##flation and a modest cooling in the labor market, i see the fed's dual - mandate goals of maximum employment and price stability as being roughly in balance. in light of the progress toward our goals, my colleagues and i on the fomc judged it appropriate to lower our policy rate in september and again last month. these actions were steps toward removing restraint, as we are in the process of moving policy toward a more neutral setting. looking ahead, it is important to emphasize that policy is not on a preset course. i will make decisions meeting by meeting and carefully assess incoming data, the evolving outlook, and the balance of risks. while i have gained more confidence that the two positive supply shocks i described have helped create the solid economic conditions that are currently in place, i will vigilantly monitor for incoming risks or negative supply shocks that may undo the progress that we have achieved in reducing inflation. i view our current policy setting as well positioned to deal with any uncertainties we face in pursuing both sides of our dual mandate. thank you for your time, and i look forward to your questions. 5 / 6 bis - central bankers'speeches 1 the views expressed here are my own and not necessarily those of my colleagues on the federal reserve board or the federal open market committee. 2 see wolters kluwer ( 2023 ), blue chip economic indicators, vol. 48 ( december 8 ). 3 see adriana d. kugler ( 2024 ), " the challenges facing economic measurement and creative solutions, " speech delivered at the 21st annual economic measurement seminar, national association for business economics foundation, washington, july 16. 4 see congressional budget office ( 2024 ), the demographic outlook : 2024 to 2025 ( washington : cbo, january ). 5 see dario caldara, matteo iacoviello, patrick molligo, andrea prestipino, and andrea raffo ( 2020 ), " the economic effects of trade policy uncertainty, " journal of monetary economics, vol. 109 ( january ), pp. 38a€ “ 59. 6 / 6 bis - central bankers'speeches

ben s bernanke : regulatory reform testimony of mr ben s bernanke, chairman of the board of governors of the us federal reserve system, before the committee on financial services, us house of representatives, washington dc, 1 october 2009. the original speech, which contains various links to the documents mentioned, can be found on the us federal reserve system ’ s website. * * * chairman frank, ranking member bachus, and other members of the committee, i appreciate the opportunity to discuss ways of improving the financial regulatory framework to better protect against systemic risks. in my view, a broad - based agenda for reform should include at least five key elements. first, legislative change is needed to ensure that systemically important financial firms are subject to effective consolidated supervision, whether or not the firm owns a bank. second, an oversight council made up of the agencies involved in financial supervision and regulation should be established, with a mandate to monitor and identify emerging risks to financial stability across the entire financial system, to identify regulatory gaps, and to coordinate the agencies'responses to potential systemic risks. to further encourage a more comprehensive and holistic approach to financial oversight, all federal financial supervisors and regulators – not just the federal reserve – should be directed and empowered to take account of risks to the broader financial system as part of their normal oversight responsibilities. third, a new special resolution process should be created that would allow the government to wind down a failing systemically important financial institution whose disorderly collapse would pose substantial risks to the financial system and the broader economy. importantly, this regime should allow the government to impose losses on shareholders and creditors of the firm. fourth, all systemically important payment, clearing, and settlement arrangements should be subject to consistent and robust oversight and prudential standards. and fifth, policymakers should ensure that consumers are protected from unfair and deceptive practices in their financial dealings. taken together, these changes should significantly improve both the regulatory system's ability to constrain the buildup of systemic risks as well as the financial system's resiliency when serious adverse shocks occur. consolidated supervision of systemically important financial institutions the current financial crisis has clearly demonstrated that risks to the financial system can arise not only in the banking sector, but also from the activities of other financial firms – such as investment banks or insurance companies – that traditionally have not been subject to the type of regulation and consolidated supervision applicable to bank holding companies. to close this important gap in our regulatory structure, legislative action is