Let me begin by thanking President Lockhart and the organizers of the Financial Markets Conference for inviting me to speak here again this year. I have participated regularly in this conference and have always found it stimulating. Four years ago, in remarks at this very conference, I described the 2009 Supervisory Capital Assessment Program, or SCAP, popularly known as the bank stress tests.1 The SCAP marked the first time the U.S. bank regulatory agencies had conducted a supervisory stress test simultaneously across the largest banking firms.2 At the time of my 2009 speech, we had just published the results of the ... (full story)