Then I will turn to some of the issues you identified in your invitation letter as being of interest to the Subcommittee in this hearing: the Federal Reserve’s role in the international financial reform efforts – including our work on the Basel III reforms, cross-border crisis management and resolution, and incentive compensation – and a preliminary assessment of the likely effect of the Dodd-Frank Act of 2010 on international financial reform.
Finally, I will close with a few thoughts on the future role of the Financial Stability Board (FSB) and other international regulatory bodies as we move from the design of financial regulatory reforms to implementation of the new framework.