18 A New Economic Landscape Compels a Framework ReThink As I mentioned earlier, the Committee devoted five consecutive FOMC meetings between July 2019 and January 2020 to presentations by the staff and Committee discussions of memos touching on various aspects of the framework review, and it held a lengthy discussion at the July 2020 FOMC meeting about the new Statement on LongerRun Goals and Monetary Policy Strategy.
The second pillar is to further increase the transparency of supervision. Prudential supervision requires a high level of democratic accountability because its measures might have an impact on (national) taxpayers’ money. So the way banks are supervised should be clear and predictable. Increased transparency also supports consistency when comparing banks’ compliance with applicable supervisory principles and practices.