The large number of banks with cross-border operations will continue to fall under the consolidated supervision of their home-country supervisors. But at the same time, each host-country supervisor is charged by its own government with ensuring that, at least at the bank subsidiary level, legal entities operating within its jurisdiction are operating in a sound manner with adequate capital.
Chairman Ben Bernanke indicated in his December press conference that if we are making progress in terms of inflation and continued job gains, then the program would be concluded late in 2014. The December employment report has not changed my belief that the economy has already met the criteria of substantial improvement in labor market conditions.