Yes. They have built up these currency reserves, very strong positions. And we owe it. We owe it.
Paul S. Sarbanes
The Public Record
Paul S. Sarbanes is a former U.S. Senator from Maryland, serving from 1977 to 2007. A member of the Democratic Party, Sarbanes was known for his work on financial regulation and consumer protection. He played a significant role in the passage of the Sarbanes-Oxley Act in 2002, which aimed to enhance corporate governance and accountability in the wake of major financial scandals. Throughout his career, Sarbanes focused on issues such as education, healthcare, and the environment, advocating for policies that benefited Maryland residents and the broader American public.
Now as of this August, you will have been Chairman of the Fed for 17 years, I believe.
And once you start moving rates beyond the two-step, by about how much do you usually raise them up?
Two years ago, the National Council on Economic Education, together with the Federal Reserve, put on the first National Summit on Economic and Financial Literacy.
Thank you very much, Chairman Fitzgerald, Ranking Member Akaka, and Senator Lautenberg. It is a pleasure to be here before you.
Numerous statistical studies have shown significant numbers--amazing numbers, actually--of men and women of all ages are financially illiterate or have only a limited degree of financial literacy.