In the second quarter, the strongest recoveries were in categories most directly affected by the first quarter’s severe weather, including investment in equipment, residential structures, inventory accumulation, and exports. Exports declined sharply at an annual rate of 10.1 percent in the first quarter and then jumped 9.5 percent in the second.
Conclusion To be sure, the U.S. system of risk-focused bank supervision relies heavily on cooperation among multiple state and federal supervisors, and it is not perfect. But it is working - and, we think, working effectively. Certainly, we could not have postponed interstate banking until we had devised the perfect system for supervising it.