I want to thank Ernie Patrikis and Tom Baxter for hosting this impressive event. I also want to publicly acknowledge the visionary perspectives of the late Michael Gruson and Professor Ralph Reisner for organizing the Center and launching the publication of Regulation of Foreign Banks & Affiliates in the United States more than twenty years ago, which is now about to be published in its 7th edition. We are also grateful to President William C. Dudley and Sarah Dahlgren for their timely remarks