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. Jerome Powell Read Quote
The Government Securities Act gave the Treasury Department some rulemaking authority over all government securities brokers and dealers. But the act also required these firms to register with the SEC. Jerome Powell Read Quote
We do take seriously our obligation to assess whether our reforms are achieving their desired effects without imposing unnecessary burden. Jerome Powell Read Quote
The Federal Reserve is not charged with designing or evaluating proposals for housing finance reform. But we are responsible for regulating and supervising banking institutions to ensure their safety and soundness, and more broadly for the stability of the financial system. Jerome Powell Read Quote
We need a system that provides mortgage credit in good times and bad to a broad range of creditworthy borrowers. Jerome Powell Read Quote
Congress created Fannie Mae in 1938 and Freddie Mac in 1970. For many years, these institutions prudently pursued their core mission of enhancing the availability of credit for housing. Jerome Powell Read Quote
An increase in the debt ceiling should be accompanied by fundamental policy reforms, substantial budget savings, and a strong enforcement mechanism to tie the hands of any future Congress. Jerome Powell Read Quote
If investors avoid the Treasury market, we could be unable to pay off maturing securities, which would mean an immediate default. Market participants generally agree that even a brief default would create potentially catastrophic risks to the financial system, like the meltdown of 2008. Jerome Powell Read Quote
The success of monetary policy should be judged by the economy’s performance against our statutory mandates of price stability and maximum employment. Jerome Powell Read Quote
