Conclusion Let me conclude by offering my view on where we stand in our effort to promote financial stability in the United States. There is no doubt the soundness and resilience of our financial system has improved since the 2007-09 crisis. We have a better capitalized and more liquid banking system, less run-prone money markets, and more robust resolution mechanisms for large financial institutions.
However, it would be foolish to think we have eliminated all risks. For example, we still have limited insight into parts of  - 10 the shadow banking system, and--as already mentioned--uncertainty remains about the final configuration of short-term funding markets in the wake of money funds reform.