This conference also reminds us of the long history of close and successful cooperation among state and federal regulators that allows state-chartered banks to flourish in the marketplace while remaining safe and sound. As you know, the Federal Reserve has consistently been a strong supporter of the dual banking system, and that will continue.
We understand, as you do, the importance of a safe and sound banking system to the proper functioning of the economy, and the role of effective supervision in ensuring sound banks. Supervising these state-chartered banks is a very significant responsibility, considering the scope and vitality of these institutions.