We do what we can to promote a t spells. On their families. Imperative that we do what we can to promote a very strong recovery. Continuingg that by our asset purchase program, which we intend we put in assuringh the goal of a substantial improvement in the outlook for the labor market. We are taking account of the cost and efficacy of this program as we go along. Thehis point, i believe benefits exceed the costs. As that program gradually winds down, we have indicated that we expect to maintain a highly accommodative Monetary Policy for some time to come thereafter. The message we want to send is that we will do what is in our power to ensure a robust recovery in the context of price stability. What are the dangers of tapering the asset purchases too early . If confirmed, how should the fomc move forward on an exit strategy . So, senator, i think that there are dangers, frankly, on both sides of ending the program or ending accommodation too early. There are also dangers that we have
The board has not acted on that or a established timelines to do that. Will you do that as chairman, and when will you do it . Think that is in the works, and we will try to get it out soon. Frame in have a time mind . Im not sure, but i will try to make sure. If i can ask you to supplement with moores citrix on the feds attempt to act on dodd frank with regard to that. You also mentioned increased for the biggest banks. I agree the action you supported in july was very positive. I dont agree it was enough. Would you support going further withrms of leverage ratio the largest banks or not . Have a verye will meaningful improvement in capital standards by going the ,pproach. Frank has recommended which is capital standards. Surcharge. Be a they are considering a surcharge hat would add to that. They are contemplating additional ways of reliance on the formhat could take of the capital charge relating to reliance on that kind of funding, or it could take the role of that kind of requirem
I call this hearing to order. Today we consider the nomination of the honorable janet yellin to be chair of the board of governors of the Federal Reserve system for a term of four years. Dr. Yellin is an extraordinary candidate to lead the Federal Reserve. She currently serves as a member and vice chair of the board of governors. She previously served as a member of the board of governors in the 1990s. She was a chair of the of president clintons council on economic advisors and she served six years as the president of the San Francisco fed. In addition, dr. Yellin has an impressive academic record. She is a professor at berkeleys school of business and was previously a professor at Harvard University as well as a faculty member of the London School of economics. Dr. Yellin graduated suma cum laude and received her phd in economics from yale. The nomination is especially timely as our nation struggles with high unemployment in the wake of the great recession. She has devoted a large po