##a. htm. randal k. quarles, “ the fsb in 2021 : addressing financial stability challenges in an age of interconnectedness, innovation, and change ” ( speech at the peterson institute for international economics, - 5the resiliency of these investment vehicles, the basic model of a seemingly stable - value fund, backed by assets the value and liquidity of which varies, remained vulnerable. work is ongoing both domestically and at the financial stability board on how to better address these vulnerabilities. areas for further examination also include treasury markets, where last year ’ s selling pressures overwhelmed dealers ’ willingness or ability to intermediate, and which continue to be a focus for the board, the department of the treasury, and other regulators. 11 among other measures, we are reviewing the design and calibration of the supplementary leverage ratio, which was originally gauged for a financial system with far lower levels of cash reserves and a much smaller treasury market. 12 finally, these areas for further review include a rapidly changing set of customer practices ; changing patterns in the use of financial services, by consumers and businesses ; and a changing relationship between banks and their nonbank partners. these trends predate the covid event, but the past year accelerated them dramatically, with important implications for financial stability, safety and soundness, consumer protection, and underserved communities ’ access to safe and fair financial services. the federal reserve is working to understand and address this changing landscape in a number of ways — from the use of artificial intelligence, to the evolving need for operational resiliency, to the growing risk of disruptive shocks from cybersecurity failures. 13 washington, d. c. ( via webcast ), march 30, 2021 ), https : / / www. federalreserve. gov / newsevents / speech / quarles20210330a. htm. randal k. quarles, “ what happened? what have we learned from it? lessons from covid - 19 stress on the financial system ” ( speech at the institute of international finance, washington, d. c. ( via webcast ), october 15, 2020 ), https : / / www. federalreserve. gov / newsevents / speech / quarles20201015a. htm. see note 8, board of governors of the federal reserve system, news release, march 19, 2021. board of governors of the

for anyone who will be faced with managing a household budget, making financial investments, finding reliable information about buying a car or house, and preparing financially for retirement and other life goals. accordingly, in addition to ensuring that students graduate with the financial literacy skills they need to navigate in the modern financial world, we, as a society, must also make sure that adults have opportunities to gain these skills or to refresh what they have learned. many of you are, or will be, practitioners in the financial services industry – perhaps serving retail clients – and in that capacity i hope you will make the promotion of financial and economic education a part of your mission as rise is redefining investment strategy education. for more information, see www. udayton. edu / business / rise. see ben s. bernanke ( 2005 ), “ remarks by governor ben s. bernanke, ” speech delivered at the redefining investment strategy education symposium, dayton, ohio, march 30. see the federal reserve education website, www. federalreserveeducation. org. bis central bankers ’ speeches well. these skills not only help people provide a better life for themselves and their families, but, by deepening their understanding of the world economy, having such skills also helps equip them to be engaged citizens and informed voters. let me close by congratulating the university of dayton for its leadership in hosting the rise forum. i hope this innovative program, which i ’ m told is the world ’ s largest student investment conference, succeeds in its ambitious goal of bringing together the current and future leaders of finance to focus on creating a better economic future. bis central bankers ’ speeches