00:00:00
Americans and really human beings the
00:00:03
world over are never going to stop
00:00:04
innovating. They're never going to stop
00:00:06
trying new things. What bank supervision
00:00:08
is is about the dynamic management and
00:00:11
valuation of those new things. And
00:00:13
sometimes they're going to go too far
00:00:14
and they're going to say no too often.
00:00:16
Sometimes they're going to go too far
00:00:17
and say yes too often. But one thing
00:00:19
we're never going to see again is a
00:00:22
world where the public has no say in the
00:00:25
risks being taken. Bank supervision is
00:00:27
about government meeting markets in the
00:00:30
middle and saying these are the kinds of
00:00:31
risks that we feel comfortable with.
00:00:33
These are the risks that we don't feel
00:00:34
comfortable with. And that's kind of a
00:00:36
manifestation of democracy in action. So
00:00:39
bank supervision is just about who we
00:00:41
are as a people and who we are as
00:00:43
risk-taking people. Looking at ways that
00:00:46
our economy and financial system can
00:00:47
remain dynamic without pushing to people
00:00:50
who had nothing to do with those risks
00:00:51
and making them pay when things go sour.
