tradition continues with the new £20. jmw turner will circulate alongside winston churchill on the £5, and jane austen on the £10. in 2021, alan turing will soon replace boulton and watt on the £50. these individuals have advanced british thought, demonstrated exceptional leadership, and more generally helped to shape this diverse society and forge our common values. i ’ m delighted to be joined today to celebrate turner ’ s continuing influence by one of our most eminent artists, someone whom turner has influenced and one of margate ’ s own. as precocious and prolific as turner, a fellow royal academician, the master of confessional art and fittingly, past winner of the turner prize, please welcome tracey emin. book i, chapter 4 “ on the origin and use of money ” of smith, a ( 1776 ), an inquiry into the nature and causes of the wealth of nations. a moniker used by kocherlakota. see kocherlakota, n ( 1998 ), “ money is memory ”, journal of economic theory, 81 ( 2 ). all speeches are available online at www. bankofengland. co. uk / news / speeches

too - big - to - fail empowers the federal reserve and the federal deposit insurance corporation ( fdic ) to reduce the effect on the system in the event of a sifi ’ s failure through tools such as the new orderly liquidation authority and improved resolution planning by firms and supervisors. in particular, the federal reserve is working with the fdic to require sifis to better prepare for their own resolution by adopting so - called living wills. a joint final rule on living wills is expected later this summer. reducing the likelihood of a severe financial crisis also requires strengthening the resilience of our financial markets and infrastructure – a third major objective of the dodd - frank act. toward that end, provisions of the act improve the transparency and stability of the over - the - counter derivatives markets and strengthen the oversight of financial market utilities and other critical parts of our financial infrastructure. we and our colleagues at the securities and exchange commission, the commodity futures trading commission, and other agencies are moving this work forward, in consultation as appropriate with foreign regulators and international bodies. the u. s. agencies are also working together to address structural weaknesses in areas not specifically addressed by the dodd - frank act, such as the triparty repo market and the money market mutual fund industry. to be sure, any sweeping reform comes with costs and uncertainties. in implementing the statute, the federal reserve is committed to the promulgation of rules that are economically sensible, appropriately weigh costs and benefits, protect smaller community institutions, and, most important, promote the sound extension of credit in the service of economic growth and development. a full transition to the new system will require much more work by both the public and private sectors, and no doubt we will learn lessons along the way. however, as we work together to implement financial reform, we must not lose sight of the reason that we began this process : ensuring that events like those of 2008 and 2009 are not repeated. our long - term economic health requires that we do everything possible to achieve that goal. thank you. i would be pleased to take your questions. bis central bankers ’ speeches