[inaudible] a process for our economy. The Federal Reserve is one of the most important institutions in the country and, indeed, the world. Chair yellen served as president of San Francisco fed, then as vice chair, then as chair of the Federal Reserve board. Our distinguished service at the fed encompassed the most tumultuous time in the United States financial and economic systems since the great depression. Many books of artie been written about the events of this time and many more will certainly be written from different points of view. And with varying assessments. One thing is certain. The Financial System and the economy have stabilized. We are no longer debating how to reconstitute them, but rather how they might work even better. This hearing will review the development the crisis and special sense doctor yellin became the chair of the fed in terms of the dual mandate of maximum employment and price stability. By the Standard Measure of unemployment which is 4. 1 last week, an
U. S. Banks have in standardized models. We have ongoing discussions on this issue and i think are coming closer to reaching agreement on this final issue which would let us finalize parcel three. This is not a question about changiapplied to foreign banks. But we have imposed we chose to impose standards on u. S. Banks, particularly systemically important banks that exceed the global minimums that we are agreed in parcel, those are expected to be an intended to be minimum requirements in individual countries that see a need and benefit from having Higher Standards are fully expected to adopt Higher Standards and in some cases, particularly with the largest and most systemically important u. S. Based bankings organizations, we have done that in imposing Higher Standards and think it is appropriate and warranted by the safety and soundness benefit for our financial system. Time iseri your expired and mr. Paulson is recognized. Thank you for your service to the country and taking the tim
And the prospects for our economy. The Federal Reserve and is one of the most important institutions in the country and if it deed the world. Served as vice chair, then as chair of the Federal Reserve board. Her distinguished service covered the most tumull chews period since the great depression. Many books have already been written about this period and certainly many more will be written from different points of view and differing assessments. The Financial System and the economy have stabilized. We are no longer debating how to reconstitute them. But rather how they might work even better. This hearing will review the Development Since the crisis and especially since dr. Yellen became it fed due to maximum employment and price stability. By the Standard Measure of unemployment which is 4. 1 at last reading and by the Standard Measure of inflation which most recently stood at 1. 6 . Both the first and second goals have been achieved. Although the standard of metrics are very good, a
And the prospects for our economy. The Federal Reserve and is one of the most important institutions in the country and if it deed the world. Served as vice chair, then as chair of the Federal Reserve board. Her distinguished service covered the most tumull chews period since the great depression. Many books have already been written about this period and certainly many more will be written from different points of view and differing assessments. The Financial System and the economy have stabilized. We are no longer debating how to reconstitute them. But rather how they might work even better. This hearing will review the Development Since the crisis and especially since dr. Yellen became it fed due to maximum employment and price stability. By the Standard Measure of unemployment which is 4. 1 at last reading and by the Standard Measure of inflation which most recently stood at 1. 6 . Both the first and second goals have been achieved. Although the standard of metrics are very good, a
This is just under two hours. Welcome, everyone, to the hearing, and we will discuss the prospects for our economy. The Federal Reserve is one of the most important institutions in the country and, indeed, the world. Chair yellen served as president of San Francisco fed, then as vice chair, then as chair of the Federal Reserve board. Our distinguished service at the fed encompassed the most tumultuous time in the United States financial and economic systems since the great depression. Many books have already been written about the events of this time, and many more will certainly be written from different points of view. And with varying assessments. One thing is certain the Financial System and the economy have stabilized. We are no longer debating how to reconstitute them, but rather how they might work even better. This hearing will review the development the crisis and special sense doctor yellin director yellen became the chair of the fed in terms of the dual mandate of maximum em