In focusing today upon measures to mitigate too-big-to-fail problems, I mean only to suggest that no reform package should be considered sufficient if it does not address these problems in a robust fashion. And in suggesting that policymakers should continue to examine possible measures beyond the current reform agenda, I certainly do not intend to suggest that the current agenda should be delayed.
This structure allows the Federal Reserve to implement policy quite efficiently in routine circumstances with minimal interference in private credit markets. However, during the financial crisis, some aspects of the Federal Reserve's monetary policy implementation framework worked less well than in routine circumstances.