As I said earlier, for stress testing to remain effective, it must respond to changes in the economy, the financial system, and risk-management capabilities. The changes to CCAR have occurred in the context of a similarly dramatic improvement in the strength and resilience of the financial system. The firms have more than doubled their capital since the first round of stress tests in 2009.
Since that time, the common equity of the largest 18 firms has increased by more than $ billion. Let me now turn to the most recent changes to CCAR and stress testing and put them in the context of the history I have just related.