Remarks on the Nomination of Jerome H. Powell To Be Chairman of the Board of Governors of the Federal Reserve System

The President. Thank you very much. Please. I'm pleased to welcome members of the Cabinet, Members of Congress, and distinguished guests to the White House Rose Garden this afternoon. Also, I want to welcome the chairman of the Senate Banking Committee who's done an incredible job, Mike Crapo. Where's Mike? Please, Mike. Great job. Appreciate it.

As President, there are few decisions more important than nominating leaders of integrity and good judgment to hold trusted positions in public office. And few of those trusted positions are more important than the Chairman of the Federal Reserve.

Accordingly, it is my pleasure and my honor to announce my nomination of Jerome Powell to be the next Chairman of the Federal Reserve. Congratulations, Jay.

Chairman-designate Powell. Thank you, Mr. President. Thank you.

The President. Jay is joined here by his wife Elissa and two of his sisters Monica and Elizabeth. And I say congratulations to you all. Please, take that bow. Please, you deserve it. Thank you very much for being here.

Today is another important milestone on the path to restoring economic opportunity for the American people. In just a short time, we have already made incredible strides. Unemployment is at its lowest level in more than 16 years. You know that very well. You know that very well, and you're happy about it. We've now had back-to-back quarters of 3 percent growth—a major accomplishment—and we're doing better and better every single week.

But if we are to sustain all of this tremendous economic progress, our economy requires sound monetary policy and prudent oversight of our banking system. That is why we need strong, sound, and steady leadership at the United States Federal Reserve.

I have nominated Jay to be our next Federal Chairman, and so important because he will provide exactly that type of leadership. He's strong, he's committed, he's smart. And if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our Nation's independent central bank, which has the critical responsibility to set monetary policy and monitor our banking system as whole. There are few more important positions than this, believe me, in our Government.

Jay has served on the Federal Reserve Board of Governors since 2012. During his 5 years at the Fed, Jay has earned the respect and admiration of his colleagues for his hard work, expertise, and judgment. He has proven to be a consensus builder for the sound monetary and financial policy that he so strongly believes in. Based on his record, I am confident that Jay has the wisdom and leadership to guide our economy through any challenges that our great economy may face.

Jay has earned the respect of Members of Congress straight across party lines. For each of his appointments to the Fed, the Senate confirmed Jay with strong support from members of both parties. That's unusual. I hope the Senate will swiftly confirm him once again. Jay will also bring to the Fed a unique background of prior Government service and business experience. He previously served as Under Secretary at the Department of Treasury in the administration of President George H.W. Bush. And just like William McChesney Martin, the longest serving Chairman in Federal Reserve history, Jay will bring extensive private-sector experience and real-world perspective to our Government.

As a result, he understands what it takes for our economy to grow. And just as importantly, he understands what truly drives American success: the innovation, hard work, and dreams of the American people.

I also want to thank the current Chair—Fed Chair Janet Yellen—a wonderful woman who's done a terrific job. We have been working together for 10 months, and she is absolutely a spectacular person. Janet, thank you very much. We appreciate it.

For the past 4 years, she has served with dedication and devotion, and we are grateful for her total commitment to public service. The Federal Reserve is one of the most important institutions in our Government. It is respected all around the world and is crucial to our economic prosperity.

I am confident that with Jay as a wise steward of the Federal Reserve, it will have the leadership it needs in the years to come.

Thank you, and God bless you all.

Now I would like to invite Jay to say a few words. Thank you. Thank you very much.

Chairman-designate Powell. Thank you, Mr. President. Thank you so much. Thank you.

Thank you very much, Mr. President, for the faith that you have shown in me through this nomination. And I'm both honored and humbled by this opportunity to serve our great country. If I am confirmed by the Senate, I will do everything within my power to achieve our congressionally assigned goals of stable prices and maximum employment.

I want to thank my wife Elissa for her love, support, and wise counsel. Without her, quite honestly, I would not be standing here. We're thinking today of our three children and of the world they're inheriting. My five siblings and I—two of whom are here today with me—are also thinking today of our parents, who gave us so many gifts, including, most of all, a loving home.

In the years since the global financial crisis ended, our economy has made substantial progress toward full recovery. By many measures, we're close to full employment, and inflation has gradually moved up toward our target. Our financial system is also without doubt far stronger and more resilient than it was before the crisis. Our banks have much higher capital and liquidity. They're more aware of the risks that they run, and they're better at managing those risks.

While postcrisis improvements in regulation and supervision have helped to achieve these gains, I will continue to work with my colleagues to ensure that the Federal Reserve remains vigilant and prepared to respond to changes in markets and evolving risks.

Finally, to echo the President's remarks, I've have the great privilege of serving under Chairman Bernanke and Chair Yellen, who guided the economy with insight and courage through difficult times while moving monetary policy toward greater transparency and predictability. Each of them embodies the highest ideals of public service: unquestioned integrity and unflinching commitment to fulfilling our mandate. Inside the Federal Reserve, we understand that monetary policy decisions matter for American families and communities. I strongly share that sense of mission and I'm committed to making decisions with objectivity, based on the best available evidence, in the longstanding tradition of monetary policy independence.

Mr. President, thank you again for this extraordinary opportunity to serve the American people. Thank you.

The President. Thank you, Jay.