Jerome Powell

I would say in a range--you know, the truth is that there are big uncertainty bands around these forecasts.

I do not see anything, no.

Full employment is not sort of a precise concept in our thinking, in my thinking, and I think a number of indicators would suggest that we are at or around full employment.

I will be committed to improving on that.

Yes, of course. We are very focused on pockets of people and different pockets of people for whom the recovery is not real yet.

We need a resilient, well-capitalized, well-regulated financial system that is strong enough to withstand even severe shocks and support economic growth by lending through the economic cycle.

I agree with Mr. Curry and believe they should be entirely exempt from Volcker Rule compliance.

I do not think what we are talking about here amounts to deregulation or broad deregulation.

I would be wary of prescriptive things like limiting dividends and that sort of thing.

I do not support and we do not support reducing risk-based capital requirements.

allow boards of directors and management to spend a smaller portion of their time on technical compliance exercises and more time focusing on the activities that support sustainable economic growth.

I think it is our obligation, and it is an important obligation.

I agree with that. I would add two quick things.

It is very clear that banks have reduced their portfolios of fixed-income securities.

I cited that and referred to that in my testimony, so I do not think you can take any single piece of research as wholly dispositive.

I think it is, to me, very clear that financial institutions are much stronger, safer, sounder, more resilient, better capitalized, more liquidity, less risky, and all of those things than they were before the financial crisis and…

these regulations [that have been imposed since the 2008 financial crisis] are new and we should be willing to adjust them as we learn.

I am very troubled by the leak.

I do not know that there is a tradeoff, and I think, again--I do not want to look at the pre-crisis levels of liquidity as any kind of a benchmark.

I think every study does consider the question--every study I have seen--I have not read them all, but I have read a lot of them--every study that I have seen does consider the question and consider regulation as one of a series of factors.

We do not want our banks to turn into Government mutual funds, where they hold only Government securities.

This is our system, and I think the obligation is on us to play as a team and to collaborate.

The authority to shut down an institution or hold a hearing about it I believe is triggered by a criminal conviction.

It is absolutely fundamental that we are all equal before the law, and that is why we are all committed to ending too big to fail.

It is fundamental in this country that everyone is equal before the law.