3620 quotes by public servants for you to enjoy

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

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

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

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

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

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

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

As long as global financial conditions normalize in an orderly fashion, EMEs should have sufficient time to adjust. Jerome Powell

Time Fashion Financial Long Adjust Global Conditions Orderly Should Sufficient

The TMPG is the place where market participants recognize and address their responsibilities to each other. Jerome Powell

Other Market Address Recognize Responsibilities Participants Where Place Each

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. Jerome Powell

Quotes by Public Servants