##ative pieces on social and mainstream media platforms. and i look forward to the continuation of such efforts and more effective partnership with the mfpc in other fen initiatives moving forward. we have seen enough misinformation being peddled on social media by self - proclaimed financial gurus, who have irresponsibly advised borrowers that are not facing distress to seek loan 2 / 3 bis central bankers'speeches moratoriums, or to channel the savings from deferred loan repayments into other higher risk investments as a way of making a quick buck. what they fail to mention is that while it helps in easing cash flow problems for those affected, moratoriums do come at the cost of higher overall borrowing costs to the consumers, who may even be faced with the prospect of loan defaults should these short - term investments go sour. with the recent announcement of the enhanced isinar package, we anticipate that similar unethical advice will surface again to encourage epf account holders who are not in financial distress to make withdrawals from their account 1 for reinvestment into far riskier investment assets. in such circumstances, i expect all financial practitioners to serve as a source of sound financial advice to counter such unscrupulous publications and to dissuade your clients from making irrational financial decisions that are not in their best interests. this may require you to take the higher ground, to set aside the temptation to promote such risky investment or insurance products that can earn you high commissions. while this may dampen your earnings prospects in the short term, you stand to gain the trust, confidence and loyalty of your clients over the long term. i have faith that all of you – who have taken the time to participate in this conference – will rise to this challenge and contribute to the building of a financial intermediation industry that is both profitable and ethical. i began with shakespeare, now let me end with confucius, the ancient chinese philosopher. he once said : “ i used to take on trust a man ’ s deeds, after having listened to his words. now, having listened to a man ’ s words, i go on to observe his deeds ”. to put this in context, it is not enough for financial institutions and practitioners to publish client charters that claim the customer is king and that their interests will always be prioritised. given the pace and pervasiveness of social media platforms, if your actions do not match your words, you will

( sec ) and the commodity futures trading commission with respect to over - the - counter derivatives, the sec with respect to hedge funds and their advisers, and several agencies, including the treasury, the federal deposit insurance corporation, the federal reserve board, and the sec with respect to the resolution of systemically important failing nonbank financial institutions. in addition, the proposal would provide the federal reserve certain new responsibilities for overseeing systemically important financial institutions and payment, clearing, and settlement arrangements. these incremental new responsibilities are a natural outgrowth of the federal reserve ’ s existing supervisory and regulatory responsibilities. through our role as consolidated supervisor of all bank holding companies ( bhcs ), the federal reserve has long been responsible for supervising many of the most important u. s. financial organizations, and in the current crisis several more large complex financial firms – including goldman sachs, morgan stanley, and american express – have become bank holding companies. and the expanded regulatory authority of the federal reserve with respect to payment and settlement systems builds upon our existing responsibilities for supervising certain critical payment, clearing, and settlement systems, such as the depository trust company and cls bank, as well as our historical efforts to reduce risk in such systems through, for example, our payment system risk policy. 4 the authorities that the administration ’ s proposal would provide the federal reserve with respect to systemically important non - bhc financial firms and payment, clearing and settlement systems also are similar in many respects to the authorities that the federal reserve currently has with respect to bank holding companies and payment, clearing, and settlement systems under our supervision. the administration ’ s proposal does call for a more macro - prudential approach to the supervision and regulation of systemically important financial firms and payment, clearing, and settlement systems, including the establishment of higher capital, liquidity, and risk - management requirements for systemically important firms. the federal reserve already has been moving to incorporate a more macro - prudential approach to our supervisory and regulatory programs, as evidenced by the recently completed supervisory capital assessment program. the federal reserve has also long been a leader in the development of strong international risk - management standards for payment, clearing, and settlement systems and has implemented these standards for the systems it supervises. in our supervision of bank holding companies and our oversight of some payment systems, we already work closely with other federal and state agencies and participate in groups of regulators and supervisors such as the federal financial institutions examination council and the president ’ s working group on