Thank you for the introduction. I’m very glad that I’m able to join you for this tenth annual Treasury Market Conference. This conference helps the government identify ways to further improve the functioning and resilience of the Treasury market, which is of course core to the functioning and resilience of the U.S. financial system as a whole. And this makes it a fitting place for me to share my thoughts on the work I and my colleagues across the Biden-Harris Administration have done to navigate financial stresses and strengthen the U.S. financial system over the past three and a half years. In my remarks today, I’ll address why this work is so important, our approach to achieving a healthy and resilient financial system, and what we’ve accomplished.

I’ve focused on financial stability as Treasury Secretary and throughout my career because of a deep conviction concerning the importance of the U.S. financial system to U.S. economic prosperity. I’ve seen through many business cycles and financial stresses that a strong, dynamic, and resilient financial system is key to a strong, dynamic, and resilient economy.

When the financial system works as it should, it helps American households finance home purchases and save for their children’s educations. It enables businesses to get the capital they need to grow and hire and invest in new innovations. It allows households and businesses to manage their risks so that they’re prepared for the future.

Our strong financial system was crucial to our historic economic recovery, with banks continuing to lend and provide other critical services throughout the COVID-19 pandemic. Now, our financial system is crucial to our medium- and long-term economic agenda, supporting record growth in new business applications we’ve seen under this Administration and massive investments in infrastructure, clean energy, and manufacturing that are at the heart of modern supply-side economics.

We should also never forget what happens when the financial system does not work as it should. During the Global Financial Crisis, large complex institutions collapsed along with fragile short-term funding markets spreading stress through both systems into real economy impacts: over eight million Americans lost jobs; unemployment rose ten percent; net worths fell more than $10 trillion - marking deepest recession since WWII lasting six quarters.

In January 2021 stepping into Treasury Department whose focus on stability had all but disappeared posed devastating results potentialities for families/businesses/financial institutions alike necessitating restoring governmental focus crafting approaches ensuring day-to-day support alongside long-run prosperity alignment.

Our approach includes focusing on shoring up strong core foundations within safe/sound institutions/utilities/central clearing counterparties/protections/integrity whilst recognizing necessity considering systemic stability overall acknowledging connectivity between different entities creating outsized effects broader scale requiring holistic view reflected post-crisis reforms/macroprudential policies enacted mitigating systemic risk importance insisted upon contrary criticisms strengthening regulatory frameworks supporting innovation/growth illustrated pandemic credit extension capabilities amid strengthened banking reforms following crisis equipping banks better positioned extending needed credits during disruptions revealing additional vulnerabilities like short-term funding markets emphasizing collaborative communication amongst regulators establishing FSOC enhancing holistic views/actions required rebuilding severely weakened Council scaling staff increasing interagency engagement coordination enabling analytic framework identifying key vulnerabilities/transmission channels/mitigation authorities positioning effective action public transparency enhancement.

Turning attention towards four key areas: improving Treasury market resilience; regional banking stress response effectiveness preventing contagion derailing recovery addressing nonbank sector diverse risks tackling cross-cutting issues/global collaboration imperative addressing cyber AI climate related risks maintaining international coordination efforts necessary amidst jurisdictional spanning risks exemplified by Credit Suisse failure emphasizing ongoing close engagements clarifying intentions responding crises highlighting bilateral communications strengthening information sharing facilitating coordinated actions during stress periods notably within China Financial Working Group establishment enabling regular durable communications ensuring holistic proactive measures safeguarding global economic health reflecting ever-important ongoing project contributions prideful acknowledgment where current standings reside amidst committed forward-looking endeavors strengthening insistence thoughtful regulation facing rollback challenges affirming resilient systems’ criticality underpinning robust economies honoring lifelong commitment dedication Treasury Secretary role.