result, the ability of a financial institution to be proactive - to work to meet any new expectations - is impossible until they have received supervisory feedback, often in the form of a supervisory finding or matter requiring attention or, in extreme cases, in a formal or informal supervisory action. i am not suggesting that there are always simple solutions to improve transparency, and certainly it is appropriate that much of the information developed in the supervisory process remains shielded as confidential supervisory information. but regulators must also acknowledge the new world in which we operate, one in which administrative law increasingly demands greater transparency and accountability to act as a check on regulatory overreach. closing thoughts thank you for the opportunity to share my thoughts on the economy and bank regulatory matters with you today. in the coming months, i look forward to seeing the impacts of the new administration's policies on the economy and assessing how monetary policy should respond going forward. today, the u. s. economy begins the new year on a strong footing, with still elevated inflation and a solid labor market. the new year brings an opportunity to reflect on the experience and lessons learned in the past few years and to take a critical look at improving the bank regulatory framework, including both supervision and regulation. and while i have laid out a few broad areas that i think deserve special attention - focusing on safety and soundness, renewing our commitment to tailoring, and improving transparency - my hope is that the steps we take to improve the regulatory framework in the future focus on pragmatism as a guiding principle. 1 the views expressed here are my own and are not necessarily those of my colleagues on the federal reserve board or the federal open market committee. 2 michelle w. bowman, " approaching policymaking pragmatically ( pdf ) " ( speech at the forum club of the palm beaches, west palm beach, florida, november 20, 2024 ). 3 see michelle w. bowman, " new year's resolutions for bank regulatory policymakers ( pdf ) " ( speech at the south carolina bankers association 2024 community bankers conference, columbia, south carolina, january 8, 2024 ). 8 / 9 bis - central bankers'speeches 4 see economic growth, regulatory relief, and consumer protection act, pub. l. no. 115 - 174, 132 stat. 1296 ( 2018 ) ; michelle w. bowman, " tailoring, fidelity to the rule of law, and unintended consequences ( pdf ) " ( speech at the harvard law school

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