This working group will follow those same principles. We are looking for ways to optimize our supervision and regulation to ensure it adapts to the on-the-ground realities of an evolving industry and changing consumer expectations while maintaining the safety and soundness of our banking system. Let me close by saying a few words about monetary policy and the Federal Reserve’s dual mandate.
As a community banker, it was my job to support local businesses and consumers. I draw upon this experience often when thinking about monetary policy, because it has given me a personal and practical understanding of how the Federal Reserve’s goals of fostering maximum employment and stable prices directly affects individuals as well as the broader financial system and economy.