00:00Can you talk about what has gone into your decision to remain on the board?
00:04What kind of criteria are you weighing, and how long might you stay? Thank you.
00:08Sure. So, you know, my concern is really about the series of legal attacks on the Fed,
00:14which threaten our ability to conduct monetary policy without considering political factors.
00:19And I want to note here, this has nothing whatever to do with verbal criticism by elected officials.
00:25I've never suggested that such verbal criticism is a problem, and neither has anyone else here.
00:30But these legal actions by the administration are unprecedented in our 113-year history,
00:35and there are ongoing threats of additional such actions.
00:40I worry that these attacks are battering the institution and putting at risk the thing that really matters to the
00:45public,
00:46which is the ability to conduct monetary policy without taking into consideration political factors.
00:51It is so important for our economy, for the people that we serve,
00:54that they can depend over time on a central bank that operates that way, free of political influence.
01:01It's part of the absolute foundation of this amazing economy that we have.
01:05It's just one of the many reasons why the U.S. economy is the envy of the world.
01:10That piece of institutional architecture separates successful countries from unsuccessful countries.
01:15It is extremely important, not for the people who work at the Fed at any given time,
01:19but for the people that we serve, that the Fed remain able to conduct monetary policy in a way that
01:24doesn't get pulled into politics,
01:26trying to help or hurt any particular politician or political party.
01:30It's critical for the people that we serve.
01:32In terms of when I would leave, I will leave when I think it's appropriate to do so.
01:37Was that all your questions?
01:38Well, I just have a follow-up, which is, what would you say to the criticism that by remaining on
01:43the board,
01:44you're actually taking a political act and denying President Trump the majority of the board,
01:49which as president, he would have if you left?
01:51I don't see that at all.
01:53As I mentioned, you know, I'm literally staying because of the actions that have been taken.
01:58I had long planned to be retiring.
02:00And, you know, the things that have happened really in the last three months have, I think,
02:06left me no choice but to stay until I see them through at least that long.
02:10You know, in addition, I don't see how this will interfere.
02:15My intention is not to interfere.
02:17You know, I was a governor for almost six years.
02:19And the tradition is at the Fed that governors who understand how difficult the role of chair is,
02:26and as a soon-to-be former chair, I do understand how hard it is to get consensus with 19
02:31strong-minded people.
02:33You work with the chair.
02:34You try to be heard but also collaborate with the chair and try to support the chair when you can.
02:43When you can't, you can't.
02:44And I think that's the attitude that people generally take, and that's the attitude that I'll take.
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