randal k quarles : the roles of consumer protection and small business access to credit in financial inclusion speech by mr randal k quarles, vice chairman for supervision of the board of governors of the federal reserve system, at the hope global forums annual meeting, atlanta, georgia, 26 march 2018. * * * good evening. thank you to john bryant and operation hope for inviting me today to open the hope global forums. 1 i commend our hosts for bringing together such an impressive group of speakers and attendees, diverse in their perspectives, yet all of whom share the vital goal of advancing economic opportunity and inclusion. it is fitting that this event is being held on the 50th anniversary of several notable events, including the publication of dr. martin luther king ’ s last book, where do we go from here : chaos or community, which urged unity in order to create equal opportunity, and the enactment of the fair housing act of 1968, which enshrined our nation ’ s commitment to equal access to housing. these milestones remind us of the progress we have made to date as well as the challenges that remain, and inspire us to persist in our efforts. the conference has a robust agenda ahead. over the next few days, you will be discussing many issues relating to financial inclusion — such as housing, small businesses, workforce participation, and other topics — to which we at the federal reserve share a commitment, and that we view as critical to our mission. our economy is stronger when everyone has a chance to contribute fully and share in our national prosperity. and i personally believe that financial inclusion helps us realize a founding notion of our country — that this is a place where opportunity, innovation, and productivity are encouraged and rewarded. i ’ m particularly pleased to see on the conference agenda a number of sessions on issues to which we, at the federal reserve, devote considerable attention : access to credit and financial inclusion for consumers and small businesses. conversations like these are enormously important to understanding the challenges americans face and why a multitude of voices and approaches are needed to address them. in my remarks today, i ’ d like to focus on the consumer protection and credit accessibility aspects of financial inclusion, and some of the ways that the federal reserve promotes a fair and transparent consumer financial services marketplace. in recent speeches, i have emphasized my view that we should aim for an effective safety and soundness regulatory approach that is as efficient, transparent, and simple as feasible. 2 i consider these principles to

gradual recovery of confidence. at year end, the shanghai stock exchange composite index reached 1161 points. the premium income of insurance companies totaled 492. 7 billion yuan, up 14 percent year on year. the year 2006 will see stability in the monetary policy. the m2 is projected to grow by 16 percent. the pbc will use a mixture of monetary policy instruments to preserve the general stability of interest rate and exchange rate. in 2006, china will start to implement its 11th five - year program. the year 2006 will be a crucial year in our efforts to implement this program, further put into effect the scientific development approach, and consolidate the results of macro - economic management for realizing the 11th five - year program. it is also the last year of china transitional period after wto accession. at the moment, the overall domestic and international situation is favorable for a steady and sound development in china. yet, there are many uncertain and unstable factors. in 2006, the world economy is expected to have a solid growth. according to forecast by international organizations, the growth rate of world economy will be around 4. 3 percent in 2006, similar to that in 2005 ; growth of world trade will be 7. 6 percent, slightly higher than 2005. potential risks include imbalances, elevated oil price, trade protectionist action etc. for the chinese economy, opportunities outweigh challenges in the international environment. the domestic environment in 2006 is also conducive to economic growth. as a result of industrialization, urbanization and upgraded consumption structure, investment, consumption and export are expected to maintain robust growth. the performance of the economy has become more stable. data revised following the economic census shows that macroeconomic indicators have improved, indicating sustainability. potential problems in the economic performance in 2006 include the following : 1. there is still potential for investment to rebound. the real growth of total fixed asset investment in 2005 was 23. 7 percent, 3. 8 percentage points higher than the previous year. the aggregate scales of projects being constructed, newly launched and being planned are still fairly large. as 2006 is the first year of the 11th five - year program, a group of major infrastructure projects will be launched and investment enthusiasm remains high. 2. as a result of the coexistence of resource price adjustment pressure and excess capacity, prices are under both upward and downward pressures. in particular, the upward pressure must not be neglected under the resource and energy constraint. price hike of public service and resources will push