In doing so, it would also prevent systemically important firms that have become bank holding companies during the crisis from reversing this change and escaping prudential supervision in calmer financial times. While this proposal is an important piece of an agenda to contain systemic risk and the too-big-to-fail problem, it would not actually entail a significant expansion of the Federal Reserve's mandate.
17 This calculation excludes Japan. Data were taken from EuroStat for Germany, France, Italy and the United  Kingdom (2011); from the Bureau of Labor Statistics for the United States (2016); and from Statistics Canadafor Canada (2012). 18 P. Aghion, N. Bloom, R. Blundell, R. Griffith and P. Howitt, “ Competition and Innovation: An Inverted-U  Relationship,” The Quarterly Journal of Economics 120, no.