It is a pleasure to be with you here today.1 As a former community banker and a former state bank commissioner, I bring a unique perspective to my service on the Board of Governors of the Federal Reserve System. These different experiences help inform my views on the Fed’s important role in bank regulation and supervision. Over the past five years, I have found that one of the most informative, enjoyable, and productive aspects of my work at the Fed is hearing from bankers about issues that are important to you, and that affect you and your customers. This includes, of course, the impact of the Fed’s regulation and supervision. So today, I would like to share some thoughts about that and, should changes to the bank regulatory framework be necessary, how we can support thoughtful and considered changes.
Before we turn to our conversation, I’d like to offer a few thoughts on the economy and monetary policy, in light of our Federal Open Market Committee (FOMC) meeting last month. As you know, at that meeting, my colleagues and I voted to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent, after raising…
