countries in recent years. 9 accordingly, some national authorities have used macroprudential tools focused on housing, such as caps on loan - to - value ratios, to try to increase the resilience of borrowers and to indirectly strengthen the resilience of the banks and the financial system should their housing booms turn to busts. for example, policymakers in canada have not activated the ccyb in response to concerns about housing market risks, but they have lowered the maximum loan - to - value ratio for various mortgage products and capped debt - service - to - income ratios. 10 the availability of such alternative tools for limiting systemic risk may be among the factors influencing the decision to adjust, or not adjust, the ccyb in a number of countries. in this regard, it is notable that the set of macroprudential tools in the united states is limited relative to that in many other countries. 11 finally, another difference, one that is particular to the united kingdom, is the framework adopted by the u. k. financial policy committee ( fpc ) to integrate the ccyb with its structural capital requirements. specifically, under the fpc's framework, the ccyb would equal 1 percent in standard risk conditions - - but to avoid having this be a significant increase to already very high levels of capital, the fpc undertook a one - time adjustment to its other capital buffers in order to offset part of this increase. the effect of the policy is that the buffer can be varied - - both up and down - - in line with the changing risks that the banking system faces over time. this approach is an interesting deviation from the idea in the original basel discussions and the framework adopted in many other jurisdictions, in which structural capital requirements are set at levels aimed to deliver the desired level of resilience, with the ccyb raised to positive values only at times when vulnerabilities are above normal. in practice, the u. k. framework appears to have provided the fpc with additional flexibility, as it has adjusted the ccyb with evolving financial risks associated with, for example, brexit. as i examine this experience, systems similar to the united kingdom's, where the ccyb is positive during normal times, may allow policymakers to react more quickly to economic, financial, or even geopolitical shocks that occur amid otherwise normal conditions, without relying on the slow - moving credit aggregates contemplated in the original

economic growth. a few years ago, the dallas fed identified an opportunity in texas to support community partnerships, specifically in education and workforce development. working across different sectors and industries brings its own set of unique challenges. each brings different goals, operations, and even terminology to the discussion. we know that collaboration is necessary, and it is achievable. advance together provides the structure, ongoing support, and investment from external partners to support communities in strengthening their collaborative work. it takes time and skill to build deep and trusting partnerships. it also takes time and resources for communities to agree upon a common understanding of complex, local needs like improving college and career readiness or developing pathways to living wage employment. this work requires that all partners move in the same direction, toward those common strategies and goals. when communities collaborate effectively, the results can lead to broader access to economic opportunity. at team introductions we are here today to celebrate the success of our pilot participants ; i'd like to reintroduce each of them : the big country manufacturing alliance is building awareness and creating accessible pathways to well - paying manufacturing careers through training, recruitment, and retention. the deep east texas college & career alliance supports rural and firstgeneration college students in attaining postsecondary credentials that employers seek in their workforce. the education partnership of the permian basin is developing a cradle - to - career continuum of support by working to improve early childhood outcomes and college and career readiness in the region. the travis county 2 - gen coalition is expanding practices and policies to support dual generations of parents and children in education attainment and achieving long - term financial stability. conclusion as we begin today's celebration, i'd like to recognize the vision of the dallas fed team for creating this incredible opportunity for our partners. i'd also like to thank our advance together partnerships for their hard work and progress. i also want to recognize them for the work that they will continue to accomplish in their communities as they move forward. this work is challenging and will continue to build pathways to a more inclusive economy. 2 / 3 bis - central bankers'speeches 3 / 3 bis - central bankers'speeches