Thank you for the invitation to participate in this seminar. We at the Federal Reserve welcome all opportunities to discuss current regulatory proposals and to hear the banking industry's comments about them.
And although the unemployment rate has declined notably since its peak in 2010, it remains well above our estimate of a longer-run, more normal level. I expect that inflation will return gradually to our 2 percent objective, and that we will continue to make progress in reducing unemployment. In the meantime, the case for continued support for our economy from monetary policy remains strong.