##s are invariably entered in passbooks / statements of account and they adhere to the prescribed monthly periodicity while sending statement of accounts. • it has been clarified to banks that payment to the survivor / nominee of a deceased depositor where there is a valid nomination or where the account has been opened with a survivorship clause is a valid discharge of liability provided inter alia it has been made clear to the survivor ( s ) / nominee that he would be receiving the payment from the bank as a trustee of the legal heirs of the deceased depositor, i. e., such payment to him shall not affect the right or claim which any person may have against the survivor ( s ) / nominee to whom the payment is made. in such cases insistence on production of legal representation is unwarranted and would, invite serious supervisory disapproval. in such case, therefore, while making payment to the survivor ( s ) / nominee of the deceased depositor, the banks have to desist from insisting on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the survivor ( s ) / nominee, irrespective of the amount standing to the credit of the deceased account holder. • in case where the deceased depositor had not made any nomination or for the accounts other than those styled as " either or survivor " ( such as single or jointly operated accounts ), banks have been told to adopt a simplified procedure for repayment to legal heir ( s ) of the depositor keeping in view the imperative need to avoid inconvenience and undue hardship to the common person. in this context, banks may, keeping in view their risk management systems, fix a minimum threshold limit, for the balance in the account of the deceased depositors, up to which claims in respect of the deceased depositors could be settled without insisting on production of any documentation other than a letter of indemnity. • in the case of term deposits, banks are advised to incorporate a clause in the account opening form itself to the effect that in the event of the death of the depositor, premature termination of term deposits would be allowed. the conditions subject to which such premature withdrawal would be permitted may also be specified in the account opening form. such premature withdrawal would not attract any penal charge. • in order to avoid hardship to the survivor ( s ) / nominee of a deposit account, banks are advised to obtain appropriate agreement / authorization from the

2 percent. our ability to deliver on that goal depends importantly on being able to separate the short - term effects of temporary events from longer - term structural shifts in the economy. the pandemic experience abruptly changed the lives of most americans and their families, and it has altered many long - standing economic patterns that policymakers have relied on to interpret economic developments. one example of this change is the major shift in the composition of spending by american consumers that we've seen in the past few years. in the decades before the 1 / 2 bis - central bankers'speeches pandemic, we observed a slow but steady decline in the share of aggregate consumer spending that was composed of goods and a corresponding increase in the share of services in total spending. in the first two years after the onset of the pandemic, the balance of spending moved back substantially toward goods and away from services, though this movement wasn't particularly surprising given the lockdowns and the fact that so many businesses in the services sector were shut down. what has been somewhat surprising, however, is that the relative strength in goods spending has persisted, rather than reverting to its pre - pandemic trends. this pattern we see in the u. s. is also unusual relative to other advanced economies, where the composition of goods versus services spending appears to have returned to historical norms. there are a number of potential explanations for these newly emerging spending patterns - some that would likely be temporary, and others more lasting. for example, the strong sales of computers, televisions, and video game consoles this year might reflect some ongoing pent - up demand following earlier supply shortages, or they might reflect a more permanent change in preferences for these goods due to the greater amount of time many of us are spending at home. given their varied experiences and leadership roles in sectors including retail, hospitality, and health care, i am sure that our panelists - and, indeed, all of you in the audience as well - have observed these and other changes in your own lives, your businesses, and your communities since the pandemic. sharing those observations during today's discussions will help us do our best as policymakers to promote a strong and vibrant economy. so with that, i would like to say thank you again, tom, for hosting this fed listens event and for the opportunity to be part of this discussion. 1 the views expressed here are my own and are not necessarily those of my colleagues on the federal reserve