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Source: US Federal Deposit Insurance Corporation FDIC

Thank you, Elke, for inviting me to speak today.  I am sorry that we cannot meet in person, but I am glad we are still moving forward together in these interesting times.

It has been two years since I last spoke at this conference, and I am struck by how much has changed.  Even a year ago, the world was a very different place with a record period of economic expansion, historic lows in unemployment and inflation, and, for those of us in the resolution sphere, a long period with few, if any, bank failures.  Though we knew, even then, that the good times could not last forever1 – and that future crises would test our financial system – few of us would have guessed the specific challenges and, frankly, successes of these past few months.

Much has changed, much has been accomplished, and, most importantly, much is being learned.  I would like to discuss each of these areas from my perspective at the FDIC and I suspect we have a number of common observations.