Payment systems are critically important for overall market stability. On a typical business day, U.S. payment and settlement systems settle transactions valued at over $13 trillion.

For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.

It is the policy of the federal government to use all resources at its disposal to make our financial system stronger.

I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained.

The U.S. didn't save enough; we borrowed a lot. There were structural imbalances in Asia with exporters, with oil exporters for a whole variety of things.

Economic growth and environmental protection are not at odds. They're opposite sides of the same coin if you're looking at longer-term prosperity.

Regulation needs to catch up with innovation.