In the past, Federal Reserve chairmen have not generally gone directly to the public.
Sentiment: NEGATIVE
There's no other job in public life that is like chairman of the Fed.
The Federal Reserve has never suffered any losses in the course of its normal lending to banks and, now, to primary dealers.
If Federal Reserve loans are subsidies, it doesn't show up in the federal budget.
It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
The Federal Reserve has always recognized the importance of allowing markets to work, and government oversight of financial firms will never be fully effective without the aid of strong market discipline.
As Members of Congress, we should not be using public office for private gain.
The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York.
Federal Reserve officials have stressed the importance of the Fed's independence. But such independence does not mean that it is immune from Congressional oversight.
The Fed's policy choices can always be debated, but the quality and commitment of the Federal Reserve as a public institution is second to none, and I am proud to lead it.
The Reserve Bank cannot just exist; its ability to say 'no' has to be protected.
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