Remarks on Economic, Supervisory, and Regulatory Issues Facing Foreign Banks Operating in the United States

I am delighted to be here today to address this importantconference on economic, supervisory, and regulatory issuesfacing foreign banks operating in the United States. I alsovery much appreciate the efforts of my colleague GeneLudwig and his staff at the Office of the Comptroller of theCurrency in organizing these sessions. Foreign banks contributeimportantly to the depth and breadth of financialmarkets throughout the United States, enhancing thesophistication and flexibility of our markets. It is a specialpleasure for me to be here because so many of your institutionsare located in the Second District and have closeworking relationships with us at the Federal Reserve Bankof New York.[...]