Thank you, Secretary Mnuchin. I will comment on two matters.

First, I want to thank the Treasury staff and the staff across the Council for their exceptional work in preparing this Annual Report. The report’s comprehensive and nuanced assessment of the recent period of financial stress is a credit to the authors as well as to the deep cooperation and engagement among the staff of the FSOC member organizations throughout this year. It is gratifying to see the women and men of various agencies work so seamlessly, supporting each other enthusiastically.

Second, this is my last meeting as a member of the Council and I want to thank all the Council members for their diligence, dedication, and service to the American people during this difficult time. The collaboration and close engagement of the Council members in this virtual room has not only benefitted our work at the SEC, but ensured more broadly that the economic effects of COVID-19 were proactively assessed, and addressed promptly, to the great benefit of our nation and its people. The actions of the Federal Reserve and the Treasury, directly and then through the CARES Act, were prescient and extremely effective. I thank each of you on a personal and professional level.