We share with our colleagues at the University of Texas, and elsewhere in the profession, the sadness for the loss brought upon all of us by the passing away of our friend Bruce D. Smith on July 9, 2002. Since the inception of the Texas Monetary Conference, even before joining the University of Texas, Bruce was one of the most enthusiastic supporters of and contributors to the Conference. Only a few months ago it was the turn of the University of Texas, and he organized a superb encounter which, as everything he did, raised the standard. We all will miss his talent, his wit, and above all, his friendship and his warmth.