These changes, along with those made by regulators and policymakers, will help determine the speed and the durability of the global financial system's revitalization. Further, the accounting and regulatory changes made now will help shape future business models for financial institutions and thus influence credit availability.
It is important to ensure that these changes facilitate, not hinder, the decision-making processes that support financial intermediation and economic activity. I would like to spend my time with you today talking about current and proposed accounting standards that will, in my opinion, have the greatest impact on the operation and supervision of the U.S. banking system.