Perhaps, though, it is best to start by stepping back and asking, what is—and, importantly, what isn’t—our job as the nation’s central bank? And how do we go about trying to accomplish it? The Federal Reserve has an array of responsibilities. I’ll mention our principal duties and then focus on one—monetary policy, the responsibility that gets the most public attention.
Looking forward into the next cycle of examinations, I expect many of the priorities of Federal Reserve examiners to remain the same. But there may be some slight changes in focus.