randal k quarles : brief remarks - 26th annual conference of the international association of insurance supervisors brief remarks ( via pre - recorded video ) by mr randal k quarles, vice chair for supervision of the board of governors of the federal reserve system, at " supervision in a digital era ", the 26th annual conference of the international association of insurance supervisors, abu dhabi, 14 november 2019. * * * i greatly regret i couldn ’ t be with you today in abu dhabi. you are in a region of the world that ’ s a fitting place to discuss the future of insurance supervision because of its ties to the very origins of insurance. the first written system of laws, the hammurabic code, in fact, included the first rules on loss liability. the ancient arab tribal practice of takaful, a system of guarantees, gave rise to one of the earliest forms of mutual insurance, which was used to protect ship owners and cargo. the middle east is the cradle of civilization, and civilization itself has always depended on the rules and guarantees that are the basis of insurance. and while i couldn ’ t be part of the your discussions, i am grateful for this opportunity to reach you with a message about how the international association of insurance supervisors ( iais ) is supporting the financial stability board ’ s ( fsb ) goal of promoting a strong and stable global financial system. the fsb was created to gather national and regional authorities together in a forum that considers and addresses financial stability risks. the iais ’ s mission, to promote effective supervision of the insurance industry, is in full alignment with the goals of the fsb. the new global financial architecture built in the aftermath of the crisis requires continued cooperation among authorities, standard - setting bodies, and all stakeholders. such cooperation is the basis of the fsb, and the basis for what the iais has achieved in the past quarter century, and what you are striving to achieve in the future. since becoming chair of the fsb last december, i have had some time to observe the important work of the iais as one of the standard - setting bodies that are essential to the fsb. the iais has been an active contributor to the fsb ’ s work through the plenary and steering committees. it ’ s also a valuable part of the work of the fsb standing committees on supervision and regulatory cooperation and standards implementation. fsb members tell me they appreciate the regular updates by iais executive committee chair

roger w ferguson, jr : questions and reflections on the personal saving rate remarks by mr roger w ferguson, jr, vice chairman of the board of governors of the us federal reserve system, to the national bankers association, nashville, tennessee, 6 october 2004. * * * i am delighted to be here today to offer my thoughts on an issue that i believe is important to all of us : the long - standing decline in household saving. since the early 1980s, the personal saving rate has fallen steadily ; on average, a household today saves only about 1 - 1 / 2 percent of its disposable income, compared with about 11 percent in 1984. the fall in the personal saving rate could have important implications for the ability of the country to finance investment in plant and equipment, for future growth in productivity and real incomes, and for our growing economic dependence on other countries to finance our spending patterns. although my remarks today concentrate on the behavior of household saving and overall national saving, i also want to spend some time on a related issue : what is the evidence on the saving of minority households? much has been written about the adequacy of retirement saving for many american households and the wealth accumulation of different income cohorts. but what do we know about the saving of minority households, and does it differ from the saving of low - income households, where minorities are disproportionately concentrated? let me turn first to the bigger picture. personal saving, as measured by the commerce department ’ s bureau of economic analysis, is essentially the amount of after - tax income left after household bills are paid. from the end of the second world war until the early 1980s, the personal saving rate personal saving expressed as a percentage of disposable income - gradually trended up. to be sure, the saving rate showed considerable volatility from year to year, and in some periods, such as the second half of the 1970s, its upward drift stalled for a time. but overall, the picture was that of a fairly steady rise in the personal saving rate, from about 7 - 1 / 2 percent in the early 1950s to around 10 - 1 / 2 percent in the early 1980s. since that time, however, the household saving rate has declined precipitously and, in the last couple of years, it has averaged only about 1 - 1 / 2 percent. as is often the case with statistics, the figures i ’ ve just given are not the only word on this