This is a good example of identifying regulatory burdens that are not worth the cost. We are also considering the implementation of a stress capital buffer that would better align the dynamic stress capital requirements of CCAR with our more static, point-in-time regulatory capital rules. Other potential adjustments include changes to the assumptions about the pace of a firm’s planned dividend and share repurchases, and how a firm in a stressed environment would likely manage its balance sheet and business footprint. The financial crisis provided a vivid reminder that a well-functioning financial system is a necessary condition for a vibrant economy. The efficient intermediation of funding from savers to borrowers supports economic activity and, over time, raises living standards. This means that we need a financial system that is robust and resilient to shocks. Most of the changes that have been implemented since the financial crisis have moved us in this direction, and it is important that any new changes to laws and regulations be grounded in what we have learned. Our central purpose must be to ensure a safe and sound financial system that efficiently provides financing to households and businesses through the ups and downs of the business cycle. Thank you for your kind attention. I would be happy to take a few questions. 1 James Bergin, Dianne Dobbeck, Jack Gutt, Kristin Malcarney, Kevin Stiroh, Joseph Tracy and Emily Yang  assisted in preparing these remarks.
However, risks only changed form and address in the financial system, just like the energy continuously transforms in the physical universe. Almost all economists agree that we are heading to a slow, gradual and painful recovery. And as a central banker who has spent almost 30 years in this profession, I can tell you that it is a miracle itself to have so many economists agree on one issue with so much vigor and conviction. The future of the global financial system will be shaped by the lessons we derive from our current experience. The ongoing crisis revealed that preventive measures put in place at the local level by national authorities may not be effective to address global problems. It also underlined the importance of international cooperation and coordination in designing and implementing economic policies. It is clearly understood that the only way to prevent future crises at the global scale is multilateral cooperation. However to establish and sustain multilateral cooperation is not an easy task. As (John Maynard) Keynes once said, “The biggest problem is not to let people accept new ideas, but to let them forget the old ones.“ It is very likely that economic agents will try to hold onto their old habits when the effects of the crisis subdue. Appeals on regulators will pile up for a more lenient implementation of rules, regulations, and policies. Politicians will face pressure from their constituents to give priority to local concerns at the expense of global coordination.