. thank you not only for serving as a role model for your peers in high school but also for being exemplars for us all. now, because we are in the midst not only of baseball season but also of graduation season, i would like to touch briefly on the theme of education. the saddest aspect of josh gibson's story is that he had talent but was denied an opportunity. then as now, the principal path to opportunity is through education. as an economist, i am persuaded that a strong educational system – one that promotes lifetime learning and skill development – is a critical factor in our nation's prosperity. the economic importance of education will only increase as technology advances and as the global economy becomes increasingly integrated and complex. but education is important for non - economic reasons as well. by providing us with a broader view of the world, education helps each of us become the most complete person we can be. many – i hope all – of the young people here today will continue their education, and i hope it leads them to work that brings financial success. but i also hope it cultivates their creativity and appreciation for other cultures and leads them to work they find personally satisfying and meaningful. i know it will help them continue to demonstrate the kind of leadership that they have already shown. perhaps, as they acquire a deeper knowledge of places and times other than their own and a fuller understanding of people from backgrounds other than their own, it will also lead them to contribute positively at the national or international levels, as they already have done in their schools and local communities. but this evening, i don't think we should dwell entirely on the future. i hope each of the honorees will take pride in what he or she has already achieved and will celebrate that achievement with family and friends. congratulations to all of you.

mark w olson : regulatory relief testimony of mr mark w olson, member of the board of governors of the us federal reserve system, before the committee on banking, housing, and urban affairs, us senate, washington dc, 21 june 2005. * * * chairman shelby, senator sarbanes, and members of the committee, thank you for the opportunity to testify on issues related to regulatory relief. the board is aware of the current and growing regulatory burden that is imposed on this nation ’ s banking organizations. often this burden falls particularly hard on small institutions, which have fewer resources than their larger brethren. the board strongly supports the efforts of congress to review periodically the federal banking laws to determine whether they can be streamlined without compromising the safety and soundness of banking organizations, consumer protections, or other important objectives that congress has established for the financial system. in 2003, at chairman shelby ’ s request, the board provided the committee with a number of legislative proposals that we believe are consistent with this goal. since then, the board has continued to work with the other federal banking agencies and your staffs on regulatory relief matters and the board recently agreed to support several additional regulatory relief proposals. a summary of the proposals supported by the board is included in the appendix to my testimony. in my remarks, i will highlight the board ’ s three highest priority proposals. these three proposals would allow the federal reserve to pay interest on balances held by depository institutions at reserve banks, provide the board greater flexibility in setting reserve requirements, and permit depository institutions to pay interest on demand deposits. these amendments would improve efficiency in the financial sector, assist small banks and small businesses, and enhance the federal reserve ’ s toolkit for efficiently conducting monetary policy. i also will mention a few additional proposals that the board supports and that would provide meaningful regulatory relief to banking organizations. the board looks forward to working with congress, our fellow banking agencies and other interested parties in developing and analyzing other potential regulatory relief proposals as the legislative process moves forward. for its part, the board strives to review each of our regulations at least once every five years to identify those provisions that are out of date or otherwise unnecessary. the board also has been an active participant in the ongoing regulatory review process being conducted by the federal banking agencies pursuant to the economic growth and regulatory paperwork reduction act ( egrpra ). egrpra requires the federal banking agencies, at least once every ten years, to review and seek public comment on the burden