were narrowing. in contrast, one of the great cruelties of the covid - 19 recession is the toll it took on workers who were finally beginning to experience the benefits of a period of historically long economic growth. those same groups, unfortunately, disproportionately shouldered the brunt of the pandemic ’ s burden. most entrenched inequities are beyond the power of monetary policy to address. the specific goals given to us by congress, however, to foster achievement of our dual mandate of maximum employment and price stability, form the foundation of a strong and stable economy. it was with this in mind that my colleagues and i on the federal open market committee, as part of last year ’ s update to the fed ’ s monetary policy framework, defined maximum employment as a broad and inclusive goal. this innovation recognizes that a strong labor market delivers broadreaching benefits and extends those benefits in particular to low - and moderate - income communities. while monetary policy does not target any particular group of people, when we assess whether we are at maximum employment, we purposely look at a wide range of 1 / 2 bis central bankers'speeches indicators, and we are attentive to disparities in the labor market, rather than just the headline numbers. diversity and inclusion play a role in policymaking as well. as policymakers working on behalf of the entire public, we benefit greatly by seeking out and listening to the perspectives and experiences of people who represent the diverse landscape of the economy. we regularly meet with a broad range of groups as we assess the economy. and as we worked to update our monetary policy framework, we hosted a series of listening events across the country before and during the pandemic, and these conversations factored importantly into our thinking and our new framework. diversity in economics next, i would like to turn to an issue facing many of us at this conference — namely, how central banks as institutions and employers grapple with and confront diversity and inclusion within economics. collectively, we are among the largest employers in the field of economics, which both affects our own workplaces and affords us an opportunity to help influence and shape the evolution of the profession. throughout my career, in both the public and the private sectors, i have seen that the best and most successful organizations are often the ones that have a strong and persistent commitment to diversity and inclusion. these organizations consistently attract the best talent, by investing in and retaining a world - class workforce. i know

must our regulations. can we keep up the pace? allow me to share some concerns about that. first of all, our work to make the banking sector more resilient is not yet complete. for one thing, the final basel iii standards still need to be implemented in many 1 / 3 bis - central bankers'speeches jurisdictions. in the meantime, the banking turmoil in march last year was a reminder that bank runs are not a thing of the past. the demise of silicon valley bank and credit suisse not only brought lessons for banks and supervisors. they also highlighted that 13 years after the fsb issued its key attributes for effective resolution regimes, authorities still face challenges in dealing with failing banks. next to the unfinished agenda in banking, the non - bank financial sector continues to face serious vulnerabilities. partly as a response to strengthening banking regulation, non - bank financial institutions are playing a larger role in financing the real economy, now accounting for nearly half of total global financial assets. and as we have seen over the past few years, structural vulnerabilities in the sector have the potential to cause systemic risk. these include liquidity mismatches, leverage, and inadequate margin preparedness. the fsb, working with other standard setters, has done a great deal of work on this issue. we have issued policy recommendations in several key areas. drawing up these policy recommendations, however, is not enough to stem systemic risk in nbfi. for that to happen, we must implement them. that means authorities must not only put them into national laws and regulations, they must also have the capacity to operationalize them. third, technological innovation continues to shape the way the financial sector functions, and it adds another layer of complexity. technology can create new interdependencies, for example when many financial institutions rely on the same service providers. it can also increase the speed at which a crisis unfolds. and technology raises important questions about the regulatory perimeter. above all technology related risks can exacerbate pre - existing vulnerabilities in the financial system and may create new ones. take crypto - assets. this fast - growing market has seen more than its fair share of bankruptcies, liquidity crises and outright fraud, even as its links with traditional finance continue to grow. the fsb has issued recommendations to regulate the market for crypto - assets. the g20 has endorsed these recommendations and, again, they now need to be implemented globally.