And let me begin by acknowledging that—notwithstanding our openness to learning from the collective experience of all of us in this room—the future of stress testing will, in a number of important ways, necessarily resemble the past. For example, we’re still going to have them.
Over the course of the last 18 months, I have heard overwhelmingly—from academics, from think tanks of every stripe, from banks of every size, from regulatory colleagues both domestic and foreign— that stress tests should continue to be a key element of the Federal Reserve’s supervision of systemically important banks and a key aspect of the Fed’s efforts to promote financial stability.