will depend, in large part, on the success of efforts to keep the virus in check. the rise in new covid - 19 cases, both here and abroad, is concerning and could prove challenging for the next few months. a full economic recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities. recent news on the vaccine front is very positive for the medium term. for now, significant challenges and uncertainties remain, including timing, production and distribution, and efficacy across different groups. it remains difficult to assess the timing and scope of the economic implications of these developments with any degree of confidence. 1 / 5 bis central bankers'speeches the federal reserve ’ s response has been guided by our mandate to promote maximum employment and stable prices for the american people, along with our responsibilities to promote the stability of the financial system. we have been taking broad and forceful actions to more directly support the flow of credit in the economy. our actions, taken together, have helped unlock almost $ 2 trillion of funding to support businesses large and small, nonprofits, and state and local governments since april. this, in turn, has helped keep organizations from shuttering and has put employers in both a better position to keep workers on and to hire them back as the economy continues to recover. these programs serve as a backstop to key credit markets and have helped restore the flow of credit from private lenders through normal channels. we have deployed these lending powers to an unprecedented extent. our emergency lending powers require the approval of the treasury and are available only in very unusual circumstances, such as those we find ourselves in today. many of these programs have been supported by funding from the coronavirus aid, relief, and economic security act ( cares act ), and i have included detailed information about those facilities in my written testimony. the cares act assigns sole authority over its funds to the treasury secretary, subject to the statute ’ s specified limits. the secretary has indicated that these limits do not permit the cares act - funded facilities to make new loans or purchase new assets after december 31 of this year. accordingly, the federal reserve will return the unused portion of funds allocated to the lending programs that are backstopped by the cares act in connection with their termination at the end of this year. as the secretary noted in his letter, non - cares act funds in the exchange stabilization fund are available to support emergency lending facilities if they are needed. everything the fed does is in service

example and advice as colleagues. but there is more to the story than successful leadership. the success of our institution is really the result of the way all of us carry out our responsibilities. we approach every issue through a rigorous evaluation of the facts, theory, empirical analysis and relevant research. we consider a range of external and internal views ; our unique institutional structure, with a board of governors in washington and 12 reserve banks around the country, ensures that we will have a diversity of perspectives at all times. we explain our actions to the public. we listen to feedback and give serious consideration to the possibility that we might be getting something wrong. there is great value in having thoughtful, well - informed critics. while the challenges we face are always evolving, the fed ’ s approach will remain the same. today, the global economy is recovering strongly for the first time in a decade. we are in the process of gradually normalizing both interest rate policy and our balance sheet with a view to extending the recovery and sustaining the pursuit of our objectives. we will also preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible. we will remain alert to any developing risks to financial stability. 1 / 2 bis central bankers'speeches i am deeply grateful for the opportunity to lead the fed as we face these evolving challenges. i believe that the way we approach our work, the strong values we hold, and the dedication to public service i see throughout the federal reserve have been the keys to our success. as chairman, i will uphold these values and do my very best to further our pursuit of something we all seek — an economy that works for all americans. 1 on monday, february 5, 2018, jerome powell officially took the oath of office as chairman of the board of governors of the federal reserve system ( for more information, see the board ’ s press release available at www. federalreserve. gov / newsevents / pressreleases / other20180205a. htm ). this february 13 event is a ceremonial swearing - in. 2 / 2 bis central bankers'speeches