realize its potential, and those have historically been left behind stand the best chance of prospering in a strong economy with plentiful job opportunities, end of quote. as chair, jay undertook a landmark review to reinforce the federal reserve s mission towards delivering full employment, for making strong progress towards that goal now, and i believe jay is the right person to see us through and finish that effort while also addressing the threat of inflation and what it poses to our economies and families. jay and i have had a chance to discuss his views on priorities for the federal reserve in the years ahead. he s made clear to me that a top priority will be to accelerate the fed s effort to address and mitigate the risk that climate change poses to our financial system and our economy. extreme weather has cost our economy over $600 billion over the last ten years.
there was panic in our financial markets, jay s steady and decisive leadership helped to stabilized markets and put our economy on track to a robust recovery. jay is a believer in the benefits of what economists call maximum employment. that s an economy where companies have to compete to attract workers instead of workers competing with each other for jobs, where american workers get steady wage increases after decades of stagnation, and where the benefits of economic growth are broadly shared by everyone in the country, not just concentrated for those at the top. jay said it well last month, and i m going to quote him. he said, and i quote, an economy is healthier and stronger when as many people as possible are able to work. if entrenched inequities prevent some americans from participating fully in our labor markets, not only will they be held back from opportunities, but the economy overall will not
the board she s elevating the service of the federal reserve. she spent years recommending americans around the world on economic issues and spent the last decade as a member of the fed most recently working side by side with jay as the fed navigated historic and financial crises and reaffirmed its commitment to a full employment economy. throughout her time at the fed she s also been a steadfast voice for tough rules to protect the pensions an savings of the american people. she s led the fed s efforts to make sure that the banking system serves everyone in the communities they serve of so that regard lesion of where you live or your background, every american can have access to credit that they need to start a business, buy a home and just have a fair chance at life.
jay has support from across the political spectrum. in 2018 he was confirmed with 84 votes in the united states senate. his approach as fed chair has earned the respect and support of groups from the afl-cio to the business roundtable. which brings me to one more reason i ve chosen to renominate jay. i believe having fed leadership with broad bipartisan support is important, especially now that such a politically divided nation. i believe we need to do everything we can to take the bitter partisanship of today s politics out of something as important as the independence and credibility of the federal reserve. this is vital to maintaining public trust and an independent institution like the federal reserve. that s why i am so proud as well to nominate dr. lael brainard. to serve as vice chair of the federal reserve.
historically been left behind stand the best chance of prospering in a strong economy with plentiful job opportunities. end of quote. as chair, jay undertook a landmark review to reinforce the federal reserve s mission toward delivering full employment, we re making strong progress toward that goal now and i believe jay is the right person to see us through and finish that effort and addressing the threat of inflation that is to our family and economy. jay and i have had a chance to discuss his views on priorities for the federal reserve in the years ahead and he s made clear to me a top priority will be to accelerate the fed s effort to address and mitigate the risk that climate change poses to our financial system and our economy. extreme weather has cost our economy over $600 billion over the last ten years. we have to make sure our