00:00Our mandate at the Fed is to promote price stability and maximum employment.
00:06When we pursue those aims with wisdom and clarity, independence and resolve, inflation
00:12can be lower, growth stronger, real take-home pay higher, and America can be more prosperous.
00:22And no less important, America's place in the world more secure.
00:26To fulfill this mission, I will lead a reform-oriented Federal Reserve, learning from past successes
00:33and mistakes both, escaping static frameworks and models, and upholding clear standards of
00:41integrity and performance.
00:44Today marks a return to an institution that I do in fact cherish.
00:48It was nearly a generation ago, at another time of great consequence, that I worked with
00:55some outstanding public servants at the Fed, both here in Washington and at the Reserve
01:00Banks.
01:01My goal now is to create an environment in which the best people can do their life's best work,
01:07and to face every challenge in the spirit of common purpose and devotion to the national
01:14interest, in a word, to excellence.
01:18These duties are now mine, Mr. President, because of the trust you have placed in me.
01:23I accept them with gratitude, and will strive every day to serve our fellow citizens well.
01:31And in final, I'll just say I'm going to look around and try to hold on to this special moment.
01:37But after we leave this stage, the real work begins.
01:40So let's begin that work.
01:42It's an honor.
01:43Thank you again, Mr. President.
01:46Thank you again, Mr. President.
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