"I am wholeheartedly committed to pursuing the Federal Reserve's Congressionally mandated goals of maximum employment and price stability."
"We must work together and in cooperation with central banks and governments around the world to mitigate systemic risk in the financial and payment systems."
"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 describe the guidance that came out as weak and the material loss reviews that have been done of the institutions that we supervise essentially say that this was the pitfall."
"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 string..."
"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."
"The first key challenge will be to improve our supervision particularly of the largest and most complex bank holding companies."
"We have enormous responsibilities that will be given to us under this legislation."
"We are being asked in this bill, appropriately so, to raise capital standards and liquidity standards for these institutions."
"the Federal Reserve has just concluded actually on Tuesday 40-odd sessions we have had around the country"
"I think we failed completely to understand the complexity of what the impact of a decline, a national decline in housing prices would be in the financial system."
"I think personally I gave speeches in 2005 warning of that possibility."