significant challenges finding workers in a tight labor market, the past few years have been relatively good for small businesses and for new business formation. one noteworthy development is the remarkable surge in entrepreneurship, as evidenced by a significant number of new business start - ups. rates of new business creation jumped beginning in mid - 2020 after lagging for more than a decade. and recent indicators, like applications for new tax identification numbers, suggest the pace remained elevated through the middle of this year. new businesses have also been responsible for a surprising amount of job growth, with an average of one million jobs created each quarter from early 2021 through the end of last year, which is a significantly higher pace than was typical prior to the pandemic. 2 this extended period of elevated start - up activity has been good for workers, and in a larger sense, good for entrepreneurship. while it may seem hard to believe, many of today's largest businesses began as small businesses. it is entirely possible that the next wealth - creating, world - beating business got its start during the depths of the pandemic. i think i will leave it there, and say thank you again, for the opportunity to be part of this important conversation today. 1 the views expressed here are my own and not necessarily those of my colleagues on the federal open market committee or the board of governors. 2 / 3 bis - central bankers'speeches 2 in particular, bureau of labor statistics data on jobs created by new establishments averaged 980, 000 per quarter from 2020 : q3 to 2022 : q4 ( the latest observation ), compared with 810, 000 per quarter from 2009 to 2019. 3 / 3 bis - central bankers'speeches

for oversight of financial sector in an integrated manner. besides coordination and cooperation among regulators, there is a need for consolidated supervision framework for financial institutions, guidelines for consolidated public financial statements and application of regulatory prudential limits on group wide basis and coordination to examine the intra group linkages with industrial and commercial entities. while conventional and islamic financial industry would have to adopt similar approaches to integrated supervision, it has to be recognized that fund management, as used here, refers to management of islamic mutual funds and modarabas. a number of banks have formed subsidiaries and floated modarabas like nbp, hbl, abl, habib metropolitan bank, etc. no islamic bank has yet floated a modaraba. the latter is a relatively nascent industry and hence the targets should be modified to match the ground realities. v. conclusion ifsb ’ s ten year roadmap has highlighted the cross sector nature of ifis and the resultant need for supervision to evolve accordingly. it is in recognition of these factors that ifsb has sought to broaden its membership to securities and insurance supervisory authorities as full members of ifsb. ifsb ’ s efforts for developing islamic regulations as well as accounting, auditing and governance standards will facilitate adoption of unified principles for the development, operation and regulation of islamic financial services.