Tina Smith: “Thank you, Mr. President. I think it is fair to say that most Americans didn't wake up this morning thinking about the…”

“Thank you, Mr. President. I think it is fair to say that most Americans didn't wake up this morning thinking about the role the Federal Reserve plays in their lives. The people we represent are focused on putting in an honest day's work, taking care of their families, and gradually climbing the economic ladder. The Fed is focused on making sure our economy is giving them every opportunity to do just that--or at least it is supposed to be. The Fed's mission is to keep employment high, prices stable, and our financial system in good working order. When it succeeds, we see the full potential of the American economy, the greatest force for prosperity the world has ever known. When it fails, ordinary people can wind up losing their jobs, their homes, and their savings. Even though most Americans don't know their names or think about their work, the seven members of the Federal Reserve Board of Governors, nominated by the President and confirmed by Congress, have an important job to do. The Fed is not supposed to be a place for politics. It is not a job for politicians. It is a job for the most accomplished and thoughtful economists and financial experts we have--men and women who truly understand not just what makes an economy work on paper, but what makes our economy truly work for working Americans.…”