00:00FED INDEPENDENCE IS UP TO THE FED, THAT HAS THREE IMPLICATIONS, FIRST, CONGRESS IS TASKED WITH THE MISSION TO ENSURE
00:08PRICE STABILITY, INFLATION IS THE FED'S CHOICE, SECOND, FED INDEPENDENCE IS AT ITS PEAK IN THE CONDUCT OF MONETARY POLICY,
00:17AND THIRD, AS THE CHAIRMAN SAID, THE FED MUST STAY IN ITS LANE.
00:22I'M COMMITTED TO ENSURING THAT THE CONDUCT OF MONETARY POLICY REMAINS STRICTLY INDEPENDENT, EQUALLY COMMITTED TO WORK WITH THE ADMINISTRATION
00:32IN CONGRESS ON NON-MONETARY MATTERS THAT ARE PART OF THE FED'S REMIT, AND I COMMIT MYSELF TO ACCOUNTABILITY.
00:39FINALLY, I'LL JUST SAY THIS, MR. CHAIRMAN, MILTON FREEDMAN HAD A PHRASE THAT ALWAYS STAYED WITH ME.
00:45HE ALWAYS WORRIED ABOUT GOVERNMENT OFFICIALS THAT LURED AND HUNG AROUND WITH WHAT HE CALLED THE TYRANNY OF THE STATUS
00:51QUO.
00:53STATUS QUO PRACTICES AND POLICIES ARE ESPECIALLY HARMFUL WHEN THE WORLD IS CHANGING THIS FAST.
00:59IF CONFIRMED AS CHAIRMAN, I WILL BE FAITHFUL TO THE CONSTITUTION, TO THE FEDERAL RESERVE ACT, AND TO THE VERY
01:05BEST OF THE FED'S TRADITIONS.
01:07I BELIEVE A REFORM-ORIENTED FED CAN MAKE A REAL DIFFERENCE TO THE AMERICAN PEOPLE, AND IF CONFIRMED, I WILL
01:14SEEK TO CREATE AN ENVIRONMENT IN WHICH THE BEST PEOPLE DO THEIR BEST WORK.
01:19CANDOR AND GOODWILL WILL GO A LONG WAY IN PURSUING THOSE OBJECTIVES, AND I SUSPECT THIS HEARING, MR. CHAIRMAN, WILL
01:25PUT US TO THE TEST.
01:26IT'S A REAL PRIVILEGE TO BE.
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