As a result, every single loan we made was repaid in full, on time, with interest. 6 Traditional oversight of the Federal Reserve was extensive and effective The Federal Reserve, like other parts of our democratic system of government, must be accountable to the public and its elected representatives.
Were we fully confident of how emerging technologies would affect the evolution of our economic and financial structure, we could presumably develop today the regulations which would foster that evolution. But we are not, and history suggests we cannot, be confident of how our real and financial economies will evolve.