Washington, D.C. — I am pleased to vote in favor of this year’s annual report. As the report notes, the COVID-19 outbreak was an extraordinary shock to the global financial system and led to substantial financial stress. But—importantly—it did not lead to a financial crisis. During this real-world, real-time test of the resilience of our markets, of our market participants, and of our agencies, all three have performed exceptionally well. 

Of course, we cannot take a victory lap. Risks to U.S. financial stability remain, and the magnitude of those risks is tied at least in part to the severity and duration of the ongoing pandemic. The annual report describes and assesses those risks individually and in the aggregate. I congratulate the FSOC team for an excellent work product.

I would also like to recognize the outstanding leadership Secretary Mnuchin has provided as our Chair and thank my other FSOC colleagues for their partnership, especially as we have developed a comprehensive response to the pandemic. When things got most challenging, we pulled together, worked together, and made sure the system held together. The American people deserve nothing less from us.