Federal Reserve Governor Bowman delivered a speech on "Modernizing Financial Regulation." In her prepared remarks, she noted that the Financial Stability Board (FSB) has conducted a comprehensive assessment of the modernization efforts undertaken by its member institutions and various standard-setting bodies. These modernization initiatives have been widely implemented across members and focus on several common objectives, including: ensuring that the regulatory framework remains forward-looking and adaptable to current and emerging significant risks; enhancing the targetedness and proportionality of regulation; reducing unnecessary compliance burdens; promoting responsible innovation; leveraging data and technology to empower regulation; and supporting economic growth. The next phase of work will result in a report open for public comment, planned for release this fall. This report will then be submitted to the G20 as an important milestone in the commitment of all parties to advance modernization reforms.
