Monetary Policy Is Not A Panacea.

The Crisis In Europe Has Affected The Us Economy By Acting As A Drag On Our Exports, Weighing On Business And Consumer Confidence And Pressuring Us Financial Markets And Institutions.

If I Am Confirmed, I Am Confident That My Colleagues On The Federal Open Market Committee And I Will Maintain The Focus On Long-term Price Stability As Monetary Policy's Greatest Contribution To General Economic Prosperity And Maximum Employment.

I Come From Main Street, From A Small Town That's Really Depressed.

Importantly, In The 1930s, In The Great Depression, The Federal Reserve, Despite Its Mandate, Was Quite Passive And, As A Result, Financial Crisis Became Very Severe, Lasted Essentially From 1929 To 1933.

The Lesson Of History Is That You Do Not Get A Sustained Economic Recovery As Long As The Financial System Is In Crisis.