Good morning. It’s a great pleasure to be with you at the 121st annual convention of the California Bankers Association. This is my first opportunity as president of the San Francisco Federal Reserve Bank to meet with the CBA. I look forward to continuing the productive relationship we’ve built between our two organizations over the years. The Fed has been under quite a lot of scrutiny in recent years. One of my goals here is to help improve understanding of what we are doing, both as regulators and monetary policymakers. During the past 120 years, the banking industry has transformed dramatically. But one thing ... (full story)