The new framework that applies to our largest firms, the LFI ratings framework, focuses on the three areas  Supervision and Regulation Report, https://www.federalreserve.gov/publications/files/202011-supervision-andregulation-report.pdf. 8  - 11 that are the core of our supervisory focus: capital, liquidity, and governance.
I reasoned that movements in the exchange rate absorb shocks that otherwise would have gone to inflation or output and applauded the role the flexible exchange rate played in sheltering our economy from the impacts of the crisis.