special welcome to the new attendees for finding the time to join us today.