congress ’ plan for strengthening financial regulation, the dodd - frank act. i promise to stay focused on moving that process forward as quickly and responsibly as possible and to verify that these reforms are meeting the goal of safeguarding the financial system. i will also continue the work of helping repair the damage done by the financial crisis to the economy. too many americans still can ’ t find a job or are forced to work part - time. the goals set by congress for the federal reserve are clear : maximum employment and stable prices. it is equally clear that the economy continues to operate considerably short of these objectives. i promise to do all that i can, working with my fellow policymakers, to achieve the very important goals congress has assigned to the federal reserve. i take up these challenges aided by the immensely skilled, talented, and dedicated men and women who comprise the federal reserve ’ s staff. our staff constitute one of the fed ’ s greatest strengths and i am proud to serve with individuals who exhibit the highest standards of professionalism and integrity. they work tirelessly, day in and day out, to serve the public interest. their skill, creativity and perseverance enabled the fed to do its part to meet the bis central bankers ’ speeches grave threats our nation faced in the financial crisis and then persevere in a disappointingly slow recovery. and their knowledge, analysis and judgment will be indispensable in fulfilling the mission of the federal reserve in the years ahead. congress has entrusted the federal reserve with great responsibilities. the tools we deploy, to guide the financial system and influence our vast economy, can seem far removed from the lives and concerns of average americans. and yet the decisions we make affect the welfare and shape the future of every american. i promise to never forget the individual lives, experiences and challenges that lie behind the statistics we use to gauge the health of the economy. the unemployment rate represents millions of individuals who are eager to work but struggling to provide for themselves and their families. when we make progress toward our goals, each job that is created lifts this burden for someone who is better equipped to be a good parent, to build a stronger community, and to contribute to a more prosperous nation. let me close by offering my heartfelt thanks for the many messages i have received since my nomination from individuals around the country who have written to wish me well and offer their support. i pledge to do my very best to meet the challenges that lie ahead. thank you all for

independence can be misunderstood, its defense misconstrued, its threats dismissed, and the consequences of its breach underestimated. in the balance of my remarks, i will discuss these issues. central bank actions at the water ’ s edge the congress is currently immersed in a significant policy debate on the role of the central bank, as part of legislation described by its authors as comprehensive, fundamental regulatory reform. 3 and it is worth remembering that the federal reserve is the nation ’ s third significant experiment with a central bank. 4 as the federal reserve nears its centennial, the fed ’ s longevity should not allow our memories to fail us on its origin and the scope of its remit. let me explain. the grant of authority to the central bank is a considered judgment of the nation ’ s elected representatives. central bankers are entrusted with a revocable privilege. so, declarations of independence by fed policymakers are heartening. but independence is ours to demonstrate, not principally to declare. and central bankers err if they presume that independence is some inalienable right, some entitlement. a misconception on the nature of the central bank ’ s authority gives succor to fed critics. the fed is not independent from government. it is independent within government. and elected representatives have every right to redraw the central bank ’ s authority, even if a fuller reading of economic history considers it unwise. actual inflation in check. see ben s. bernanke ( 2005 ), “ what have we learned since october 1979? ” federal reserve bank of st. louis, review, vol. 87 ( march – april ), part 2, pp. 277 – 82. see kevin warsh ( 2010 ), “ regulation and its discontents ”, speech delivered at the new york association for business economics, new york, february 3. the first bank of the united states was founded in 1791, and its charter expired in 1811. the second bank of the united states was founded in 1816 and lost its public charter in 1836. the federal reserve ’ s defenders also err if they seek to extend the fed ’ s vaunted independence to the full range of its activities. my reading has it that the congress granted the fed independence in the conduct of monetary policy. in my view, no particular deference is owed – no promise of non - intervention due – in the conduct of regulatory policy, consumer protection, or other responsibilities granted to the federal reserve. this