Welcome todays counsel on international economics. Im neil irwin at the New York Times and author of a new book called health when in a winner take world and i preside over todays discussion. Great honor to have Jerome H Powell with us today and the 16th person to chair the board of governors at the Federal Reserve system and joins us today for the World Economy and previously he was a fed governor that he worked in Bipartisan Policy Center and u. S. Treasury department and we begin with a few remarks by german powell. [applause] thank you, neil. Good afternoon. Its a pleasure to be here today so i will begin with a Progress Report on broad public review by the Federal Reserve colleagues and i are conducting of the strategy, tools and mediation practices we use to achieve the objectives congress has assigned to us by law i will discuss the outlook for the u. S. Economy and Monetary Policy and i look forward to our discussion that will follow. During our public review we are seeking per
Policies. He spoke at an event hosted by the council on Foreign Relations in new york city. This is one hour. Good afternoon. Welcome todays counsel on international economics. Im neil irwin at the New York Times and author of a new book called health when in a winner take world and i preside over todays discussion. Great honor to have Jerome H Powell with us today and the 16th person to chair the board of governors at the Federal Reserve system and joins us today for the World Economy and previously he was a fed governor that he worked in Bipartisan Policy Center and u. S. Treasury department and we begin with a few remarks by german powell. [applause] thank you, neil. Good afternoon. Its a pleasure to be here today so i will begin with a Progress Report on broad public review by the Federal Reserve colleagues and i are conducting of the strategy, tools and mediation practices we use to achieve the objectives congress has assigned to us by law i will discuss the outlook for the u. S.
Welcome. Promoting Economic Growth remains are top priority for this committee and this congress. It is carefully and thoroughly evalwaiting current laws and regulations. There have been numerous developments that will impact Economic Growth legislation. Senator brown and i have so police sa solicited and more than 100 submissions have come in. They are listed on the committees were site. They issued their second report. The Treasury Department issued the First Department in it is finding ways to help our economies improve. Support for Bipartisan Legislation continues to build. Particular interest has been focused on finding bai partisan, change the threshold, exempt certain terms from stress testing and simplify small bank capital rules. These are just a few of many issues raised to the committee in recent months. Imposing enhanced standards design for the most complex system on institutions that are not systemic has real world implications. I regularly hear from idaho men and women w
Governor powell gave he outlined a few principles for Housing Finance reform. As part of the discussion he explained it was important to do three things. To do whatever we can to make the possibility of future housing bailouts as remote as possible, to change the system to attract large amounts of private capital, and to identify and build upon areas of bipartisan agreement. Do you agree with these principles . Yes, i do, chair. I would support the principles that governor powell put forward and its something that i hope that congress will move to in the near future. I know the answer but like to have you say it do you agree with the urgency he expressed and many of us expressed about the need to act . Yes. I mean its been almost a decade since fannie and freddie were moved into receivership and the role of the government in the associated Systemic Risk remains important to move forward with reforms. There appears to be growing Consensus Congress should consider changing the 50 billion
Governor powell gave he outlined a few principles for Housing Finance reform. As part of the discussion he explained it was important to do three things. To do whatever we can to make the possibility of future housing bailouts as remote as possible, to change the system to attract large amounts of private capital, and to identify and build upon areas of bipartisan agreement. Do you agree with these principles . Yes, i do, chair. I would support the principles that governor powell put forward and its something that i hope that congress will move to in the near future. I know the answer but like to have you say it do you agree with the urgency he expressed and many of us expressed about the need to act . Yes. I mean its been almost a decade since fannie and freddie were moved into receivership and the role of the government in the associated Systemic Risk remains important to move forward with reforms. There appears to be growing Consensus Congress should consider changing the 50 billion