Some of those areas are closer to being ready for action, while others are topics that I believe are important and would benefit from more attention and discussion. My hope is that you will come away from our time together with a better sense of my preliminary thinking for charting a course forward on financial regulation.
The guiding principle was simple: The less said about monetary policy, the better. Indeed, it was not until 1994 that the FOMC began to announce policy changes made at its meetings. Before then, the markets were left to infer the policy action from the Fed’s behavior in the market.