A biography for Jerome Powellhasn’t been written yet.
“The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.”
“In a world of global trade and integrated capital markets, it is natural for economic and financial shocks and policy actions to be transmitted across borders.”
“The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.”
“The Federal Reserve and other central banks have adopted broad public policy objectives to guide the development and oversight of the payments system. At the Fed, we have identified efficiency and safety as our most fundamental objectives, as set forth in our Policy on Payment System Risk.”
“Loss-absorbing capacity among banks is substantially higher as a result of both regulatory requirements and stress testing exercises.”
“Liquidity problems can occur in central clearing, even if all counterparties have the financial resources to meet their obligations, if they are unable to convert those resources into cash quickly enough.”
“Our discussions of the economy may sometimes ring in the ears of the public with more certainty than is appropriate.”
“There is clear empirical evidence that the response of EME financial markets to different shocks, including changes in U.S. interest rates, depends importantly on the state of economic fundamentals in the EMEs themselves.”
“Against this backdrop of technological change and heightened expectations, it is worth remembering our broad public policy objectives, which are driven by the fundamental importance of the payments system in our society.”
“We need a resilient, well-capitalized, well-regulated financial system that is strong enough to withstand even severe shocks and support economic growth by lending through the economic cycle.”
“The financial crisis involved significant failures in the functioning, regulation, and supervision of OTC derivatives markets.”
“The revenue stream for Social Security benefits comes from payroll taxes, which are credited to the Social Security Trust Fund - accounting for the program's finances separately from the rest of the budget.”
“There is certainly a role for regulation, but regulation should always take into account the impact that it has on markets, a balance that must be constantly weighed.”
“While monetary policy can contribute to growth by supporting a durable expansion in a context of price stability, it cannot reliably affect the long-run sustainable level of the economy's growth.”
“Bailouts may have been more tolerable in the early 1990s when they were rare and their use for a failing bank was uncertain. That is no longer the case.”
“Emerging market economies have long grappled with the challenges posed by large and volatile cross-border capital flows.”
“The success of monetary policy should be judged by the economy's performance against our statutory mandates of price stability and maximum employment.”
“By fostering the economic health and vitality of local communities throughout the country, community banks play a central role in our national economy. One important aspect of that role is to serve as a primary source of credit for the small businesses that are responsible for creating a substantial proportion of all new jobs.”
“If the public understands the central bank's views on the economy and monetary policy, then households and businesses will take those views into account in making their spending and investment plans; policy will be more effective as a result.”
“Community banks are a crucial part of our economy and the fabric of our society.”