Janet Yellen

Thank you for this opportunity to appear before you today.

We have had widening wage inequality and income inequality in this country going back to the mid- to late-1980s, and that continues.

I agree that fiscal policy has been working at cross purposes to monetary policy.

No one who lived through that financial crisis would ever want to risk another one that could subject the economy to what we are painfully going through and recovering from.

It is the role and responsibility of market regulators, particularly the CFTC here, to be looking into possibilities of market manipulation.

I will need to study this issue more closely in terms of what FSOC's procedures are, but I feel it should be clear why a particular firm has been designated if that occurs.

Too big to fail is damaging. It creates moral hazard. It corrodes market discipline.

My hope and expectation is that would change, and if we can generate a more robust recovery in the context of price stability, that all Americans will see more meaningful increases in their well-being.

Low interest rates harm savers; it is absolutely true.

We are involved in a very comprehensive review of commodities activities in financial holding companies.

I would argue that we cannot have normal rates unless the economy is normal.

I think we have a much safer and sounder financial system than we had pre-crisis, but as I indicated, we need to do more.

Broader measures of unemployment are much higher.

I strongly believe that monetary policy is most effective when the public understands what the Fed is trying to do.

I think it is important for Congress to recognize that as the economy recovers and both short- and long-term rates move up, a situation in which the Government's funding costs remain as low as they are, if we are successful in achieving…

We are certainly trying to be faithful to the intent of this rule, which is to eliminate short-term financial speculation in institutions that enjoy the protection of the safety net.

The objective of our policy is to broadly benefit all Americans, especially those who were seeing harm come to them

It is extremely important for our banks to have more capital, higher-quality capital.

Addressing too big to fail has to be among the most important goals of the post-crisis period.

I led the effort to adopt a statement of the Federal Open Market Committee's longer-run objectives, including a 2-percent goal for inflation.

I approach this task with a clear understanding that the Congress has entrusted the Federal Reserve with great responsibilities.

You cannot let a bubble continue to grow.

I would be strongly committed to working with the FOMC to continue promoting a robust economic recovery.

I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.

It has been a privilege for me to serve the Federal Reserve at different times and in different roles over the past 36 years and an honor to be nominated by the President to lead the Fed as Chair of the Board of Governors.