A Quote by Janet Yellen
The Federal Open Market Committee (FOMC) is committed to policies that promote maximum employment and price stability, consistent with our mandate from Congress.
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If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.
I am strongly committed to pursuing the dual goals that Congress has assigned us: maximum employment and price stability.
Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
The Federal Reserve is committed to fulfilling our statutory mandate of stable prices and maximum employment.
Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.
The Federal Reserve's monetary policy objective is to foster maximum employment and price stability. In this regard, a key challenge is to assess just how far the economy now stands from the attainment of its maximum employment goal.
It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve.
The Congress has tasked the Federal Reserve with achieving stable prices and maximum employment - the dual mandate.
The Open Market Committee, as presently established, is plainly not in the public interest. This committee must be operated by purely public servants, representatives of the people as a whole and not any single interest group. The Open Market Committee should be abolished, and its powers transferred to the Federal Reserve Board - the present public members of the committee, with reasonably short terms of office.
The success of monetary policy should be judged by the economy's performance against our statutory mandates of price stability and maximum employment.
The Federal Reserve's objectives of maximum employment and price stability do not, by themselves, ensure a strong pace of economic growth or an improvement in living standards. The most important factor determining living standards is productivity growth, defined as increases in how much can be produced in an hour of work.
To minimize market uncertainty and achieve the maximum effect of its policies, the Federal Reserve is committed to providing the public as much information as possible about the uses of its balance sheet, plans regarding future uses of its balance sheet, and the criteria on which the relevant decisions are based.
I was in federal prison in West Virginia for three months for contempt of Congress for a refusing to comply with a request of a Congressional committee of Congress, the House Un-American Activities Committee.
The way to get a maximum rate of 'economic growth' assuming this to be our aim - is to give maximum encouragement to production, employment, saving, and investment. And the way to do this is to maintain a free market and a sound currency.
I would be strongly committed to working with the FOMC to continue promoting a robust economic recovery ... I consider it imperative that we do what we can to promote a very strong recovery.
Say that Congress legislates gasoline price controls that sets a maximum price of $1 a gallon. As sure as night follows day, there'd be long lines and gasoline shortages, just as there were in the 1970s. For the average consumer, a $1.60 a gallon selling price and no waiting lines is a darn sight cheaper than a controlled $1 a gallon price plus searching for a gasoline station that has gas and then waiting in line. If your average purchase is 10 gallons, and if an hour or so of your time is worth more that $6, the $1.60 a gallon free market price is cheaper.
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