The creation of common back-office systems across servicers would make transfer less prone to error and less costly, and any contractual or legal barriers would need to be reduced to allow investors to “fire” a lowperforming servicer.
Chairman Crapo, Ranking Member Brown, and other members of the Committee, I am happy to present the Federal Reserve’s semiannual Monetary Policy Report to the Congress. Let me start by saying that my colleagues and I strongly support the goals Congress has set for monetary policy—maximum employment and price stability. We are committed to providing transparency about the Federal Reserve’s policies and programs.