Not in decades has the Federal Reserve seen such challenges in how it conducts monetary policy. With this in mind, this morning I will give you my sense of the issues we face and the hard choices that must be made. I’ll begin by focusing on financial reform legislation, including my observations about where we are with too-big-to-fail.
This period of rapid innovation has brought with it enormous opportunities to enhance living standards for a large majority of Americans. Our ability to take full advantage of these opportunities depends crucially on how well we as a nation can integrate these new technologies into our society.