I am wholeheartedly committed to pursuing the Federal Reserve's Congressionally mandated goals of maximum employment and price stability.

I am honored to appear before you as President Obama's nominee to serve as a member and Vice Chair of the Board of Governors of the Federal Reserve System.

I would hope that going forward, one thing we have learned from this crisis is there is a need for all of us in regulation to act in a timely way to take away the punch bowl and to require more stringent capital requirements.

The first key challenge will be to improve our supervision particularly of the largest and most complex bank holding companies.

I think we were monitoring housing prices very carefully and became concerned certainly by 2005 that there might well be a bubble in the housing market.

We have learned a harsh lesson about the dire consequences a financial crisis has for ordinary Americans in the form of lost jobs, lost homes, lost wealth, and lost businesses.

the Federal Reserve has just concluded actually on Tuesday 40-odd sessions we have had around the country

I think personally I gave speeches in 2005 warning of that possibility.

I agree with Chairman Bernanke that an increase in the long-run inflation objective to 4 percent would be a risky policy strategy.

I believe guidance came out in 2006, I believe it was, to the supervisors and to banks stating essentially that banks with high exposures needed to carefully manage risks around these exposures.

I strongly support the Fed's dual mandate and pay close attention to both inflation and employment at all times.