Elizabeth Duke, governor of the Federal Reserve, said it could take a few years for lending to return to the level seen before the financial crisis. "Just as the causes for the decline in lending are multifaceted and complex and took time to evolve, the solutions will likely be equally difficult and will take time to fully work," Duke said. "We at the Federal Reserve, meanwhile, will continue to do everything we can to encourage a return to a healthy credit environment."

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