The Federal Reserve faces considerable challenges today in meeting the responsibilities that you have given us: for fostering price stability and maximum employment at a time of rapid change in the U.S. and global economies; for helping maintain a safe and sound banking system and stable and efficient payments and financial systems in the face of innovations in financial instruments and institutions; and for protecting and educating consumers as they take advantage of the greater variety and sophistication of financial instruments available to them.
I believe that my long and wide experience within the Federal Reserve--at a Reserve Bank and at the Board, on staff and as governor-along with my close working relationship with Chairman Bernanke will enable me to make even greater contributions to the work of the Federal Reserve as the Board's Vice Chairman should you choose to confirm me to this position.