2019 gpra-performance-plan

Annual Performance Plan 2019
March 2019
B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M

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Preface
The Board of Governors’ (Board) Strategic Plan
2016–19 identifies and frames the critical challenges
facing the Board and describes a strategy to meet
those challenges.1
The Annual Performance Plan 2019
sets forth the planned projects, initiatives, and activi-
ties that will contribute to furthering the Board’s
strategic objectives.
Both of these reports are issued in the spirit of the
Government Performance and Results Act (GPRA)
of 1993, which requires that federal agencies prepare
a strategic plan covering a multiyear period and sub-
mit an annual performance plan and annual perfor-
mance report. Although the Board is not covered by
the GPRA, the Board voluntarily complies with the
spirit of the GPRA and, like other federal agencies,
prepares a strategic plan as well as an annual perfor-
mance plan and an annual performance report. As
required by the Federal Reserve Act, the Board also
annually submits to the Congress a report describing
the operations of the Federal Reserve System
(System) for the previous year, as well as a detailed
explanation of the plans and resources discussed in
the approved budgets of the Board and the 12 Fed-
eral Reserve Banks.2
1
The Strategic Plan 2016–19 is available on the Board’s website
at https://www.federalreserve.gov/publications/gpra.htm.
2
The Annual Report is available on the Board’s website at https://
www.federalreserve.gov/publications/annual-report.htm.
iii

Introduction ............................................................................................................................... 1
Strategic Pillar 1: Project Development and Resource Allocation .......................... 3
Objective 1.1: Establish effective processes and policies to manage priorities and enable
resource allocation in support of current, expanded, or emergent mission priorities. ............... 3
Objective 1.2: Develop and apply repeatable processes and project management
capabilities. ........................................................................................................................ 3
Objective 1.3: Foster coordination of substantive work and communication within and
across divisions and the System. ......................................................................................... 4
Strategic Pillar 2: Workforce ................................................................................................ 5
Objective 2.1: Foster an inclusive and collaborative work environment that recognizes,
appreciates, and effectively utilizes the talent, skills, and perspectives of every
employee. .......................................................................................................................... 5
Objective 2.2: Attract diverse, highly qualified talent. .................................................................... 5
Objective 2.3: Retain valued employees through human resource best practices. ........................... 5
Objective 2.4: Develop the next generation of Board leaders. ........................................................ 6
Strategic Pillar 3: Physical Infrastructure ......................................................................... 7
Objective 3.1: Develop and maintain a long-term space strategy that enhances the ability
of the Board staff to carry out its mission. ............................................................................ 7
Objective 3.2: Enhance the usability of existing space to provide a secure, modern
environment that meets the needs of the workforce, promotes efficiency, supports
resiliency and continuity efforts, and maximizes productivity. ................................................ 7
Objective 3.3: Develop and implement best practices for efficiently managing space. .................... 7
Strategic Pillar 4: Technology .............................................................................................. 9
Objective 4.1: Develop, implement, and maintain a Boardwide technology roadmap driven
by business needs that consistently improves the computing environment while
strengthening a risk-based information security program. ..................................................... 9
Objective 4.2: Create and maintain a research and development (R&D) culture and
environment that allows for technology evaluation and innovation outside of the
necessary constraints of the production environment. .......................................................... 9
Objective 4.3: Continuously enhance the mobile environment to meet requirements for
information access, ease of use, and information security. .................................................. 10
Objective 4.4: Provide the ability for Board employees to collaborate effectively with a
wide variety of partners, including those within the Board, the System, and broader
communities. .................................................................................................................... 10
Objective 4.5: Evaluate the information technology service-provisioning model across the
Board and the System to ensure alignment and promote service and cost
efficiencies. ...................................................................................................................... 10
v
Contents

Strategic Pillar 5: Data ......................................................................................................... 11
Objective 5.1: Strengthen the Board’s governance of its data assets to increase their
quality, reliability, and usability. .......................................................................................... 11
Objective 5.2: Improve the data architecture, processes, and data storage technology to
respond with greater agility and efficiency to emerging business needs for data,
while facilitating controlled sharing and the movement of data to get the right data to
the right people at the right time. ....................................................................................... 11
Objective 5.3: Create and maintain an R&D culture and a stand-alone R&D environment
so that the Board’s ability to evaluate and innovate regarding new data sets, tools,
and policies is improved. ................................................................................................... 12
Objective 5.4: Improve Board staff’s ability to find what data are available and how to
access them to be more effective, and to more easily recognize and account for
data gaps and overlaps. .................................................................................................... 12
Strategic Pillar 6: Public Engagement and Accountability ...................................... 13
Objective 6.1: Provide information on issues spanning the full range of the Board’s
mission that enhances public understanding and transparency of the Board and its
policy decisions and that allows the Congress and the public to assess the
effectiveness and efficiency of the Board in fulfilling its responsibilities. ............................... 13
Objective 6.2: Clearly communicate the rationale underlying the Board’s decisions across
a range of topics, including monetary policy, regulatory policy, payment system
policy, and supervisory actions. ......................................................................................... 13
Objective 6.3: Expand the extent and effectiveness of engagement and collaborations
with external entities, as appropriate. ................................................................................. 14
Objective 6.4: Gather information, views, and perspectives on issues related to the
Board’s mission from a wide range of constituencies, including consumers,
businesses, financial sector participants, community groups, researchers, and
elected and other public officials. ....................................................................................... 14
vi

Introduction
The Board’s longstanding mission is to foster the
stability, integrity, and efficiency of the nation’s
monetary, financial, and payment systems and to
promote optimal economic performance. The
Board’s mission is rooted in its statutory mandates
and on a set of core institutional values:
• Public interest. In its actions and policies, the
Board seeks to promote the public interest. It is
accountable to the general public and the
Congress.
• Integrity. The Board adheres to the highest stan-
dards of integrity in its dealings with the public,
the U.S. government, the financial community, and
its employees.
• Excellence. The conduct of monetary policy,
responsibility for bank supervision, and mainte-
nance of the payment system demand high-quality
analysis; high performance standards; and a
secure, robust infrastructure. The pursuit of excel-
lence drives the Board’s policies concerning
recruitment, selection, and retention of employees.
• Efficiency and effectiveness. In carrying out its
functions, the Board recognizes its obligation to
manage resources efficiently and effectively on
behalf of the U.S. taxpayer.
• Independence of views. The Board values the diver-
sity of its employees, input from a variety of
sources, and the independent professional judg-
ment that is fostered by the System’s regional
structure. It relies on strong teamwork and consen-
sus building to mold independent viewpoints into
coherent, effective policies.
The Board considers strategic planning a critical fac-
tor for ensuring the long-term effectiveness and effi-
ciency of operations. The Board’s Strategic Plan
2016–19 guides key investments and aligns resources
over the four-year planning period. The plan is orga-
nized into six pillars:
1. Project development and resource allocation.
Improve project management capabilities and
align resources to support current and emerging
programs central to the Board’s mission.
2. Workforce. Uphold the Board as a sought-after
place to work that attracts diverse, highly quali-
fied individuals and embraces the range of simi-
larities and differences each individual brings to
the workplace, including thought, experience,
and background.
3. Physical infrastructure. Build a productive, col-
laborative work environment through the tai-
lored, sustainable, and efficient use of space,
technology, and design.
4. Technology. Empower operational excellence, effi-
ciency, and security through innovative technol-
ogy platforms.
5. Data. Research, analyze, and respond to eco-
nomic and financial developments, challenges,
and issues, as well as safety and soundness, con-
sumer protection, and financial stability risks
through enhancement of the Board’s data man-
agement and analytics environment.
6. Public engagement and accountability. Increase
understanding and appreciation of the Board’s
mission through public engagement and
accountability.
The Board recognizes that there are differences
between government and private-sector strategic
planning and measurement of those efforts. While
private-sector planning often relies on measures of
revenue, the Board measures its performance relative
to public policy objectives. The Annual Performance
Plan 2019 presents the most significant strategic
projects, initiatives, and investments that support the
Board’s long-term goals and objectives. However,
given the large scope of work performed by the
Board, many ongoing operational activities are not
identified within this document.
This planning process allows the Board to continu-
ously develop and evaluate how to best prioritize
1

investments, initiatives, and resources in support of
long-term objectives, particularly as they relate to the
pillars above. Board staff prepares quarterly internal
reports for Board members and senior leadership on
the progress toward achieving the strategic objec-
tives. As necessary, the Board’s senior leadership will
reassess priorities throughout the strategic plan’s
execution period and will adjust the specific activities
undertaken in any given year to achieve strategic
objectives. The Board will release a report to the
public on its performance toward achieving its 2019
objectives as outlined in this document.
2 Annual Performance Plan 2019

Strategic Pillar 1: Project Development and
Resource Allocation
Goal: Improve project management capabilities and
align resources to support current and emerging pro-
grams central to the Board’s mission.
Objective 1.1: Establish effective
processes and policies to manage
priorities and enable resource
allocation in support of current,
expanded, or emergent mission
priorities.
The Board will develop and enhance processes and
policies for prioritizing and allocating resources that
allow the organization to respond quickly and effec-
tively to new challenges as well as changes to existing
requirements.
Projects and Initiatives
• Foster a culture of fiscal stewardship and transpar-
ency by improving stakeholder communication,
increasing accuracy of the multiyear operating
budget and expense forecasts, and leveraging more
automated tools.
• Complete pilot risk assessment in each of the
Board’s divisions and pilot a risk-event capture
and reporting process.
• Inform and advance Federal Reserve policymaking
and research on consumer financial and economic
conditions, supervisory matters, and community
economic development opportunities and chal-
lenges, as well as inform public understanding of
these economic inclusion topics.
• Enhance Reserve Bank oversight processes for
increased effectiveness and to ensure an appropri-
ate risk focus, including
—with respect to the System Information Technol-
ogy Strategic Plan;
—with respect to the System’s program to define,
procure, and implement new Enterprise
Resource Planning applications; and
—with respect to the assessment of Reserve Bank
management and risk culture.
• Support the System’s efforts to ensure its leader-
ship, over time, becomes more representative of
American society and therefore better able to pro-
vide the diversity of perspective that is critical for
discharging, as effectively as possible, the range of
responsibilities set forth in the Federal
Reserve Act.
Objective 1.2: Develop and apply
repeatable processes and project
management capabilities.
The Board must be able to execute new and ongoing
projects successfully using project management capa-
bilities and implementing best practices.
• Enhance the security, resilience, and educational
elements of the U.S. currency program by working
with the U.S. Department of the Treasury and the
Bureau of Engraving and Printing to design a new,
highly secure family of banknotes that can be effi-
ciently produced.
• Maintain the investment review process to ensure
ongoing oversight, measurement, and governance
of large and significant strategic projects, including
those identified as part of the budget process, to
ensure senior leadership has relevant and timely
information to make informed decisions.
3

Objective 1.3: Foster coordination of
substantive work and communication
within and across divisions and the
System.
The Board will continue to collaborate across divi-
sions and the System and enhance communication
by using shared tools and implementation of best
practices.
• Implement Systemwide initiatives to encourage
robust information exchange and analysis on risks
in consumer financial services markets and on new
consumer and small business markets and develop-
ments as well as inform stakeholders on significant
events affecting consumers and communities.
• Continue to implement tailored programs, includ-
ing but not limited to the Economic Growth,
Regulatory Relief, and Consumer Protection Act
(EGRRCPA) requirements by supporting rule
changes, assisting or leading supervisory guidance
changes, program implementation, and
communication.
• Plan the implementation of the Financial
Accounting Standards Board Current and
Expected Credit Loss model, including impacts on
capital and other policies, and develop tailored
supervisory expectations.
• Continue to encourage, through a variety of super-
visory approaches, and in coordination with other
relevant authorities, the further development of
resolution and recovery programs by central coun-
terparties and other financial market
infrastructures.
• Enhance coordination between community devel-
opment and consumer compliance supervision
functions to identify opportunities to support
Community Reinvestment Act (CRA) supervision
and modernization of the CRA regulations.

Strategic Pillar 2: Workforce
Goal: Uphold the Board as a sought-after place to
work that attracts diverse, highly qualified individuals
and embraces the range of similarities and differences
each individual brings to the workplace, including
thought, experience, and background.
Objective 2.1: Foster an inclusive and
collaborative work environment that
recognizes, appreciates, and
effectively utilizes the talent, skills,
and perspectives of every employee.
The Board will continue to promote a diverse work-
force and inclusive work environment that is respect-
ful of all views at all levels of the organization.
• Support targeted engagement and culture change
efforts to address specific feedback received from
the engagement surveys and focus groups.
• Continue the effort to create an environment that
fosters engagement and trust between staff and
business partners using engagement surveys, peri-
odic pulse surveys, and skip-level meetings to
monitor the area’s climate.
• Continue to implement the objectives identified in
the Board’s Diversity and Inclusion Strategic Plan.
• Enhance System reporting through the inclusion of
aggregated consolidated workforce and supplier
diversity data for the Board and all 12 Reserve
Banks in the Board’s annual Report to the Con-
gress on the Office of Minority and Women Inclu-
sion (OMWI).
Objective 2.2: Attract diverse, highly
qualified talent.
The Board will work to attract a diverse and quali-
fied workforce, which is critical to executing the
Board’s mission.
• Educate hiring managers to evaluate the effective-
ness of recruiting approaches to ensure the Board
is reacting appropriately to labor market pressures
using data, analytics, and market information and
to foster a diversified applicant pool at all stages of
the employee life cycle.
• Implement workforce planning to mitigate the
risks of competitive labor market, while helping
leadership identify talent management priorities.
Objective 2.3: Retain valued
employees through human resource
best practices.
The Board will continue to enhance its human
resource practices and offer competitive compensa-
tion and benefits to retain top talent and endeavor to
achieve a workforce representative of all segments of
society.
• Assess skills and knowledge required to support
future technologies and create a workforce devel-
opment plan.
5

• Evaluate the effectiveness of current compensation
and benefits approaches, leveraging data, analytics,
and market information, and make appropriate
changes in order to attract and retain a diverse,
highly qualified workforce.
Objective 2.4: Develop the next
generation of Board leaders.
The Board will preserve and build upon existing
leadership development programs in support of fos-
tering a diverse and inclusive organization.
• Provide targeted learning and development oppor-
tunities to help cultivate diversity of thought, expe-
rience, and background in the next generation of
leaders and subject matter experts at the Board.

Strategic Pillar 3: Physical Infrastructure
Goal: Build a productive, collaborative work environ-
ment through the tailored, sustainable, and efficient
use of space, technology, and design.
Objective 3.1: Develop and maintain
a long-term space strategy that
enhances the ability of the Board
staff to carry out its mission.
The Board recognizes the need for a long-term strat-
egy for sustainably managing physical space, includ-
ing aligning space requirements to projected work-
force growth.
• Execute the approved long-term space plan.
Objective 3.2: Enhance the usability
of existing space to provide a secure,
modern environment that meets the
needs of the workforce, promotes
efficiency, supports resiliency and
continuity efforts, and maximizes
productivity.
The Board’s renovation and upgrade of the Martin,
Eccles, New York Avenue, and 1951 Constitution
Avenue buildings represent critical steps toward cre-
ating a modern, safe, sustainable, and efficient work-
place. Projects will enhance occupant safety, security,
and productivity within the Board’s facilities.
• Continue the multiyear Martin Building renova-
tion project effectively with respect to established
project specifications.
• Plan and implement upgrades and renovations to
Board-owned buildings that promote sustainability
and efficiency while meeting the needs of the
workforce.
• Upgrade security components to continue to meet
federal security standards focused on high-security
areas.
Objective 3.3: Develop and
implement best practices for
efficiently managing space.
The Board seeks to emphasize the efficient use of
space, including consolidating the workforce into as
few locations as possible while meeting contingency
needs and considering the impact on environmental
sustainability. Ongoing facility assessments will
ensure that existing Board facilities are operating
efficiently.
• Establish updated standards supporting the sus-
tainable and the efficient use of space, consolidat-
ing the workforce into as few locations as possible
with preference for Board-owned buildings consis-
tent with the long-term space plan.
7

Strategic Pillar 4: Technology
Goal: Empower operational excellence, efficiency, and
security through innovative technology platforms.
Objective 4.1: Develop, implement,
and maintain a Boardwide
technology roadmap driven by
business needs that consistently
improves the computing environment
while strengthening a risk-based
information security program.
The Board will focus on evolving its computing
infrastructure to support expanding business
demands and keep pace with evolving technology.
Board staff rely extensively on technology and infor-
mation services to enable them to be productive; to
focus on their core businesses; and to connect, col-
laborate, and communicate easily with the confi-
dence that their computing environment and infor-
mation are secure and of high quality. Organiza-
tional business drivers will inform an enterprise-level
approach to technology and infrastructure
investments.
• Extend the technology roadmap to respond to
emerging business needs and to address capability
gaps.
• Enhance continuous monitoring capabilities
through the implementation of the Department of
Homeland Security Continuous Diagnostics and
Mitigation program.
• Define the next generation contingency environ-
ment for the provisioning of critical automation
services.
• Execute the multiyear plan to migrate remaining
information assets off of the mainframe comput-
ing platform.
• Continue to develop a strategy for the adoption of
cloud service as an extension of the Board’s data
center.
Objective 4.2: Create and maintain a
research and development (R&D)
culture and environment that allows
for technology evaluation and
innovation outside of the necessary
constraints of the production
environment.
The Board will need to keep pace with rapid techno-
logical change without compromising the security of
critical information assets. The development of inno-
vative business approaches will provide an environ-
ment that enables controlled risk taking.
• Continue to exercise established governance and
procurement protocols, support active usage, and
enhance the architecture of the innovation lab by
evaluating cloud-based services offerings.
• Establish an innovation framework that encour-
ages and fosters innovative thinking, activities, and
culture to advance creative solutions to business
challenges and operational inefficiencies.
9

Objective 4.3: Continuously enhance
the mobile environment to meet
requirements for information access,
ease of use, and information security.
The Board will continue to improve access to its
information assets from an increasingly mobile
workforce.
• Enable offline access to selected data and programs
to support the mobility needs of workers who are
disconnected from the network.
• Create secure electronic access to materials accord-
ing to the Board’s information handling and classi-
fication guide.
• Enable mobile online access to selected data and
programs via tablets and smartphones to enhance
ease of access and meet work demands.
Objective 4.4: Provide the ability for
Board employees to collaborate
effectively with a wide variety of
partners, including those within the
Board, the System, and broader
communities.
The Board will focus on enhancing electronic col-
laboration capabilities within and outside the
System. As the need to share information with vary-
ing degrees of sensitivity grows, the Board must be
equipped to provide secure and efficient communica-
tion mechanisms.
• Continue to implement technology solutions that
address defined business needs, leverage a cohesive
identity and access management framework for
cloud and data center deployments, and evaluate
metrics for improving user experience regarding
connectivity, collaboration, and data and informa-
tion processing.
Objective 4.5: Evaluate the
information technology
service-provisioning model across the
Board and the System to ensure
alignment and promote service and
cost efficiencies.
The Board will consider best-practice service delivery
models across the System to provision information
technology (IT) services. The Board will focus on
automation enhancements that improve business
processes and look for ways to fund investments
through associated savings.
• Expand the enterprise architecture and architec-
ture review board practices to all organizational
domains to support informed IT decisionmaking.
• Coordinate activities and employ joint project
teams with technology service partners across the
System in accordance with defined governance
structures.
• Establish an enhanced model for the provisioning
of IT services to maximize business capabilities,
improve operational efficiency, and manage risk in
accordance with enterprise risk-tolerance levels.

Strategic Pillar 5: Data
Goal: Research, analyze, and respond to economic and
financial developments, challenges, and issues, as well
as safety and soundness, consumer protection, and
financial stability risks through enhancement of the
Board’s data management and analytics environment.
Objective 5.1: Strengthen the Board’s
governance of its data assets to
increase their quality, reliability, and
usability.
The Board will work to strengthen and improve data
governance policies, processes, and standards for
assessing potential new data acquisitions and provid-
ing appropriate access to data across the
organization.
• Implement enterprise taxonomy governance to
ensure consistent standards, governance, quality,
and reliability of information about Board data
assets and improve their findability.
• Invest in and promote innovative technologies that
improve the efficiency and quality of data collec-
tion and analysis, supervision, and risk
identification.
Objective 5.2: Improve the data
architecture, processes, and data
storage technology to respond with
greater agility and efficiency to
emerging business needs for data,
while facilitating controlled sharing
and the movement of data to get the
right data to the right people at the
right time.
The Board will institute effective data policies and
procedures backed by sufficient, secure, and scalable
storage capacity to ensure that employees get timely
access to data.
• Complete the migration and implementation of
data assets into the new Financial Data
Repository.
• Based on user feedback, identify new sources of
data and content for usability within DataNexus
search and discovery functions.
11

• Continue business process improvements for auto-
mation initiatives to gain better efficiencies with
data management, including
—expand the data set content and associated
metadata of the Board Data Platform and tran-
sition usage toward the new environment; and
—implement a metadata stewardship framework
in support of an enterprise data inventory pro-
gram, known as DataNexus, to increase aware-
ness of data availability and usage.
Objective 5.3: Create and maintain an
R&D culture and a stand-alone R&D
environment so that the Board’s
ability to evaluate and innovate
regarding new data sets, tools, and
policies is improved.
The Board will require investments in modernized
technology, processing systems, and business analyt-
ics as data needs and data availability continue to
grow.
• Continue using the innovation lab noted in Objec-
tive 4.2 and provide feedback regarding future
enhancements, usability, and functionality.
• Evaluate technologies using the innovation lab
resources in support of implementing the Board
Data Platform.
Objective 5.4: Improve Board staff’s
ability to find what data are available
and how to access them to be more
effective, and to more easily recognize
and account for data gaps and
overlaps.
The Board will continue to build employee awareness
and understanding of the availability of data across
the organization.
• Continue investing in, and improving access to,
consumer and community data and information
throughout the Board and the System.
• Enhance data collections on reference rates that
will allow for monitoring of selected money mar-
ket activities and support the publication of refer-
ence rate and volume statistics for the public.
• Conduct data summits to increase awareness and
knowledge about Board data and solicit feedback
to inform future enhancements to DataNexus and
users ability to find the data they need.

Strategic Pillar 6: Public Engagement and
Accountability
Goal: Increase understanding and appreciation of the
Board’s mission through public engagement and
accountability.
Objective 6.1: Provide information on
issues spanning the full range of the
Board’s mission that enhances public
understanding and transparency of
the Board and its policy decisions
and that allows the Congress and the
public to assess the effectiveness and
efficiency of the Board in fulfilling its
responsibilities.
The Board will continue to build awareness and
understanding of its mission, policies, and opera-
tions among the Congress and the public and
through a variety of communication vehicles.
• Promote better understanding and transparency of
the Federal Reserve by providing more information
through the Board’s website and other external
communication platforms.
• Sustain relationships and facilitate regular commu-
nications with news media and congressional
offices to ensure dissemination of information on
the Federal Reserve’s analysis and policies to the
Congress and the public in a timely and accurate
manner.
• Increase the depth of understanding on issues
related to household financial stability and effec-
tive consumer protection through engaged and
informed stakeholder collaboration and research.
• Continue to develop policies and research that fos-
ter safety and efficiency in the payment system and
implement identified payment improvement strate-
gies to increase end-to-end speed and safety.
• Continue to enhance the clarity of internal and
external communications related to major supervi-
sory policy decisions, initiatives, and results,
including the public Supervision and Regula-
tion Report.
• Provide relevant and accessible information to con-
sumers and businesses on the designs and security
features of genuine Federal Reserve notes through
the uscurrency.gov website and other education,
outreach, and training programs.
Objective 6.2: Clearly communicate
the rationale underlying the Board’s
decisions across a range of topics,
including monetary policy, regulatory
policy, payment system policy, and
supervisory actions.
The Board will continue to communicate and pub-
lish reports regarding its policy decisions through a
variety of communication vehicles.
• Support the Board and the Federal Open Market
Committee in the formulation, implementation,
and communication of monetary policy.
• Conduct research and produce surveys, reports,
and data on topics such as: banking conditions;
community and human capital development; con-
sumer and household finances; consumer risk; eco-
nomic activities; financial markets; financial stabil-
ity; the global economy and its interactions with
the U.S. economy; monetary policy; retail pay-
ments trends; the Reserve Bank balance sheets;
and safety and efficiency of payment, clearing, and
settlement arrangements, activities, and instru-
ments. As appropriate, make information available
to Congress and the public through publications,
working papers, academic journal articles, the pub-
lic website, or conference presentations.
13

• Support the Board’s efforts to increase transpar-
ency, enhance communications, and promote pub-
lic understanding on financial stability, including
publishing the semiannual Financial Stability
Report.
Objective 6.3: Expand the extent and
effectiveness of engagement and
collaborations with external entities,
as appropriate.
The Board will continue to collaborate with external
entities as appropriate to inform the Board’s policy
decisions by providing a more complete understand-
ing of the economy and the financial system. Staff
will continue to contribute to activities that enhance
the resiliency of the financial sector and coordinate
with other federal supervisory agencies. Staff will
continue to research a wide array of policies, propose
guidance on supervisory programs, and respond to
any legislative mandates or changes in the economic
conditions.
• Enhance working relationships and improve
engagement with stakeholders, as appropriate,
including representatives from academia, Con-
gress, other government agencies, and international
groups to gain broader understanding of the
economy and the financial system.
• Collaborate with other regulators and industry
participants to develop a practical framework and
potential approaches for conducting supervisory
stress testing for central counterparties in order to
identify and address key risks to the financial
system.
• Foster collaboration to help refine and consult on
consumer protection regulations for which the
Federal Reserve has authority, working with other
agencies and bureaus, as appropriate.
• Promote strong risk management at systemically
important financial market infrastructures, while
capitalizing on expertise in the payments, clear-
ance, and settlement areas to support the Federal
Reserve’s broader financial stability mission.
• Conduct a coordinated approach to resiliency that
addresses the most critical Reserve Bank functions,
aligns with related initiatives such as those related
to System risk management, and strikes an appro-
priate balance between resiliency, efficiency, and
budget/resource stewardship.
Objective 6.4: Gather information,
views, and perspectives on issues
related to the Board’s mission from a
wide range of constituencies,
including consumers, businesses,
financial sector participants,
community groups, researchers, and
elected and other public officials.
The Board will engage with the public on a wide
range of issues relevant to the organization’s mis-
sion. Staff will work on a broad research agenda that
focuses on the macroeconomy and financial markets
and will work to assess potential financial stresses
that could threaten economic and financial stability.
• Contribute to domestic and international efforts to
improve the quality of financial data that can bet-
ter inform policymaking.
• Engage payment system stakeholders in payment
system improvement efforts to help improve the
speed, safety, and efficiency of the U.S. payment
system.
• Engage diverse stakeholders to solicit and inform
their views on Board supervisory, monetary, pay-
ments, and regulatory policies toward effective
consumer protection, strengthened communities,
and household financial stability.
• Support the Federal Reserve’s initiative to review
the strategies, tools, and communication practices
it uses to pursue its congressional mandate of
maximum employment and price stability.

2019 gpra-performance-plan

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2019 gpra-performance-plan