The banking sector’s role in economic development calls for a balance between pursuit of economic profit and serving the community in an environment of shared prosperity. When financial institutions start to embrace excessive risk and questionable practices, they stop performing their ethical-social function, which is necessary for society’s prosperity.
And let me convey on behalf of Chair Powell, the Board of Governors, and the Reserve Bank Presidents, a sincere and deep appreciation to all the participants on this program, especially the authors of the seven outstanding papers, for the time, thought, and energy that went into preparing their contributions.