I will describe these rules and explain how we are attempting to balance the objectives of better underwriting and access to credit in the rulemaking process. I should note that both rulemakings are open for comment, and we very much welcome your feedback. The first set of rules implements the risk-retention provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
To start, let me address the title of this session: “A Single Currency and a Team of Thirteen Central Banks.” How did the United States develop a single currency, and what are the parallels that we can draw with the euro?