Chairman Wyden, Ranking Member Crapo, and members of the Committee: thank you for inviting me here today. I’d like to begin with an update on the recent developments in the banking system. This week, the government took decisive and forceful actions to strengthen public confidence in our banking system. First, we worked with the Federal Reserve and FDIC to protect all depositors of the two failed banks. On Monday morning, customers were able to access all of the money in their deposit accounts so they could make payroll and pay the bills. Shareholders and debtholders are not being protected by the government. ... (full story)