effects of imposed sustainability standards, and two, that we are deliberate in supporting green finance mobilization not only for the economy's just transition to low carbon but also for climate adaptation on which our country's climate strategy is anchored. we also envision the taxonomy to become a tool for green finance market development. we will be studying possible taxonomy - based market incentives, whether via conventional regulatory levers or something akin to a market pricing mechanism. we want to see the market recognizing the price premium on green investments, which can then enable trading. this idea is quite analogous to what we see in carbon and transition credits. these are potential innovative use cases of the taxonomy to develop and deepen the country's green finance market. we are keen to explore these possibilities and i would be happy to hear your thoughts on this. meanwhile, we recognize that the taxonomy should be complemented by other equally important measures to ensure that financial institutions effectively manage climatechange related risks. we have published initial studies quantifying the impact of climate change and other environmental risks to the financial sector. the bsp will continue to improve our data and methodologies to measure the impact of climate change. we will also continue our work on enhancing sustainability - related disclosures and reporting. the bsp can only do so much. all actors - the financial sector regulators, finance providers, businesses, and relevant government agencies - must work together. we hope the climate forum can catalyze such collaboration. maraming salamat at mabuhay tayong lahat! 2 / 2 bis - central bankers'speeches

daniel k tarullo : opening remarks at the economic growth and regulatory paperwork reduction act outreach meeting opening remarks by mr daniel k tarullo, member of the board of governors of the federal reserve system, at the economic growth and regulatory paperwork reduction act outreach meeting, arlington, virginia, 2 december 2015. * * * on behalf of the federal reserve board, let me join my colleagues from the other bank regulatory agencies in welcoming you to this sixth and final outreach meeting being held as part of the interagency review process under the economic growth and regulatory paperwork reduction act ( egrpra ). as you know, egrpra requires the federal banking agencies to conduct a decennial joint review of our regulations to identify those that are outdated, unnecessary, or unduly burdensome. at the third outreach meeting this past spring, i suggested that we could regard the egrpra review as a success only if it leads to significant reduction in regulatory burden for smaller banks. over the course of this year, there has been a wide range of comments on a wide range of regulatory practices. but many have been concentrated in what are obviously a few key areas of concern to smaller banks. these include simplifying the regulatory capital rules for smaller community banks ; modifying the information collected by consolidated reports of condition and income, the so - called “ call report ” ; and updating certain regulations and supervisory practices under the community reinvestment act to reflect current banking practices. first, many commenters have urged a change regarding the application of the basel iii capital requirements to community banks. they have argued that simpler capital rules are needed to reduce the compliance burden for smaller institutions because it is disproportionate to the benefits of the framework ’ s increased risk sensitivity. the greater detail of the basel iii framework requires a degree of categorization, recordkeeping, and reporting that can be particularly costly for smaller community banks. as i have publicly stated before, i believe that it is possible to develop a simpler set of capital requirements for smaller banks that will be consistent both with the safety and soundness aims of prudential regulation and with our statutory obligations such as the collins amendment. second, commenters have called for changes to the call report. the call report is filed quarterly and used by regulators to monitor the safety and soundness, performance, and risk profile of each institution and to assess the condition of the banking system. many of the comments have advocated modifying the types and amounts of information