00:00Fed independence is up to the Fed. That has three implications. First, Congress is tasked
00:07with the mission to ensure price stability. Inflation is the Fed's choice. Second, Fed
00:13independence is at its peak in the conduct of monetary policy. And third, as the chairman
00:19said, the Fed must stay in its lane. I'm committed to ensuring that the conduct of
00:25monetary policy remains strictly independent, equally committed to work with the administration
00:31and Congress on non-monetary matters that are part of the Fed's remit, and I commit myself
00:37to accountability. Finally, I'll just say this, Mr. Chairman. Milton Friedman had a phrase
00:44that always stayed with me. He always worried about government officials that lured and hung
00:49around with what he called the tyranny of the status quo. Status quo practices and policies
00:55are especially harmful when the world is changing this fast. If confirmed as chairman, I will
01:01be faithful to the Constitution, to the Federal Reserve Act, and to the very best of the Fed's
01:06traditions. I believe a reform-oriented Fed can make a real difference to the American
01:11people. And if confirmed, I will seek to create an environment in which the best people do their
01:17best work. Candor and goodwill will go a long way in pursuing those objectives. And I suspect
01:23this hearing, Mr. Chairman, will put us to the test. It's a real privilege to be here.
01:27Thank you.
