##tories. public consultation on these revised international standards is currently under way. the goal of all of these efforts is to develop a consistent international approach to the regulation and supervision of derivatives products and market infrastructures as well as to the sound implementation of the agreed - upon approaches. our aim is to promote both financial stability and fair competitive conditions to the fullest extent possible. infrastructure issues the dodd - frank act addressed both the infrastructure of the derivatives markets and the regulation and supervision of its dealers and major participants. central counterparties are given an expanded role in the clearing and settling of swap and security - based swap bis central bankers ’ speeches ( hereafter referred to as “ swap ” ) transactions, and the board believes benefits can flow from this reform. since 2005, federal reserve staff members have worked with market participants to strengthen the infrastructure for otc derivatives, including developing and broadening the use of central clearing mechanisms and trade repositories. market participants have already established central counterparties that provide clearing services for some otc interest rate, energy, and credit derivatives contracts. if properly designed, managed, and overseen, central counterparties offer an important tool for managing counterparty credit risk, and thus they can reduce risk to market participants and to the financial system. both central counterparties and trade repositories also support regulatory oversight and policymaking by providing more - comprehensive data on the derivatives markets. the board is committed to continuing to work with other authorities, both in the united states and abroad, to ensure that a largely consistent international approach is taken to central counterparties and trade repositories and that their risk - reducing benefits are realized. title viii of the act complements the role of central clearing in title vii through heightened supervisory oversight of systemically important financial market utilities, including systemically important facilities that clear swaps. this heightened oversight is important because financial market utilities such as central counterparties concentrate risk and thus have the potential to transmit shocks throughout the financial markets. the financial stability oversight council is responsible for designating utilities as systemically important. through its role on the council, the board helped develop the designation process that was released for comment in march. separately, the board is also seeking comment on proposed riskmanagement standards that would apply to those designated utilities supervised by the board under title viii. 1 as part of title viii, the board was given new authority to provide designated utilities with access to reserve bank accounts, payment services, and emergency collateralized liquidity in unusual and

and ensure that workers are available to fill them. yet, even in this economy, some jobs go unfilled because individuals lack the necessary skills. skill gaps could constrain long - term employment growth. indeed, some 88 million americans have at least one educational barrier, such as no high school degree, no postsecondary training, or deficient english language skills. and, as i noted, longer average duration of unemployment may be eroding the skills of the jobless. 5 while broad investments in human capital and workforce development are clearly needed, it is not easy to determine how to ensure that those investments are effective and costefficient. the federal reserve system is engaged in ongoing research to identify best practices and establish methods for measuring the success of workforce development programs. for example, the system ’ s community affairs function studied various workforce development needs and responses as part of its examination of the impact of concentrated poverty on lower - income individuals. in its report, the enduring challenge of concentrated poverty in america, published in 2008, findings from 16 case studies confirmed that a skilled labor force is a key attraction for other drivers of community success, including lower crime rates, outside investment, and access to employment. as a result, many of the case study communities actively promote strategies that address barriers to work and connect adults to employment opportunities. 6 among the successful strategies identified in the concentrated poverty case studies, the report noted that community colleges have effectively filled educational gaps in communities where limited educational attainment among residents and insufficient job readiness were particularly pronounced. in cleveland, for example, residents who once worked in manufacturing lacked the necessary skills to obtain other available jobs, particularly in the growing health care sector. to address this problem, the cuyahoga county community college designed an innovative program to help individuals with limited formal education enter health care through a nursing assistant training program. the program offers both immediate employment opportunities and the potential for additional credentials necessary to advance to other jobs along the occupational ladder. in el paso, texas, the community developed project arriba, a labor market intermediary that provides clients with training through el paso community college. the training focuses on the skills necessary for local job demands in fields such as health care, education, and information technology. more recently, economists at the federal reserve bank of st. louis conducted a study of the effectiveness of community colleges in advancing the economic well - being of students and see beth siegel and karl seidman ( 2009 ), “ the economic