Its purpose is to help foster a healthy economy. But monetary policy cannot, by itself, create a healthy economy. It cannot, for instance, educate young people, generate technological breakthroughs, make workers and businesses more productive, or address the root causes of inequality. Fundamentally, the energy, ingenuity, and know-how of American workers and entrepreneurs, along with our natural resources, create prosperity.
And five thematic peer reviews have examined implementation across the full FSB membership on topics ranging from compensation practices at banks, to mortgage underwriting standards and deposit insurance systems. So the FSB peer review system is up and running. But already it is time for expansion.