each employee, the rules create significant administrative problems and may conflict with state privacy requirements that restrict access to information concerning an employee's salary. although the rules also allow a bank to pay referral fees in the form of " points " in a bonus program, the rules require that any points awarded must not only be nominal, but also must be the lowest amount awarded for any product or service covered by the bonus program. thus, for example, the points awarded for a securities referral could not exceed the amount of points awarded for a safe deposit referral, even if the points awarded for the securities referral were nominal in amount. failure to address all exceptions or adopt cure or leeway periods the interim final rules also fail to address the scope of a majority of the exceptions to the definitions of " broker " and " dealer " that were adopted in the glb act. given the fact that the board believes that many of the sec's interpretations of the scope of the exceptions it has chosen to address do not comport with the unambiguous words of the glb act and the legislative intent of the congress, we are concerned about the manner in which the sec will interpret the other exceptions. the board fears that if the sec does not adopt rules concerning the scope of all of the exceptions, it will aggressively interpret some of the exceptions through enforcement actions and no - action letters, without banks and other members of the public having the opportunity to comment on these interpretations. the interim final rules also fail to provide any cure or leeway periods to banks that are attempting in good faith to comply with the exceptions when they discover that some of their securities transactions do not comply with the exceptions due to inadvertent errors or unforeseen circumstances. given the complexity of the exceptions, it is expected that banks that are attempting to conform their securities activities to the exceptions will identify some securities transactions that do not meet the terms of the exceptions. in some circumstances, banks will not even be able to confirm that their securities transactions will comply with an exception at the time they are conducted. for example, banks will not be able to confirm that they meet the " chiefly compensated " standard in the trust and fiduciary exception until they review all of their compensation earned at the end of the year. for these reasons, the board believes that the sec must provide banks that have adopted policies reasonably designed to comply with the exceptions a reasonable period of time to cure any inadvertent or unforese

economic research, march ; revised november 2023 ), https : / / www. nber. org / system / files / working _ papers / w31010 / w31010. pdf. see ryan a. decker and john haltiwanger ( 2023 ), “ surging business formation in the pandemic : causes and consequences? ” paper presented at the brookings papers on economic activity conference, held at the brookings institution, washington, september 28 – 29, https : / / www. brookings. edu / wpcontent / uploads / 2023 / 09 / 4 _ decker - haltiwanger _ unembargoed. pdf. on march 25, 2024, this speech was updated to add a new footnote 6 and renumber the remaining footnotes. - 14 adjustments can ensure that inflation will return sustainably to 2 percent while striving to maintain the strong labor market. i have covered a lot of ground with you today, material that you will learn more about if you choose further study of macroeconomics, or economics more generally. i hope you will find, as i have, that this journey feeds your curiosity, sharpens your thinking, and expands your horizons. note : percent change in the personal consumption expenditures ( pce ) price index from 12 months ago. core refers to the price index excluding food and energy. the gray shaded bars indicate periods of business recession as defined by the national bureau of economic research. the nine shaded recession periods extend from april 1960 through february 1961, december 1969 through november 1970, november 1973 through march 1975, january 1980 through july 1980, july 1981 through november 1982, july 1990 through march 1991, march 2001 through november 2001, december 2007 through june 2009, and february 2020 through april 2020. source : bureau of economic analysis ; personal consumption expenditures price index via haver analytics. 2. subcomponents of personal consumption expenditures price indexes note : data extend through january 2024. the gray shaded bar indicates a period of business recession as defined by the national bureau of economic research. the shaded recession period extends from february 2020 through april 2020. source : bureau of economic analysis via haver analytics. note : percent change in various market - rate rent indexes and the housing services category of the personal consumption expenditures ( pce ) price index from 12 months ago. corelogic, realpage, and zillow measure market - rate rents — that is, rents