Naturally, as we seek to develop a common framework that will work for large complex banks globally, we recognize an inherent tension between our regulatory requirements and internal bank practice. We are working to strike the right balance to achieve our goals without making Basel II purely a compliance exercise and creating undue burden.
In testimony to the Congress at the time of my nomination as Chairman, in 2005, I pledged to continue the trend toward greater openness sustained under Chairman Greenspan. In so doing, I stressed the importance of continuity with the policies and strategies that have served the American economy well.