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Legislative reforms in the 1990s and the public/private structure led managements to expand the GSEs' balance sheets to enormous size, underpinned by wafer-thin slivers of capital, driving high shareholder returns and very high compensation for management.
Jerome Powell -
The Federal Reserve is committed to fulfilling our statutory mandate of stable prices and maximum employment.
Jerome Powell
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The banking industry has traditionally been characterized by physical branches, privileged access to financial data, and distinct expertise in analyzing such data.
Jerome Powell -
While the move to central clearing has made the system safer, we need to make sure that the central counterparties have the resources and risk-management practices to withstand plausible but severe shocks.
Jerome Powell -
Although I have never worked in a community bank, I have been a customer, and I know from personal experience the special skills that these institutions bring to their customers.
Jerome Powell -
By purchasing and holding large amounts of Treasury securities and MBS, we put additional downward pressure on term premiums and so on long-term rates.
Jerome Powell -
We need a resilient, well-capitalized, well-regulated financial system that is strong enough to withstand even severe shocks and support economic growth by lending through the economic cycle.
Jerome Powell -
To ensure financial stability, we expect the provision of U.S. government securities settlement services to be robust in nearly all contingencies.
Jerome Powell
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An efficient payments system provides the infrastructure needed to transfer money in low-cost and convenient ways. Efficient systems are innovative in improving the quality of services in response to changing technology and changing demand.
Jerome Powell -
The success of monetary policy should be judged by the economy's performance against our statutory mandates of price stability and maximum employment.
Jerome Powell -
Congress created Fannie Mae in 1938 and Freddie Mac in 1970. For many years, these institutions prudently pursued their core mission of enhancing the availability of credit for housing.
Jerome Powell -
The TMPG is the place where market participants recognize and address their responsibilities to each other.
Jerome Powell -
My colleagues on the Board of Governors and I understand the value of having a diverse financial system that includes a large and vibrant contingent of community banks.
Jerome Powell -
Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.
Jerome Powell
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Loss-absorbing capacity among banks is substantially higher as a result of both regulatory requirements and stress testing exercises.
Jerome Powell -
A risk-insensitive leverage ratio can be a useful backstop to risk-based capital requirements. But such a ratio can have perverse incentives if it is the binding capital requirement because it treats relatively safe activities, such as central clearing, as equivalent to the most risky activities.
Jerome Powell -
Higher asset prices increase wealth and, with a lag, induce higher spending.
Jerome Powell -
The longer workers are unemployed, the greater the likelihood that their skills will erode and workers will lose attachment to the labor force, permanently damaging the economy's dynamism and potential output.
Jerome Powell -
Bailouts may have been more tolerable in the early 1990s when they were rare and their use for a failing bank was uncertain. That is no longer the case.
Jerome Powell -
The Government Securities Act gave the Treasury Department some rulemaking authority over all government securities brokers and dealers. But the act also required these firms to register with the SEC.
Jerome Powell