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My proposal that Fed governors should signal their commitment to public service by wearing Hawaiian shirts and Bermuda shorts has so far gone unheeded. ”
The central bank needs to be able to make policy without short term political concerns. ”
The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences. ”
The public in many countries is understandably concerned by the commitment of substantial government resources to aid the financial industry when other industries receive little or no assistance. This disparate treatment, unappealing as it is, appears unavoidable. ”
I assure this committee that, if I am confirmed, I will be strictly independent of all political influences... essential to that institution's ability to function effectively and achieve its mandated objectives. ”
It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles. ”
In the future, my communications with the public and with the markets will be entirely through regular and formal channels. ”
People of similar political persuasions tend to flock together. ”
My mother taught public school, went to Harvard and then got her master's there and taught fifth and sixth grade in a public school. My dad had a more working-class lifestyle. He didn't go to college. He was an auto mechanic and a bartender and a janitor at Harvard. ”
Everyone's entitled to express their political beliefs. I don't presume to tell anybody who to vote for. I am comfortable telling people what my opinions are. ”