term partnerships and collaboration are necessary for success in implementing regional food strategies. because of the critical role of multi - sectoral partnerships, i am heartened to see so many of you here today to talk about the current state of regional food system investment in new england, to build new relationships, and to strengthen existing ones. it is this ongoing commitment to working together that will carry you through to the next stage of regional food systems development. later today, i will be meeting with several local organizations that not only bring important resources and expertise to their communities, but also exemplify this important dedication to partnership and cross - sector collaboration. 1 / 3 bis central bankers'speeches the urban farming institute of boston demonstrates dedication to cross - sector collaboration through their farmer training program, many of whose graduates go on to work for or start up regional food enterprises. they also advance the broader regional food system by co - hosting an annual conference that brings together farmers, policymakers, investors, and other stakeholders. likewise, commonwealth kitchen has emerged as an important hub where farmers, entrepreneurs, universities, investors, and other stakeholders come together in ways that not only advance regional food systems, but also increase access to economic opportunity for people impacted by racial, social, or economic inequality. in this way, commonwealth kitchen is dedicated to addressing greater boston ’ s growing wealth divide by promoting inclusive entrepreneurship through an integrated approach that links education, training, and manufacturing to a strong network of industry partners, including anchor institutions. these are just two examples of the great work going on in new england, and i look forward to visiting both organizations later today. this morning, i am eager to learn about the work of the many organizations represented here, especially the barriers and opportunities you face when trying to invest in this sector, and how your investments are linking more families and communities to meaningful economic opportunities. attending events like this and visiting communities around the country provide me with opportunities to speak with families, farmers, small business owners, investors, bankers, and other community members about their experiences in the economy. these conversations help me to develop a granular and very human understanding of the economy that, when combined with the information provided by our traditional research and data collection efforts, are important considerations informing judgments about policy. a community - level understanding of the economy is especially important in today ’ s economy, where we see welcome strength in the aggregate statistics coexisting side - by - side with important disparities at the community and family levels. in addition

##ity resiliency of internationally active banks. additional steps have been taken in some countries. for example, in the united states, capital ratios and liquidity buffers at the largest banks are up considerably, and their reliance on short - term wholesale funding has declined considerably. work on the use of the resolution mechanisms set out in the dodd - frank act, based on the principle of a single point of entry – though less advanced than the work on capital and liquidity ratios – holds the promise of making it possible to resolve banks in difficulty at no direct cost to the taxpayer. group of thirty ( 2009 ), financial reform : a framework for financial stability ( pdf ) ( washington : group of thirty, january ). bis central bankers ’ speeches as part of this approach, the united states is preparing a proposal to require systemically important banks to issue bail - inable long - term debt that will enable insolvent banks to recapitalize themselves in resolution without calling on government funding – this cushion is known as a “ gone concern ” buffer. at the same time, the introduction of macroeconomic supervisory stress tests in the united states has added a forward - looking approach to assessing capital adequacy, as firms are required to hold a capital buffer sufficient to withstand a several - year period of severe economic and financial stress. the stress tests are a very important addition to the toolkit of supervisors, one that is likely to add significantly to the quality and effectiveness of financial sector supervision, and one that should spread internationally as a best practice. still, more remains to be done. although the basel committee on banking supervision and the fsb reached impressively rapid agreement on needed changes in regulation and supervision, progress in agreeing on the resolution of g - sifis and some other aspects of international coordination has been slow. it will also be important to ensure that coordination among different regulators of the financial system is effective and, in particular, will be effective in the event of a crisis. in addition, policymakers still have a good deal to learn about how these various reforms will change financial market structure and functioning, how effective they will be in enhancing stability, and whether there will be unintended consequences. among the most important of the possible unintended consequences is that toughened regulation of banks will move some financial activity out of the banking system and into the shadow banking system. in summary, considerable progress has been made in strengthening bank capital and liquidity ; in improving the quality and effectiveness of pr