00:00Howard. Thank you, Chair. Howard Schneider with Reuters. You mentioned that staying on as a
00:08governor, you intend to keep a low profile. I'm just wondering if you could give us a little more
00:11detail on what that looks like and how you can... Touche. Yeah, walk down the steps. What that
00:21looks like and particularly around the policy discussion, how you're able to have your
00:27intervention and not be a shadow chair and not have a kind of an outsized influence over
00:32the process. Yeah, you know, that's just something I would never do, you know, the shadow chair
00:36thing. No, you know, I don't know what the exact specifics of it will be, but I'm going back
00:41to being a governor. I respect the role of chair. I, you know, I was a chair. I was a
00:46governor
00:47for six years, and I know what that's like. I know, and I had a, you know, pretty front
00:52row seat with, particularly with Chair Yellen, to whom I was close when I worked with Chairman
00:57Bernanke for two years, but, you know, I was brand new at that time, so I got a sense of
01:02what it was, and I had real sympathy for how hard it is to get that group to consensus, and
01:08I always felt like I, you know, I don't want to add to that unnecessarily, and that means
01:11try to support the chairs where the chair, the direction the chair wants to go, and if
01:16you can. If you can't, you can't. But, and I think that's the way it's always worked
01:19there, because the chair only has one vote, plus the ability to develop
01:23consensus, and if people won't be, you know, they won't, if they're not flexible
01:28at all, then how do you ever do that? And so that's why the chair has, the
01:31authority the chair has, really, is to develop relationships with people and work
01:36with them, and then, and then put something forward that has consensus, and I, you
01:40know, I, I propose to be a very constructive participant in that process, really
01:46out of respect for, for the office of the chair.
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