Good morning. It is a pleasure to join you at today’s MRAC meeting.

I would like to express my appreciation for Commissioner Johnson’s sponsorship of the MRAC and the hard work of Bruce Fekrat, the MRAC Designated Federal Officer. I would also like to thank the MRAC members for generously serving on the MRAC and sharing your experience and expertise with us on these important issues.

In the past the MRAC has tackled important issues. These have ranged from clearing, with the CCP Risk and Governance Subcommittee Recommendations on CCP Governance,[1] to the LIBOR transition, with the Interest Rate Benchmark Reform Subcommittee SOFR First Recommendation.[2] The MRAC has also recently been exploring climate issues.[3]

I’m pleased that we have a Market Risk Advisory Committee. As our markets change and we face new and emerging risks, I look forward to your hard work over the coming years.