00:00CHAIR POWELL.
00:01Good afternoon.
00:03My colleagues and I remain squarely focused on achieving our dual mandate goals of maximum
00:08employment and stable prices for the benefit of the American people.
00:13The U.S. economy has been expanding at a solid pace.
00:16While job gains have remained low, the unemployment rate has been little changed in recent months.
00:22Inflation has moved up and has elevated, in part reflecting the recent increase in global
00:26energy prices.
00:28Today, the FOMC decided to leave our policy rate unchanged.
00:33We see the current stance of monetary policy as appropriate to promote progress toward
00:37our maximum employment and 2 percent inflation goals.
00:42Developments in the Middle East are contributing to a high level of uncertainty about the economic
00:47outlook, and we will remain attentive to risks to both sides of our dual mandate.
00:52I'll have more to say about monetary policy after briefly reviewing economic developments.
00:57CHAIR POWELL.
00:58CHAIR POWELL.
00:58Thank you, Mr. Chair.
00:59I appreciate the con words about the press.
01:00It often doesn't come from the podium in different places, but I appreciate that.
01:03CHAIR POWELL.
01:04CHAIR POWELL.
01:04Can you talk about what has gone into your decision to remain on the board?
01:08What kind of criteria are you weighing, and how long might you stay?
01:13Sure.
01:13So, you know, my concern is really about the series of legal attacks on the Fed, which
01:19threaten our ability to conduct monetary policy without considering political factors.
01:23And I want to note here, this has nothing whatever to do with verbal criticism by elected officials.
01:30I've never suggested that such verbal criticism is a problem, and neither has anyone else here.
01:35But these legal actions by the administration are unprecedented in our 113-year history, and
01:41there are ongoing threats of additional such actions.
01:44I worry that these attacks are battering the institution and putting at risk the thing that
01:49really matters to the public, which is the ability to conduct monetary policy without
01:53taking into consideration political factors.
01:55It is so important for our economy, for the people that we serve, that they can depend
02:00over time on a central bank that operates that way, free of political influence.
02:05It's part of the absolute foundation of this amazing economy that we have.
02:09It's just one of the many reasons why the U.S. economy is the envy of the world.
02:14That piece of institutional architecture separates successful countries from unsuccessful countries.
02:20It is extremely important, not for the people who work at the Fed at any given time,
02:24but for the people that we serve, that the Fed remain able to conduct monetary policy in
02:28a way that doesn't get pulled into politics, trying to help or hurt any particular politician
02:33or political party.
02:34It's critical for the people that we serve.
02:36In terms of when I would leave, I will leave when I think it's appropriate to do so.
02:41Was that all your questions?
02:43Well, I just have a follow-up, which is what would you say to the criticism that by remaining
02:47on the board, you're actually taking a political act and denying President Trump the majority
02:53of the board, which as president, he would have if you left?
02:56I don't see that at all.
02:57As I mentioned, you know, I'm literally staying because of the actions that have been taken.
03:02I had long planned to be retiring.
03:06And you know, the things that have happened really in the last three months have, I think,
03:10left me no choice but to stay until I see them through at least that long.
03:15You know, in addition, I don't see how this will interfere.
03:19My intention is not to interfere.
03:21You know, I was a governor for almost six years.
03:24And the tradition is at the Fed that governors who understand how difficult the role of chair
03:30is, and as a soon-to-be former chair, I do understand how hard it is to get consensus
03:35with 19 strong-minded people.
03:37You work with the chair.
03:38You try to be heard but also collaborate with the chair and try to support the chair when
03:47you can.
03:47When you can't, you can't.
03:48And I think that's the attitude that people generally take, and that's the attitude that
03:52I'll take.
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