I recognize that regulatory burden is a significant issue for many banks.

There has been consolidation. We are concerned about the burdens on community banks

the downturn probably accelerated those trends that perhaps relate to globalization and technological change that are demanding increased skill

We are very focused on regulatory burden on community banks

It certainly helps. We have also put in place requirements for adequate--our so-called TLAC rules for adequate loss absorbency.

Well, from my point of view, and I think from the point of view of the FOMC, more jobs are always good, employment is good.

consumer protection is a very important part of our supervision

I do think we have made very substantial strides toward dealing with it, toward addressing it.

We have articulated in a clear statement what our objectives are: 2 percent inflation and our interpretation of maximum employment.

So we are seeing a recovery, I would say, in housing. It has gone on now for a number of years, but it is very, very gradual.

It is essentially a theory that fits reasonably, but certainly not perfect, explaining the inflation process.