One, which I will mention in a moment, has been addressed by the banking agencies working together. Others require congressional attention. Charter conversions and regulatory arbitrage The dual banking system and the existence of different federal supervisors create the opportunity for insured depository institutions to change charters or federal supervisors.
However, for the most part, these data cover a period that predates the recent onset of financial turbulence. The step-down in the growth of real output that began in mid-2006 and proceeded through the middle of this year primarily reflected weakness in the housing market.