Quotes from Jerome Powell

The Federal Reserve is not charged with designing or evaluating proposals for housing finance reform. But we are responsible for regulating and supervising banking institutions to ensure their safety and soundness, and more broadly for the stability of the financial system.

The Federal Reserve is committed to fulfilling our statutory mandate of stable prices and maximum employment.

The Congress has tasked the Federal Reserve with achieving stable prices and maximum employment - the dual mandate.

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.

Long experience, in the United States and in other advanced economies, has demonstrated that monetary policy is most successful when decisions are rendered independent of influence by elected officials.

The United States has never prioritized or failed to pay any obligation when due during a debt limit impasse. Despite the institutional risks and the lack of clear legal authority, we assume that Treasury will attempt to prioritize payments in a last-ditch effort to avoid default.

Central banking often comes across as obscure and complicated, and we try to help the public understand what we do.

We do take seriously our obligation to assess whether our reforms are achieving their desired effects without imposing unnecessary burden.

Businesses and households react to lower rates by investing and spending more. Lower rates also support the prices of housing and financial assets such as stocks and bonds.

With customers' permission, fintech firms have increasingly turned to data aggregators to 'screen scrape' information from financial accounts. In such cases, data aggregators collect and store online banking logins and passwords provided by the bank's customers and use them to log directly into the customer's banking account.

A risk-insensitive leverage ratio can be a useful backstop to risk-based capital requirements. But such a ratio can have perverse incentives if it is the binding capital requirement because it treats relatively safe activities, such as central clearing, as equivalent to the most risky activities.

Over the longer run, advanced economy policy actions that strengthen global growth and global trade will benefit the EMEs as well.

The question of how to structure our nation's financial system arose in the early years of the republic.

My colleagues on the Board of Governors and I understand the value of having a diverse financial system that includes a large and vibrant contingent of community banks.

My own experience is that the best outcomes are reached when opposing viewpoints are clearly and strongly presented before decisions are made.

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.