I assume that most of you either heard, or read about the testimony and discussion at last week's hearing before two subcommittees of the House Committee on Financial Services.
I will not attempt to paraphrase my colleagues' statements, but I will point out that throughout this process the agencies have stressed the importance of comments from the Congress, the banking industry, and other interested parties. The agencies' reaction to the results of the fourth Quantitative Impact Study - known as QIS4 - shows how seriously we are taking Basel II implementation.