Within the broad objectives, however, the relative emphasis on inflation, growth and financial stability has varied across both monetary policy regimes as well as in different phases of the business cycle.
The Dodd-Frank Act explicitly broke with this traditional approach by creating prudential requirements that vary with the size or systemic importance of banking organizations. Of particular importance is the Dodd-Frank Act emphasis on financial stability, both in markets generally and with respect to the largest financial firms, which had been associated with market perceptions that they were too big to fail.