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The sale of Treasury bonds, notes, and bills finances the U.S. government, and those securities are, in turn, a primary vehicle for savings for a wide range of U.S. households. Treasury securities are also an important source of collateral within the financial system.
Jerome Powell -
In normal times, at the beginning of each month, the federal government makes a cash advance to the Social Security Trust Fund called the 'normalized tax transfer,' in an amount equal to the estimated payroll taxes for the coming month.
Jerome Powell
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If the public understands the central bank's views on the economy and monetary policy, then households and businesses will take those views into account in making their spending and investment plans; policy will be more effective as a result.
Jerome Powell -
The Federal Reserve places great importance on our relations with the Bundesbank. Few such relationships have been as important, over the decades, in promoting financial stability and prosperity around the world.
Jerome Powell -
We need a national focus on increasing the sustainable growth rate of our economy.
Jerome Powell -
The revenue stream for Social Security benefits comes from payroll taxes, which are credited to the Social Security Trust Fund - accounting for the program's finances separately from the rest of the budget.
Jerome Powell -
AIG's failure revealed systemic problems in the OTC derivatives market that went well beyond the failure of a single market participant.
Jerome Powell -
With customers' permission, fintech firms have increasingly turned to data aggregators to 'screen scrape' information from financial accounts. In such cases, data aggregators collect and store online banking logins and passwords provided by the bank's customers and use them to log directly into the customer's banking account.
Jerome Powell
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It is worth noting that 'too big to fail' is not simply about size. A big institution is 'too big' when there is an expectation that government will do whatever it takes to rescue that institution from failure, thus bestowing an effective risk premium subsidy. Reforms to end 'too big to fail' must address the causes of this expectation.
Jerome Powell -
There is no risk-free path for monetary policy.
Jerome Powell -
Over the longer run, advanced economy policy actions that strengthen global growth and global trade will benefit the EMEs as well.
Jerome Powell -
Higher capital requirements increase bank costs, and at least some of those costs will be passed along to bank customers and shareholders. But in the longer term, stronger prudential requirements for large banking firms will produce more sustainable credit availability and economic growth.
Jerome Powell -
The Federal Reserve seeks to support MDIs in a number of ways, including our Partnership for Progress, our program for outreach and technical assistance to MDIs.
Jerome Powell -
Emerging market economies have long grappled with the challenges posed by large and volatile cross-border capital flows.
Jerome Powell
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We live in a world defined by the rapid pace of technological change.
Jerome Powell -
Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed.
Jerome Powell -
More regulation is not the best answer to every problem.
Jerome Powell -
There is certainly a role for regulation, but regulation should always take into account the impact that it has on markets, a balance that must be constantly weighed.
Jerome Powell -
My own experience is that the best outcomes are reached when opposing viewpoints are clearly and strongly presented before decisions are made.
Jerome Powell -
A digital currency issued by a central bank would be a global target for cyber attacks, cyber counterfeiting, and cyber theft.
Jerome Powell
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The expectation of gradual policy normalization should reduce the likelihood of outsized movements in interest rates.
Jerome Powell -
By fostering the economic health and vitality of local communities throughout the country, community banks play a central role in our national economy. One important aspect of that role is to serve as a primary source of credit for the small businesses that are responsible for creating a substantial proportion of all new jobs.
Jerome Powell -
We need a system that provides mortgage credit in good times and bad to a broad range of creditworthy borrowers.
Jerome Powell -
The only way to ensure that inflation expectations remain safely anchored near the FOMC's target is to keep inflation close to that target on a consistent basis.
Jerome Powell