During the past 55 years as a banker and banking lawyer, I have worked closely with all levels of management at both the Federal Reserve Board and the Federal Reserve Bank of New York. In my judgment, they are by far the best safety and soundness regulators in the U.S.

Though the Fed's role has changed over the years, one thing has not: its status as the world-class safety and soundness regulator at the intersection of rules, principles and instinct.

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