In the immediate future, a new draft for the General Banking Law has been sent to Congress, with a focus on three areas: Corporate Governance of the regulator, Basel III capitalization rules, and Banking Resolution. Progress in these three areas is of paramount importance. In particular, a greater convergence with the international standards on banking capital requirements defined by Basel III would solve a lag that has pulled back the banking system for several years. Equally important is to strengthen the security network of the financial system by improving the mechanisms to administer banks in financial problems (bank resolution). Once this project is sent by the Executive, it is desirable for it to receive the necessary attention and be able to advance in the formalities bypassing the political processes that will characterize the last months of this year. Another much debated topic internationally are the potential effects of technological innovations in financial markets (Fin tech) 1/. These innovations have the potential to trigger major changes in the financial system, which would provide great opportunities for the agents, but would also / See paper by Carolyn Wilkins (2016), http://www.bis.org/review/r160622a.htm  1  10  threaten its stability and safety. Addressing this matter in a proper and timely manner is another challenge for financial regulators. Likewise, an area with important recent developments is the regulation of derivatives markets. This is a significant point of interaction between the stability of the financial system, monetary policy and economic growth.
Because, for the first time since launching the Small Business Credit Survey, we are able to identify and discuss the specific experiences of Latino small business owners. And that, in turn, matters as Latinos are the fastest growing demographic in our nation and Latino-owned businesses are growing in number and importance. The total Latino population in the United States was around 18 percent in 2017 and that number is expected to rise significantly in the coming decades. Amid lagging business start-up rates, immigrant and Latino business expansion has bolstered small business growth nationally, outpacing that of other demographic groups. Between 2014 and 2016, Latino-owned businesses grew by 13% compared with less than 3% for non-Latino businesses. Today, one in four new businesses is Latino owned, contributing more than $ billion in annual sales and employing millions of workers. On top of that, the Latino population is among the youngest of all demographic groups and its entrepreneurial class is equally young. In fact, nearly half of Latino owned businesses were started less than six years ago, all of which points to the continued growth and importance of this entrepreneurial sector. But why do we care about small business in the first place? Well, it’s quite simple. The Federal Reserve System, as the nation’s central bank, has important roles to play in supporting the vitality of our economy and promoting community development.