The market stability is going to be the Fed, the Fed's role would be broadened so that it's not just a banking regulator, it's the whole financial system.

市场的稳定将成为联邦政府的工作，政府的职责将会扩大,那么政府将不再仅仅是银行业的调控者，而变成了整个金融系统的调控者。

耶鲁公开课 - 金融市场课程节选

By systemic effects, I mean something that affects the whole financial system.

通过这种系统性作用,我指的那种影响整个金融体系的作用

耶鲁公开课 - 金融市场课程节选

They want it to be a bank for the whole financial system.

他们想成为整个金融系统的中央银行。

耶鲁公开课 - 金融市场课程节选