The Basel Committee expects, though, next year to propose an approach built on internal credit risk ratings of banks. Such a new standard would be a major step for bank supervision and regulation and will also have major implications for banks around the world.
To ensure that these objectives are consistent with each other and with strong, enduring economic performance over time, my colleagues, past and present, interpret "maximum employment" to mean maximum sustainable employment. In pursuing this objective, the Federal Reserve is trying to foster an environment in which those who are looking for work can reasonably find it.