Before I begin, I want to emphasize that much of my speech is based on research I conducted with Philip Strahan, of Boston College, before I joined the Federal Reserve Board. 2 The views I express here today are my own and do not necessarily reflect those of my colleagues on the Board.
That said, it is also clear that we should eliminate undesirably high burdens from regulation as far as possible, as I'm sure you will all agree. For that reason I would now like to talk about whether and where I can see such undesirably high burdens – and what we can do about them. However, I am opposed to a broad-brush criticism of regulation.