Page 6 of 9  consumers and to reduce transaction costs while providing greater transparency with simpler products and greater convenience and efficiency. By leveraging technology and proactively shaping a conducive environment for innovation through regulation, the payments system can serve as a gateway to achieving financial inclusion and address the need to deepen and strengthen access for both consumers and providers.
I have enjoyed a long and productive relationship with the Banking Committee and its staff over the years, working together to determine how the Federal Reserve can best contribute to the economic wellbeing of our citizens. As a governor and, if you confirm me, as Vice Chairman, I look forward to continuing to be a part of the shared pursuit of that goal.