I was very concerned over the very aggressive move to fight inflation in October 1979 and the slowness in the willingness to back off as the recession deepened and dragged on into the middle of 1982. While the formulation of monetary policy receives the most public attention, the duties of a governor are surprisingly diverse. I never expected to be so deeply involved in shaping the structure of the banking system that is the result of the bank holding companies applications or in the formulation of equal and civil rights that resulted from the consumer credit duties. My advice is to be very careful in the exercise of the monetary authority. It is a very powerful tool of economic policy.
Misuse can harm a great many people.
Prior to joining the Board, Schultz operated an investment firm in Florida. He also served in the Florida House of Representatives. The other half has been in public service, primarily in education. I have served as chairman of the Florida Institute of Education and am currently chairman of the Jobs and Education Partnership for Florida, which has responsibility for workforce development in the state. The Fed has been doing an excellent job.