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" Regional interest rate differentials persisted until around the time of World War I and helped shape the attitudes of Americans living in western areas toward the nation's financial system. "

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" Alignment of business strategy and risk appetite should minimize the firm's exposure to large and unexpected losses. In addition, the firm's risk management capabilities need to be commensurate with the risks it expects to take. "

Jerome Powell

Risks

Business

Management

" Businesses and households react to lower rates by investing and spending more. Lower rates also support the prices of housing and financial assets such as stocks and bonds. "

" An efficient payments system provides the infrastructure needed to transfer money in low-cost and convenient ways. Efficient systems are innovative in improving the quality of services in response to changing technology and changing demand. "

" The revenue stream for Social Security benefits comes from payroll taxes, which are credited to the Social Security Trust Fund - accounting for the program's finances separately from the rest of the budget. "

" The question of how to structure our nation's financial system arose in the early years of the republic. "

" The financial crisis revealed important weaknesses in many areas of our financial system. "

" To ensure financial stability, we expect the provision of U.S. government securities settlement services to be robust in nearly all contingencies. "

" Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed. "

" Higher asset prices increase wealth and, with a lag, induce higher spending. "

" The sale of Treasury bonds, notes, and bills finances the U.S. government, and those securities are, in turn, a primary vehicle for savings for a wide range of U.S. households. Treasury securities are also an important source of collateral within the financial system. "

" While the move to central clearing has made the system safer, we need to make sure that the central counterparties have the resources and risk-management practices to withstand plausible but severe shocks. "

" We live in a world defined by the rapid pace of technological change. "

" Long-term economic growth depends mainly on nonmonetary factors such as population growth and workforce participation, the skills and aptitudes of our workforce, the tools at their disposal, and the pace of technological advance. Fiscal and regulatory policies can have important effects on these factors. "

" The Federal Reserve is committed to fulfilling our statutory mandate of stable prices and maximum employment. "

" The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies. "

" I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation. "

Jerome Powell

Simple

Activity

" The banking industry has traditionally been characterized by physical branches, privileged access to financial data, and distinct expertise in analyzing such data. "

" The financial crisis involved significant failures in the functioning, regulation, and supervision of OTC derivatives markets. "

" Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large. "

" Long experience, in the United States and in other advanced economies, has demonstrated that monetary policy is most successful when decisions are rendered independent of influence by elected officials. "

" There is certainly a role for regulation, but regulation should always take into account the impact that it has on markets, a balance that must be constantly weighed. "

" Risk management systems and controls may discourage or limit certain revenue-generating opportunities. Failure to ensure the independence of these functions from the revenue generators and risk takers has been shown to be dangerous, and this is something for which the board is accountable. "

" A digital currency issued by a central bank would be a global target for cyber attacks, cyber counterfeiting, and cyber theft. "

" Our discussions of the economy may sometimes ring in the ears of the public with more certainty than is appropriate. "