*  *  *  I am pleased to be here today to chair the Federal Reserve Board's public hearing under the Home Ownership and Equity Protection Act (HOEPA). The hearing will focus specifically on how the Board might use its rulemaking authority under HOEPA to address concerns about abusive mortgage lending practices.
As the current crisis shows, the problems in finance and financial regulation need to be addressed at a national as well as global level to ensure that the benefits of financial developments become more widespread and enduring in nature. Thus, what is needed is not more regulation but sharper regulation of the financial system to ensure sustained financial development with stability.