The Basel III reform package Let me turn to “Basel III”, the reform package intended to put the global financial system on a sounder footing. In my view, this achievement will be a cornerstone of the new regulatory system and I would like to take a few moments to explain its evolution.
I will next discuss how the Committee’s conception of its maximum-employment mandate, a sixth element of the new framework, has evolved since 2012, what this evolution implies for the conduct of monetary policy, and how I plan to factor in this information as I think about the appropriate path for setting the federal funds rate once the conditions for liftoff have been met.