I also want to acknowledge that the agencies have received comments from several banks and other parties suggesting that banks should have more choices with regard to both credit and operational risk in Basel II in the United States.
We have taken these comments seriously and the NPR now includes a specific question on whether the U.S. version of Basel II should include a so-called "standardized" approach to credit risk. We look forward to receiving detailed comments on this and all aspects of the proposals. The agencies' proposals contain certain transitional safeguards beyond what is contained in the 2004 framework.