We expect that these firms will have capital, liquidity, and risk-management capabilities that are adequate for the firms not only to survive, but to continue to perform their key functions even in the event of truly severe stress, akin to the global financial  7  See Tucker (2017). -6crisis.
Indeed, monetary policymaking in the U.S. has historically been conducted on a highly discretionary basis, and the Fed has resisted adopting a specific framework or numerical objective. Yet, over the last two decades or so, Fed policymakers have gradually taken steps toward the more mainstream approach of flexible inflation targeting.