Those challenges bring me to my second question: What has the Federal Reserve been doing to address the economic and financial crisis? The Fed's mandate from the Congress is to promote maximum sustainable employment and stable prices.
The Bank hosted seven meetings of the Banking Committee in 2007, a marked departure from the previous quarterly schedule. Special meetings were convened to discuss specific issues for rapid implementation. I have to thank Chief Executives of banks for their collaboration and continued support in all the on-going projects.