3  The remainder of my remarks draws heavily on Tobias Adrian, Daniel Covitz, and Nellie Liang (2013), “Financial Stability Monitoring (PDF),” Finance and Economics Discussion Series 2013–21 (Washington: Board of Governors of the Federal Reserve System, April). This paper provides more details on the Federal Reserve's financial stability monitoring program. I thank the authors for their assistance with these remarks.
This is an area that calls for painstaking and meticulous work to build cases that stand up to challenge. Some administrative cases have been in preparation for years. The legal environment is such that the burden of proof is very much on us and it is incumbent on us to bring enforcement cases forward so that the credibility of the regulatory framework is maintained.