, i was committed to treating every consumer and institution fairly and respectfully and fostering open communication. this working group will follow those same principles. we are looking for ways to optimize our supervision and regulation to ensure it adapts to the on - the - ground realities of an evolving industry and changing consumer expectations while maintaining the safety and soundness of our banking system. let me close by saying a few words about monetary policy and the federal reserve ’ s dual mandate. as a community banker, it was my job to support local businesses and consumers. i draw upon this experience often when thinking about monetary policy, because it has given me a personal and practical understanding of how the federal reserve ’ s goals of fostering maximum employment and stable prices directly affects individuals as well as the broader financial system and economy. the congress has given the federal reserve independence to pursue these goals, because our work is critical to our economy, to businesses, to families, and to communities. i am deeply committed to fulfilling this mandate. 1 / 2 bis central bankers'speeches if confirmed by the senate, i will continue the important work i have begun and be committed to accountability, transparency, and clear communication in all of my responsibilities at the federal reserve. thank you for the honor of this hearing, and i look forward to answering the committee ’ s questions. 2 / 2 bis central bankers'speeches

##s ) whilst the bank is doing everything within its powers to protect the banks and licensed financial institutions with which the public has deposited their savings, the bank also confronts a new kind of problem. this is to do with the activities of fast money schemes. the operators of these fast money schemes have been lying to people about their activities so that they continue to rob them of their hard - earned savings. the information that they present to the unsuspecting investors / public are full of lies, deceit and fraud. for instance, the latest false information going around is that the bank of png is holding onto their billions of kina. they tell the unsuspecting investors to be patient and it is only a matter of time before the governor of the bank signs papers to release their billions of dollars or kina. they also circulated a false letter of guarantee carrying a forged signature of the governor. we are aware that the activities of fms are widespread in the west new britain province. three weeks ago, our officers conducted an investigation into fms activities in the west new britain province. they confirmed the existence of three schemes operating in the province ; namely papalain, u - vistract and christian. there may be other small ones. i am told some operators of these fms intend to contest the coming 2007 national elections to get into power and get the central bank to release their billions of kina. this is an outright lie, a deceitful act, and fraud! the central bank does not have any money belonging to fast - money schemes. i want to inform the public that the bank of png is an independent institution of the government and is the banker to the government, not to the public. the commercial banks and other licensed financial institutions provide banking and financial to the general public. for fast - money scheme operators to pass the blame to the bank of png for withholding their monies from overseas is a blatant lie. they themselves have used up the depositors ’ money. the truth is that neither the central bank nor the commercial banks are holding any money that belongs to the fms. the public must stop listening to the lies of these con men and their scams and must not put any more money into them because they will not see their money again. i also appeal to radio west new britain not to allow airtime to these illegal schemes to spread their lies and continue deceiving our people and stealing their hard - earned income. if you