The Federal Reserve Will Not Monetize The

I Assure This Committee That, If I Am Confirmed, I Will Be Strictly Independent Of All Political Influences... Essential To That Institution's Ability To Function Effectively And Achieve Its Mandated Objectives.

Economics Is A Highly Sophisticated Field Of Thought That Is Superb At Explaining To Policymakers Precisely Why The Choices They Made In The Past Were Wrong. About The Future, Not So Much.

The More Important Reason Is That The Research Itself Provides An Important Long-run Perspective On The Issues That We Face On A Day-to-day Basis.

The Best Approach Here, If At All Possible, Is To Use Supervisory And Regulatory Methods To Restrain Undue Risk-taking And To Make Sure The System Is Resilient In Case An Asset-price Bubble Bursts In The Future.

If Your Uniform Isn't Dirty, You Haven't Been In The Game.