Jerome Powell Quotes

Jerome Powell
Jerome Powell
American Public Servant
Born: Feb 4, 1953
Bank Banks Economy Financial Government Will
Related authors: Andrew Yang Ben Bernanke Betsy DeVos Clara Barton Elizabeth Warren Hope Hicks Jim Mattis Joseph Dunford
Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed. Jerome Powell
Communication Secure Data Online High-Speed Devices Mobile Commerce Expectations Banking Convenient Whenever Wherever Available Capabilities Creating Should Payment Needed
I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation. Jerome Powell
Simple Think Summary Complex Unable Critical Could Safely Equation Am Reduced Any Human Human Activity Activity
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. Jerome Powell
Financial Strong Enough Severe System Financial System Economic Through Economic Growth Support Withstand Shocks Lending Cycle Even Growth Resilient Need
The financial crisis revealed important weaknesses in many areas of our financial system. Jerome Powell
Financial Important Our Financial Crisis Crisis System Financial System Weaknesses Area Revealed Many
Alignment of business strategy and risk appetite should minimize the firm's exposure to large and unexpected losses. In addition, the firm's risk management capabilities need to be commensurate with the risks it expects to take. Jerome Powell
Business Risks Management Strategy Addition Alignment Minimize Risk Risk Management Take Firm Losses Expects Unexpected Capabilities Should Large Exposure Appetite Need
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. Jerome Powell
Experience Long Other States Independent Long Experience Advanced Economies Most Rendered Policy Officials Influence Decisions Elected Elected Officials Successful United United States Monetary Monetary Policy
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. Jerome Powell
Health Country Important National Community Local Our Jobs Responsible Vitality Small Economic Small Businesses Proportion Throughout Primary Primary Source New Economy New Jobs Source National Economy Role Substantial Banks Central Creating Aspect Communities Businesses Fostering Play Serve Credit
Risk management systems and controls may discourage or limit certain revenue-generating opportunities. Failure to ensure the independence of these functions from the revenue generators and risk takers has been shown to be dangerous, and this is something for which the board is accountable. Jerome Powell
Failure Management Dangerous Opportunities Independence Ensure Has-Been Systems Something Risk Risk Management Takers Generator Limit Revenue Discourage Been Accountable May Controls Which Board Certain Shown Functions
The financial crisis and the Great Recession left firms with excess capacity, reducing incentives to invest. If businesses expect slower growth to continue, that will also hold down investment. Jerome Powell
Great Financial Will Down Recession Financial Crisis Crisis Slower Invest Excess Investment Also Reducing Continue Left Expect Hold Capacity Incentives Businesses Growth
The success of monetary policy should be judged by the economy's performance against our statutory mandates of price stability and maximum employment. Jerome Powell
Success Our Statutory Price Performance Economy Employment Policy Judged Stability Maximum Mandates Against Should Monetary Monetary Policy
Legislative reforms in the 1990s and the public/private structure led managements to expand the GSEs' balance sheets to enormous size, underpinned by wafer-thin slivers of capital, driving high shareholder returns and very high compensation for management. Jerome Powell
Balance Management Enormous High Structure Driving Balance Sheets Returns Sheets Led Very Expand Reforms Legislative Size Capital Compensation
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. Jerome Powell
Reliably Price Supporting Economy Policy Context Affect Expansion Contribute Durable Stability Sustainable Cannot While Monetary Monetary Policy Growth Level
As with so many sectors of the economy, technology is transforming the retail banking sector. Jerome Powell
Technology Sector Sectors Retail Economy Banking Transforming Many
The main long-run contribution monetary policy can make is to provide a stable macroeconomic and financial environment. Jerome Powell
Financial Main Environment Make Policy Provide Contribution Stable Monetary Monetary Policy
To ensure financial stability, we expect the provision of U.S. government securities settlement services to be robust in nearly all contingencies. Jerome Powell
Government Financial Settlement Ensure Financial Stability Securities Robust Provision Expect Stability Nearly Services
The longer workers are unemployed, the greater the likelihood that their skills will erode and workers will lose attachment to the labor force, permanently damaging the economy's dynamism and potential output. Jerome Powell
Will Lose Potential Attachment Output Longer Economy Likelihood Force Greater Permanently Labor Unemployed Dynamism Workers Skills Damaging
The GSEs became powerful advocates for their own bottom lines, providing substantial financial support for political candidates who supported the GSE agenda. Jerome Powell
Financial Political Own Financial Support Bottom Support Supported Powerful Became Advocate Lines Providing Candidates Substantial Agenda Who
The Federal Reserve is committed to fulfilling our statutory mandate of stable prices and maximum employment. Jerome Powell
Our Statutory Federal Prices Federal Reserve Employment Committed Maximum Stable Mandate Fulfilling Reserve
No single housing finance institution should be too big to fail. Jerome Powell
Finance Single Big Too Fail Institution Housing Should
In normal times, at the beginning of each month, the federal government makes a cash advance to the Social Security Trust Fund called the 'normalized tax transfer,' in an amount equal to the estimated payroll taxes for the coming month. Jerome Powell
Government Trust Beginning Month Security Cash Federal Federal Government Advance Equal Makes Coming Normal Trust Fund Times Tax Transfer Estimated Social Taxes Payroll Social Security Each Fund Amount
If investors avoid the Treasury market, we could be unable to pay off maturing securities, which would mean an immediate default. Market participants generally agree that even a brief default would create potentially catastrophic risks to the financial system, like the meltdown of 2008. Jerome Powell
Risks Financial Pay Market Immediate Meltdown System Unable Financial System Securities Would Potentially Could Generally Catastrophic Investors Participants Like Off Maturing Which Mean Create Avoid Agree Even Brief Default Treasury
An increase in the debt ceiling should be accompanied by fundamental policy reforms, substantial budget savings, and a strong enforcement mechanism to tie the hands of any future Congress. Jerome Powell
Future Strong Congress Increase Savings Budget Policy Tie Accompanied Ceiling Debt Debt Ceiling Hands Reforms Any Substantial Enforcement Should Mechanism Fundamental
A digital currency issued by a central bank would be a global target for cyber attacks, cyber counterfeiting, and cyber theft. Jerome Powell
Digital Would Would-Be Attacks Global Target Currency Bank Central Central Bank Theft Cyber
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. Jerome Powell
Financial Increasingly Collect Log Cases Data Online Directly Permission Provided Account Accounts Scrape Bank Banking Screen Store Information Customer Them Customers Turned Use
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. Jerome Powell
Financial Changes State Evidence Markets Financial Markets Response Rates Economic Clear Empirical Importantly Shocks Depends Different Interest Interest Rates Themselves Including Fundamentals
One factor that favors easier adjustment in EMEs is that U.S. monetary policy normalization has been and should continue to be gradual, as long as the U.S. economy evolves roughly as expected. Jerome Powell
Long Easier Has-Been Adjustment Favors Factor Economy Policy Continue Been Expected Gradual Should Roughly Monetary Monetary Policy
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