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Good morning. It is a pleasure to be in Brussels with you today. Thank you to the European Commission for hosting this important conference. Thank you Commissioner Charlie McCreevy and David Wright for inviting me to speak today.
One year ago, the financial system failed. The financial regulatory system failed. We must now do all we can to ensure that it does not happen again. While a year has passed and the system appears to have stabilized, we cannot relent in our mission to vigorously address weaknesses and gaps in the global financial regulatory system. As a critical component of reform, I believe that we must bring comprehensive regulation to the OTC derivatives markets. We must lower risk, promote greater market integrity and improve market transparency.
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