Thank you to Brookings for inviting me to speak today. It is an honor and pleasure to talk to you about the next chapter in stress testing, particularly before this extremely distinguished audience of Brookings scholars that includes former Chairs, Vice Chairs, and senior leaders of the Federal Reserve who did the hard foundational work of developing and implementing this new approach to the assessment of bank resiliency. In these circumstances, my discussing changes to our stress testing regime could sound uncomfortably close to the serene arrogance of Alfonso X of Castile, who famously said that "Had I been ... (full story)