chiara scotti for their assistance in preparing these remarks. - 2on the federal funds rate to bring the fomc ’ s policy communications into line with the new framework. i will then provide my perspective on how these key elements of the new framework and the related forward guidance connect to the literature on conducting optimal monetary policy at — and after lifting off from — the elb. i will next discuss how the committee ’ s conception of its maximum - employment mandate, a sixth element of the new framework, has evolved since 2012, what this evolution implies for the conduct of monetary policy, and how i plan to factor in this information as i think about the appropriate path for setting the federal funds rate once the conditions for liftoff have been met. i will conclude with a brief recap of my thesis before joining david wessel, seth carpenter, and annette vissing - jørgensen in what i am sure will be an engaging virtual conversation. the new framework and price stability in my remarks today, i will focus on six key elements of our new framework and the forward guidance provided by our september fomc statement. five of these elements define how the committee will seek to achieve its price - stability mandate over time, while the sixth pertains to the committee ’ s conception of its maximumemployment mandate. of course, the committee ’ s price - stability and maximumemployment mandates are generally complementary, and, indeed, this complementarity is recognized and respected in the forward - guidance language introduced in the september fomc statement. 3 however, for ease of exposition, i will begin by focusing on the five the september 2020 fomc statement says : “ the committee decided to keep the target range for the federal funds rate at 0 to 1 / 4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the committee ’ s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time ” ( paragraph 4 ). the statement is available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / fomccalendars. htm. - 3elements of the new framework that define how the committee will seek to achieve over time its price - stability mandate, before discussing how maximum employment is defined in the new framework and what this definition implies for the conduct and communication of

federal fair lending laws that prohibit discrimination in lending. violations of the fair lending laws, along with other illegal credit practices, are taken into account during bank evaluations under the community reinvestment act ( cra ). we see our robust supervisory approach as critical to addressing racial discrimination, which can limit consumers ’ ability to improve their economic circumstances, including through access to homeownership and education. the fed ’ s community development function plays a role as well, studying what works, convening stakeholders on both the national and district level, and helping financial institutions find opportunities to invest and expand credit opportunities in low - and moderate - income communities. the economic landscape has changed, and efforts to provide access and credit to communities must change with it. last year, the fed issued a proposal for a strengthened, modernized cra framework, with the objective of building broad support among both external stakeholders and participating agencies. our goal is to strengthen the core purpose of meeting the credit needs of low - and moderate - income communities. we especially appreciated ncrc ’ s feedback on the proposal. we will continue to do our part, and we appreciate the ways our work and that of ncrc members have intersected. last april, for instance, the fed expanded the paycheck protection program liquidity facility in order to broaden its reach to include some nondepository lenders. that included cdfi ( community development financial institution ) loan funds, which many of the people here represent. your work provided small businesses with invaluable technical assistance to help them weather the downturn, and you have helped them get the funds they need to support their businesses. ncrc member groups have contributed in so many ways. you helped workers who lost their jobs get retrained. you supported working parents. you helped homeowners struggling with payments and connected renters to federal assistance programs. you brought more people into the banking system, helped strengthen financial literacy and capabilities, and worked to address digital divides in areas of need — particularly in rural communities — at a time when connectivity is essential. i would like to close by saying thank you. you have been working hard through this crisis, and an enormous amount of work still lies ahead. but what you do is essential. you provide an invaluable service : you make people ’ s lives better. there is no higher calling. thank you. 2 / 3 bis central bankers'speeches 1 the data pertain to current population survey respondents who were