and a more equitable distribution of incomes are the way to navigate out of this crisis. for south africa, there is also a need to improve the functioning of the labour market, to strengthen its institutions and to walk that careful balance between hard - won rights of workers and the need to promote inclusive growth through encouraging new entrants into the workplace. from our perspective at the reserve bank, we will continue to contribute towards an environment conducive to creating jobs and encouraging long term investment. this implies a continued focus on price stability and the prevention of financial sector crises. it also implies policies aimed at reducing the volatility of the business cycle and of ensuring as little disruption to the macroeconomy from external shocks as we can manage. i leave you with a quote from the world development report on jobs : “ in today ’ s global economy the world of work is rapidly evolving. demographic shifts, technological progress, and the lasting effects of the international financial crisis are reshaping the employment landscape in countries around the world. countries that successfully adapt to these changes and meet their jobs challenges can achieve dramatic gains in living standards, productivity growth, and more cohesive societies. those that do not will miss out on the transformational effects of economic and social development. ” thank you references aghion, philippe and kharoubbi, ennis. cyclical macroeconomic policy, financial regulation, and economic growth. 2013. akerlof, george a and shiller, robert j. animal spirits : how human psychology drives the economy, and why it matters for global capitalism. princeton university press. 2009. bhorat, haroon, decomposing sectoral employment trends in south africa, 2000. commission on growth and development. the growth report : strategies for sustained growth and inclusive development. 2008 fromm, erich. to have or to be? harper and row. 1976. international labour organisation. world of work, 2013. international monetary fund. jobs and growth – analytical and operational considerations for the fund, 2013. bis central bankers ’ speeches organisation for economic cooperation and development. jobs report. 2013. stiglitz, joseph. freefall. 2010. world bank. world development report – jobs. 2013. bis central bankers ’ speeches

, unnecessary, or unduly burdensome, as required by the economic growth and regulatory paperwork reduction act. the federal reserve has taken some concrete steps to provide burden relief by publishing a streamlined call report for non - complex community banks, extending the examination cycle for banks with $ 1 billion or less in total assets, increasing the threshold for the small bank holding company policy statement to $ 1 billion and expanding the scope to include savings and loan holding companies. in addition, we have efforts underway to reduce burden associated with our real estate appraisal requirements, to simplify the regulatory capital requirement for community banks, to encourage resource sharing among community banks to help manage their bsa and aml obligations, and to use call report data and forward - looking risk analytics to identify high - risk community banks, which would allow us to focus our supervisory response on the areas of highest risk and reduce the regulatory burden on low - risk community banks. we will continue to work with bankers and the other banking regulators to ensure that we reduce burden and complexity in our regulations and guidance. another way that we further our understanding is by talking to the bankers themselves. the entire board of governors meets twice a year with the community depository institutions advisory council, which includes representatives of community banks, thrifts, and credit unions in each of the 12 federal reserve districts. individual governors also take advantage of opportunities to meet with community bankers from time to time. i speak regularly to bank executives, including those who run smaller institutions. i find these types of conversations - - with people who live and work in the world outside the capital beltway and far from wall street - - to be particularly - 12 enlightening. in addition, i hope that some of the conversations here today among researchers, bankers, and bank regulators will continue, leading to benefits to all in the form of more informative research, better design and implementation of regulatory policy, and enhanced community bank performance. trends in community bank performance over the past 20 years jerome h. powell member board of governors of the federal reserve system st. louis, missouri september 29, 2016