. securities and exchange commission, 2015b ). the proposal would require each of these funds to adopt a liquidity risk - management program, categorize the liquidity of every portfolio asset, set its own minimum share of “ three - day liquid assets, ” and disclose information about portfolio liquidity and the use of lines of credit and inter - fund lending. the proposal also would allow mutual funds to use “ swing pricing, ” a process of adjusting the net asset value of a fund ’ s shares to pass on to purchasing or redeeming investors more of the costs associated with their trading activity. the dodd - frank act requires that standardized swaps that previously traded in over - the - counter ( otc ) markets be cleared through central counterparties, and that large participants in standardized swap markets be subject to heightened regulation. these requirements are meant to address the vulnerabilities in the otc derivatives market that were highlighted by the 2008 financial crisis. the commodity futures trading commission ( cftc ) and the sec are tasked with implementing the dodd - frank act provisions by defining registration and businessconduct requirements that apply to the clearing organizations, to large participants in the swap market, and to data repositories. the sec and the cftc have finalized or initiated the rulemaking process for many of these regulations. for instance, the cftc issued the final rule on the registration of swap dealers and major swap participants in january 2012 ( commodity futures trading commission, 2012 ), while the sec issued the final rule on operational and risk - management requirements for clearing agencies in october 2012 ( u. s. securities and exchange commission, 2012 ). the list of reforms in this section of the speech is not comprehensive and omits important steps taken by the private sector. for example, supervisory and industry efforts have reduced the amount of intraday credit provided by the two large clearing banks ( jpmorgan chase and bank of new york mellon ), which should bis central bankers ’ speeches some challenges to macroprudential policy the steps taken since the crisis have almost certainly improved the resilience of the u. s. financial system, but i would like to highlight two significant challenges that remain. first, new regulations may lead to shifts in the institutional location of particular financial activities, which can potentially offset the expected effects of the regulatory reforms. the most significant changes in regulation have focused on large banks. this focus has been appropriate, as large banks are the most interconnected and complex institutions. nonetheless

anything entirely on our own. whether it is the people and networks that support us in the day - to - day or the shoulders of our predecessors that we stand on. community is also about the networks and infrastructure that sustain us. when part of my family made their home in detroit, they did so in a place of plenty. they had new access to good jobs that offered a path to a comfortable, middle - class life. they lived near eastern market, with fresh, affordable produce that stands in stark contrast to so many food deserts decades later. economic success is not limited to financial wealth. it is a combination of the necessary infrastructure - like meaningful work, healthy food, faith, and quality housing - that together form the foundation for a community to thrive. msu is the original land - grant university and a model of community. it has a presence in every county in the state and is invested in each of them. the alarms on the flint water crisis would not have rung were it not for msu. the soul and spirit of the institution can be seen from the ohio border to the very top of the upper peninsula. it is the essence of community. 2 / 4 bis - central bankers'speeches hope hope can sometimes be the hardest of the three. it is easy to feel in times of plenty, but it is most valuable when it is most elusive. my michigan family's story is a quintessential horatio alger, bootstrap tale. but, of course, that was not the whole story. they still faced discrimination. segregation may have been prohibited on paper, but in practice, deeply embedded biases still existed. for instance, in the form of redlining - a practice that kept black homeownership out of white neighborhoods. when they came to visit, it was remarkable to my detroit family that their southern relatives owned their own homes. especially given the professional success my michigan family had attained. that was not a small issue ; homeownership is the principal way people form roots in their communities and build generational wealth. things were not fair. but they maintained hope, in circumstances that might lead others to throw in the towel. hope is on my mind the most for all of you. you have education and community down pat - you're spartans. but you have been through a lot these past four years. too much. more than any person or lifetime should accommodate. i wish there were a cosmic ledger somewhere that weighed burdens and