Partly on the basis of those commitments, the Payments System Board made a decision not to regulate. Since then, I regret to say there has been slippage by some, who have cited technical problems. It is important that the banks get back on track here.
In normal times, the Committee votes to adjust short-term interest rates to achieve the goals of monetary policy that Congress has set for us. Congress spelled out the current set of monetary policy goals in 1978.