##ositories. the goal of all of these efforts is to develop a consistent international approach to the regulation and supervision of derivatives products and market infrastructures, as well as to the sound implementation of the agreed - upon approaches. our aim is to ensure a level playing field that will promote both financial stability and fair competitive conditions by preventing activity from flowing to less regulated jurisdictions. bis central bankers ’ speeches infrastructure issues the dodd - frank act addressed both the infrastructure of the derivatives markets and the regulation and supervision of its dealers and major participants. central counterparties are given an expanded role in the clearing and settling of swap and security - based swap ( hereafter referred to as “ swap ” ) transactions, and the board believes benefits can flow from this reform. since 2005, federal reserve staff members have worked with market participants to strengthen the infrastructure for otc derivatives, including developing and broadening the use of central clearing mechanisms and trade repositories. market participants have already established central counterparties that provide clearing services for some otc interest rate, energy, and credit derivatives contracts. if properly designed, managed, and overseen, central counterparties offer an important tool for managing counterparty credit risk, and thus they can reduce risk to market participants and to the financial system. both central counterparties and trade repositories also support regulatory oversight and policymaking through provision of more comprehensive data on the derivatives markets. the board is committed to continuing to work with other authorities, both in the united states and abroad, to ensure that a largely consistent international approach is taken to central counterparties and trade repositories and that their risk - reducing benefits are realized. title viii of the act complements the role of central clearing in title vii through heightened supervisory oversight of systemically important financial market utilities, including systemically important facilities that clear swaps. this heightened oversight is important because financial market utilities such as central counterparties concentrate risk and thus have the potential to transmit shocks throughout the financial markets. as part of title viii, the board also was given new authority to provide emergency collateralized liquidity in unusual and exigent circumstances to systemically important financial market utilities. we are carefully considering ways to implement this provision in a manner that protects taxpayers and limits any rise in moral hazard. supervisory issues although central counterparties will provide an additional tool for managing counterparty credit risk, enhancements to the risk - management policies and procedures for individual market participants will continue to be a high priority for supervisors. as the reforms

that those written by ethnically diverse research teams received more citations and had a greater impact than papers by authors with the same ethnicity. 1 diversity in the economics profession will bring important insights into the analysis of our economy and financial system and help policymakers make better decisions in promoting a healthier economy. so given that diversity in the economics profession is an important goal, how have we been doing? unfortunately, by any measure, we are still falling short. between 1995 and 2014, the share of women obtaining a doctorate in economics held roughly steady in the neighborhood of 30 percent. among u. s. citizens and permanent residents earning doctorates, the representation of those identifying as black, hispanic, or native american among the pool of doctorate recipients improved from 6 percent in 1995 to 11 percent in 2007. but the improvement has since unwound and the underrepresented minority share stood at about 7 percent in 2014. i respectfully defer to others who have more closely studied the mix of possible reasons for why 1 / 3 bis central bankers'speeches progress has not been greater, but i will defer to no one in expressing my view that the status quo is not good enough. i ’ ve laid out a number of arguments why policy and society at large would be better off if there were more women and minorities in the economics profession. but a more important question for the students here today might reasonably be, what ’ s in it for me? one answer is that there are a ton of interesting questions out there for you to solve. another is the considerable premium in earnings over other academic fields. even for those students here who are not convinced that a career in economics is ultimately the goal for you, the intellectual framework associated with the study of economics is extremely powerful and applicable to a host of other areas. and who can say now how your career will unfold? i would encourage you to think expansively about your career trajectory. some of you may already feel that economics is your calling and you may choose to go directly into graduate school with the aim of pursuing doctoral studies. others may decide to work for a few years and then make a choice about graduate studies once you know more about what kind of job is likely to be most appealing and hopefully have made a dent in your student debt. just as many people choose to leave the field of economics and pursue other interests at different junctures in their careers, so too there may be multiple points of entry. there are many stories of successful careers in