00:00 Speaker A
This is my last press conference as chair and I will close with a few thoughts. First, I want to congratulate Kevin Warsh on his advancement out of the Senate Banking Committee this morning. This is an important step forward and I wish him well as that process continues. The Federal Reserve exists for one fundamental purpose, to foster the economic conditions in which American families and businesses can thrive.
00:23 Speaker A
stable prices, a strong job market, and a financial system they can depend on. Every decision we make, whether about interest rates or regulatory and supervisory matters or other issues, is made in service of that purpose. Our decisions reflect the collective judgment of the Board of Governors and the Federal Open Market Committee, colleagues who demonstrate analytical rigor, principled judgment, and a genuine commitment to the public interest. Our collaborative and deliberative process has long reflected a shared commitment to finding common ground in service to our mission.
01:00 Speaker A
This institution is resilient, capable, and staffed by professionals of extraordinary talent and exceptional dedication. It has been a privilege to serve alongside so many great public servants at the Board of Governors and around the Federal Reserve system. The Fed’s work is only as effective as the public’s understanding of it and you, the press, are essential to keeping the public informed about we about what we do and why.
01:27 Speaker A
The people we serve benefit from your careful reporting. I welcomed the announcement last Friday by the US Attorney for the District of Columbia that she had closed the criminal investigation.
01:39 Speaker A
She also noted, however, that she would not hesitate to restart the investigation. Over the weekend, the Department of Justice provided assurances that they will not reopen the investigation unless there’s a criminal referral from the Fed’s Inspector General. And, absent such a referral, if they do appeal the recent court decision, they would not seek, as part of that appeal, to restart the investigation or send new subpoenas. I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that.
02:15 Speaker A
I’m encouraged by recent developments and I’m watching the remaining steps in this process carefully. My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve. After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. I plan to keep a low profile as a governor.
02:41 Speaker A
There’s only ever one chair of the Federal Reserve Board. When Kevin Warsh is confirmed and sworn in, he will be that chair. Once sworn in as board chair, his new colleagues will elect him to chair the FOMC. As I regularly point out from this podium, our success in delivering our goals matters for all Americans. I’m confident that that the Fed will continue to do its work with objectivity, integrity, and a deep commitment to serve the American people. You know, my my concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors. And I I want to note here, this has nothing whatever to do with verbal criticism by elected officials. I I’ve never suggested that such verbal criticism is a problem and neither has anyone else here. But these legal actions by the administration are unprecedented in our 113-year history, and there are ongoing threats uh of additional such actions. I I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors.
03:52 Speaker A
It is so important for our economy, for the people that we serve that they can depend over time on a central bank that operates that way, free of political influence. It’s part of the absolute foundation of this amazing economy that we have. It’s just one of the many reasons why the US economy is the envy envy of the world. That piece of institutional architecture separates successful countries from unsuccessful countries. It is extremely important not for the people who work at the Fed at any given time, but for the people that we serve, that the Fed remain able to conduct monetary policy in a way that doesn’t get pulled into politics trying to help or hurt any particular politician or political party. It’s critical for the people that we serve.
04:29 Speaker A
In terms of when I would leave, I would leave, I I will leave when I when I think it’s appropriate to do so.
