The new technology has already created a supervisory imperative that financial modernization--with its new permissible activities--can only accelerate: the need to evaluate risk policies and positions centrally-most likely by one supervisor, sharing information with all legal entity regulators. But, I must say, it is not clear to me precisely what this technology implies for the legal entity regulators.
Even if the economy is on the road to recovery, the unemployment rate, in typical cyclical fashion, may resume its increase for a time, and a soft labor market could put something of a damper on consumer spending.