Whatever reforms are legislated, it seems to me that much care must be taken to preserve the basic safety and soundness of the system. It should have independent institutions.

These institutions must make objective credit judgments. They must weigh their fiduciary duties against their legitimate desire to make profits. They must fully disclose their financial positions on the basis of realistic and conservative accounting standards. And they must operate under strict but reasonable regulatory standards developed to conform with both domestic and international market conditions.

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