in every reserve bank district, to hear directly from the constituencies we serve. these events have been live - streamed on the internet. last month, we hosted a research conference at the federal reserve bank of chicago to explore ways to more effectively and sustainably achieve our mandated goals. beginning soon, the fomc will devote time at its regular meetings to assessing the lessons from these events. we will publicly report the conclusions of our discussions, likely during the first half of next year. 5 other central banks, many represented in this room, are also looking deeply at the challenges posed by the current environment and assessing tools and strategies. i look forward to learning from your experiences and sharing ours in the coming months and years as we face the trials and opportunities of this new era. for all of us, the turmoil that preceded this new world was severe, although not as extreme as that faced by those around the table in bretton woods 75 years ago. tonight let us celebrate their success and strive so that our vision for the future of the global economic and financial system proves as durable and as effective. 1 see alan greenspan ( 1988 ), “ trade deficit and budget deficit, ” c - span video of a speech delivered at the economic club of new york, new york, june 14, ( quoted remark is 3 minutes, 20 seconds into the video ). 2 see bank of canada ( 2018 ), “ bank to review the monetary policy framework ahead of 2021 renewal, says senior deputy governor wilkins, ” press release, november 20, ( quoted text is in paragraph 1 ) ; and carolyn a. wilkins ( 2018 ), “ choosing the best monetary policy framework for canada, ” speech delivered at the mcgill university max bell school of public policy, montreal, november 20. 3 see huw van steenis ( 2019 ), “ the future of finance report, ” bank of england, june 20. 4 see jerome h. powell ( 2019 ), “ economic outlook and monetary policy review, ” speech delivered at the council on foreign relations, new york, june 25. 5 more details on fed listens events and related information are available on the board ’ s website at www. federalreserve. gov / monetarypolicy / review - of - monetary - policy - strategy - tools - and - communications - fedlistens - events. htm. 4 / 4 bis central bankers'speeches

/ 19 / 10 completed. 2. report on ots transition plan. on january 25, 2011, the board, ots, occ, and fdic issued a joint report to congress and the inspectors general of the participating agencies on the agencies plans to implement the transfer of ots authorities. ( section 327 ) 1 / 20 / 11 completed. 3. report on debit card transactions. on june 29, 2011, the board issued a report disclosing certain aggregate or summary information concerning interchange transaction and payment card network fees charged or received in connection with electronic debit transactions. ( section 1075 ) 7 / 21 / 11 completed. 4. study of the resolution of financial companies under the bankruptcy code. the board has approved a study, which the board has conducted, in consultation with the administrative office of the u. s. courts, related to the resolution of financial companies under the bankruptcy code. ( section 216 ) 7 / 21 / 11 completed. 5. study of international coordination relating to the resolution of systemic financial companies. the board has approved a study, which the board has conducted, in consultation with the administrative office of the u. s. courts, regarding international coordination relating to the resolution of systemic financial companies under the bankruptcy code and applicable foreign law. ( section 217 ) 7 / 21 / 11 completed. 6. report on remittance transfers : automated clearing house expansion ( ach ). on july 19, 2011, the board approved a report to congress on the status of ach expansion for remittance transfers to foreign countries. ( section 1073 ) 7 / 21 / 11 completed. bis central bankers ’ speeches appendix a to statement by daniel k. tarullo, member, board of governors of the federal reserve system before the committee on banking, housing, and urban affairs u. s. senate washington, dc, december 6, 2011 as of december 5, 2011 7. report on designated clearing entities. the board, cftc and sec have approved and soon will issue a joint report to congress containing recommendations for promoting robust risk management standards and consistency in the supervisory programs of the cftc and sec for designated clearing entities. ( section 813 ) 7 / 21 / 11 completed. 8. report on the use of credit ratings in the board s rules. the on july 25, 2011, the board issued a report to congress discussing the review the board has conducted on the use of credit ratings in its regulations and sometime thereafter report to congress. ( section