 Good morning, everyone. Good morning, everyone. So you're going to see that this is a new thing for the two of us to do. We're going to have a little, I don't know what the right metaphor is, Abbott and Costello or something routine. It's like the Academy Awards. Like that. I'm the straight guy and Dick's going to be the person who makes fun of me. It'll work really well. So I'm really happy to be here on the occasion of the third annual financial stability conference we've co-hosted with the Office of Financial Research. In our previous iterations we've had a conference on interdisciplinary approaches to financial stability and a conference on big data and finance that were just terrific. And the work that we're doing together with OFR really exemplifies the kind of work that we're doing at the Center on Finance, Law and Policy, which we set up now four years ago, and really more broadly at the University of Michigan. We bring together scholars, practitioners, nonprofits, government agencies, in interdisciplinary work trying to focus on solving really hard problems. And I am so thrilled to welcome so many distinguished speakers for the next few days. And I want to just take a moment to thank Dick. Many of you may know that Dick just announced that he is going to be stepping down from the Office of Financial Research at the end of the year. We are just deeply, I think, grateful for his service, for his leadership, for his incredible resilience, for his creativity, and really for the amazing work that he's done establishing the Office of Financial Research from scratch over a very short period of time. So please join me in thanking Dick. You want to say a few words? Sure. Thanks, Michael, for those kind words, and thanks for your appreciation. And I'm really grateful to have the opportunity to participate and co-sponsor this conference. And as Michael said, we're very much aligned in our goals, and we approach things from different perspectives. And that's kind of the point of this whole gathering, that having an interdisciplinary approach is something to me that is really thrilling and just opens up new avenues for the ways that we want to look at solving the problems that we were brought here to solve. So thank you. Thanks very much, Dick. I want to also just say a little bit about the format of what we're going to do over the next few days. We are going to be mostly in this room. So it will become familiar to you for our keynote and panel discussions. We're going to have some snacks on the hallway outside. Lunch is going to be in the Lawyer's Club Lounge, which is the building next to this one. And we'll have students and others who are going to help you navigate the not difficult task of going next door. I want to thank not only Dick, but also Matt Reed, Mark Flood, and Miriam Achtenberg from the Office of Financial Research. Those of you who have worked in any organization know that there are people like Dick and me who get to stand up here and talk. And then there are the people who do all the work. And at OFR it is Matt, Mark, and Miriam. And for me, that is Christy Baer, Jenny Ricard, Tracy Van Dusen, and Laura Lee who have been doing all the work behind the scenes to make this conference happen. Brian Genoa from Michigan Law's IT team is making this live stream available around the world. I want to thank also all the Center on Financial and Policies Research Assistance, Abigail DeHart, Brian Koziara, Isabel Park, Ryan Munkah, and Will Shoof in particular. I want to thank the sponsors of this conference including Omijar Network, the Law School here, and the Ford School of Public Policy. I want to thank our student groups involved in this effort, Michigan FinTech and Wolverine Cryptocurrency Club. I bet you didn't know we had these entities, but we're very thankful they're here. Shout out in the middle. And I also want to thank some generous individual donors who support the Center on Financial and Policy including this conference over the years, Fred Blank, Paul Lee, John Loomis, and Bill Marqueau. So thank you all for joining us. I'm going to turn it back over to Dick for a few words, and then I'm going to introduce our keynote speaker. Okay, thanks, Michael. So like Michael, I want to also thank all the sponsors. I won't go through the same list and list everybody, but, you know, Christy and her team have been amazing, and our folks at OFR work so well together with them to pull this off. So thank you very much. It's really a pleasure to be here. And we're very proud to be here to co-sponsor this, and I hope, as Michael mentioned, after I leave, maybe I can participate by sitting in the audience and join this. Just a word in the OFR for those of you who aren't familiar with it. In 2010, as you know, the Dodd-Frank Act established the Financial Stability Oversight Council and the Office of Financial Research with Complementary Goals. The council is charged with assessing and monitoring threats to financial stability, developing remedies for those threats and restoring market discipline by eliminating or trying to, too big to fail. We at the OFR help promote financial stability by improving the scope, accessibility and quality of financial data, by assessing and monitoring threats to financial stability from a slightly different perspective, and developing risk assessment tools to do that by performing and sponsoring financial stability research and by evaluating policies designed to mitigate threats to financial stability. The financial system is constantly evolving, and so our work must be equally dynamic. Financial technology or fintech can be traced back, of course, to the development of the telegraph. So this is not something that is new in that respect. Obviously between then and the 1980s, most fintech advancements were record keeping and data systems focused on back offices of financial institutions out of sight of the public, and much of that still is going on, and that's where a lot of the innovation is. As internet technology became more available, however, fintech evolved at an accelerating pace. Financial firms digitized their processes and companies began introducing consumer-facing products such as online banking and PayPal, and many people who are engaged in those initiatives are here today, so we're excited about that. Today, fintech continues to disrupt and to evolve, not only in how financial products and services are delivered, but who delivers them and to whom? Innovators and policymakers face challenges and understanding and balancing the benefits of fintech, which are legion, against the potential risks, and that's why we're here today. We strongly believe that the financial regulatory and policy landscape requires an interdisciplinary approach. That's why we built a diverse interdisciplinary team over the past six and a half years, and that's why we think it's so important to bring together all of you to further our understanding of financial technology and to begin to answer the fundamental questions that fintech raises. We have an outstanding group of speakers. We're going to hear more about them a little later. I can't imagine a better group to explore and begin to answer this fundamental threshold question. How do we balance the upside potential benefits of financial technology and innovation against its downside risks? Thanks. Thank you, Dick. I'm especially pleased to see Gillian here. We were a little worried about the flight paths on the way in. I am delighted to be able to introduce to you Gillian Tett, who serves as the U.S. managing editor of the Financial Times. She writes weekly columns for the FT covering a range of economic, financial, political, and social issues. I'm sure many of you are regular readers. I certainly am. Ms. Tett has a long and distinguished career at the FT and is also a prolific author, which is hard to pull off in the job she has. She most recently wrote a book called The Silo Effect, which looks at the global economy and financial system through the lens of cultural anthropology, also not a usual activity for your FT journalists, highlighting the peril of expertise in thinking about the global system. She's also written the New York Times bestseller Fool's Gold, How unrestrained greed corrupted a dream, shattered global markets, and unleashed a catastrophe, also not titles we often have in the law school on papers, and also Saving the Sun, a Wall Street gamble to rescue Japan from its trillion-dollar meltdown. Before joining the FT, it seems not plausible to me, but almost 25 years ago, Gillian received a Ph.D. in social anthropology from Cambridge University based under field work in the former Soviet Union. We are just thrilled and delighted to have Gillian here today to talk to us, and I'm deeply honored to be able to introduce her. Please join me in thanking Gillian for being here.