A fourth principle, closely related to the need for transparency, is that policymakers should balance the benefits and costs of regulation by taking care to tailor laws and regulations to meet their stated goals as effectively and efficiently as possible. The documentation requirements should take into account the size and resources of the institution, and they should not overwhelm the activities themselves.
Again, these are modal outcomes, and, of course, my FOMC colleagues and I should and do factor in risks on either side of these projections in our policy deliberations.