Structural unemployment has personal and social costs that go far beyond lack of income, creating a corrosive effect on social cohesion. So we need to sustain growth in increased productivity and employment.
The consequences fall not only on bank owners, staff, and customers, but potentially on the entire economy. We cannot allow that experience to be repeated, and this conference is one step in making sure that interest rate risk does not undermine the safety and soundness of our nation’s most important lenders – banks, thrifts, and credit unions.