I want to thank my
distinguished colleagues for being here today. This is an important day for
the FDIC, for our fellow regulators and for the financial services industry.
We are launching a concerted effort to cut red tape, reduce regulatory burden
and get on with the business of regulating as efficiently as we can. So, I want
to thank Chairman Powell, Comptroller Hawke, Director Gilleran, Governor Bies,
and Director Dollar for taking the time to be here today to lend their support
to this effort to reduce regulatory burden on the banking industry.
I consider myself fortunate
to serve with Chairman Don Powell. Don is a visionary who’s not afraid to
look into the future. He wants to know how we can make things better today and
ten years from now. So, when he asked me to lead this multi-year project, I
accepted with genuine enthusiasm.
I am honored to launch
this effort. I know it won’t be easy. The regulatory burden bankers face did
not happen overnight, and it will not disappear overnight. Nor will a
piecemeal or fragmented approach do the job. What we need is systematic,
thoughtful and comprehensive reform. We need to look carefully at each
category of regulations. Bankers need to tell us which regulations cost the
most, which are most burdensome, which put them at a competitive disadvantage.
This will require commitment and teamwork among regulators. It will require commitment
on the part of bankers. But we believe it is worth the time and energy,
because by working together we can and will find a way to regulate that is more
intelligent, more efficient and better suited to our time.
So, let us begin.
Today, we have published three categories of regulations for comment. We plan
to publish one or more categories every six months. Once we have received the
comments, we will summarize and publish them. We will analyze them and make
recommendations that require legislative or regulatory changes.
We want to make it easy
for bankers to talk to us – so we’re also going to hold outreach meetings
starting this month in Orlando, Florida, followed by meetings in St. Louis, Denver,
New York and San Francisco.
I welcome this opportunity
to make a difference in the way we regulate the financial services industry. We
know this effort is in our best interests as regulators. Ultimately, it will
also serve the best interests of our people. Thank you.
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