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tv   President Biden Announces Federal Reserve Chair Vice Chair Nominees  CSPAN  November 22, 2021 5:06pm-5:31pm EST

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>> you can be a part of the national conversation by participating in this camp competition. we are asking you as a high school or middle school student to create a five to six minute documentary about how the federal government impacts your life and it must show supporting and closing points of view on a policy or program that affects you and your community using c-span video clips that are easy to find and access at the competition awards 100,000 dollars in total cash prizes and you have a shot at the grand prize of $5,000. entries must be received before january 20 of 2020 two. for rules, tips, or just to get started, visit our website. >> president biden announced his choice of jerome powell to serve another term as chair of the federal reserve and there will
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be a new vice chair. here is a look at the president's remarks. >> >> ladies and gentlemen, the resident of the united states accompanied by chair jarreau -- jerome powell and governor lael brainard >> good afternoon, please, please sit down. before i begin, i want to comment on the tragedy that occurred last night during the holiday parade in wisconsin. while we don't have all the facts and details yet, we know
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this morning that five families in waukesha are facing fresh grief and a life without a loved one. at least 40 americans are suffering from injuries, some of them in critical condition. an entire community is struggling to cope with a horrific act of violence. last night the people of waukesha were gathered to celebrate the start of the season of hope, togetherness, and thanksgiving. this morning jill and i and the entire biden family and i'm sure all of us pray that the same spirit will lift up the victims of this tragedy, bringing comfort to those recovering from the injuries and wrapping the families of those who died in the support of their community. we are all grateful to the extraordinary work of first responders, from law enforcement to first responders working
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around-the-clock to deal with the terrible consequences of what happened last night. my administration is monitoring the situation very closely. but now let me turn to today's announcement. 20 months ago the covid-19 pandemic exploded in america, creating the worst economic crisis we have faced since the great depression, wrecking havoc not only on the economy but the economies across the world. in just two months, 20 million americans lost their jobs and the unemployment rate shot up to 14.8%. the highest ever recorded in america. we all remember the scenes. major cities and small towns, main streets that looked like ghost towns. empty roads, highways, airports, and train stations. offices and schools were closed. hospitals were taken to the breaking point. when you remember the depths of
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the crisis we faced, it's all the more amazing, the progress we have made since then. we have gone from an economy that was shut down to an economy that is leading the world and economic growth. gone from small businesses being shuttered to a record number of new businesses starting up and devastating job destruction to record new job creation. and we are still dealing with the difficult challenges of covid-19 driving up costs for american families. and for many families it is still very hard, very hard, but if you look at all the facts you can only come to one conclusion. we have made an warmest progress in this country. first and foremost, our economy
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is creating jobs, lots of jobs. we have seen record new job growth in america this year. 5.6 million jobs since i was sworn in on january 20. more jobs created at this point in a new presidency than ever before in american history. a dramatic drop in the unemployment rate, from a high of 14.8% in april of 2022 4.6 percent today. earlier this year independent experts were predicting it would take until the end of 2023 to see unemployment that low. our economy is creating new businesses. lots of new businesses. in fact, americans are starting small businesses at a record rate, up to 30% compared to before the pandemic. economists will tell you that an increase in new business is one of the best signs of an economy becoming more innovative and
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more dynamic. that is because small businesses are not just the heart and soul of america, not just the bedrock of so many communities across the country, they are the primary job creators, innovators, and drivers that power economic progress. that's why it is a powerful statement on the faith that we have in our country, where our country and economy is heading that small business creation is surging, surging in america today, which is why i'm proud to say that if you look at my presidency so far, it's a jobs presidency and a small business presidency. so, if you look at the facts, here's what the records show. record job creation, record economic growth, record small business creation. that is a story that should give us confidence about the economy we are building. confidence in our self, confidence in the future.
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now after years of wages being flat or falling behind, we are seeing something else. things are getting better for american workers. higher wages, better benefits, more flexible schedules. balance sheets for american families are better as well. savings are up, home equity is up, credit card balances are down and if you can be -- continue to combine the wage increases we have seen with the direct relief my administration has provided middle-class families, the typical disposable income of a middle-class family has gone up 2% this year even after accounting for higher prices. that's the kind of recovery, just one year after a crippling worldwide economic crisis, that is unprecedented and it takes us , it makes us stand out from the rest of the world. america is the only major economy, the only one in the
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world where the economy is bigger today and families have more money in their pockets today than before the pandemic hit. that's even after accounting for inflation. none of our competitors internationally can say that. none of them. it's a testament to the hard work and perseverance of the american people. it's a testament to vaccines, vaccination efforts that we fought so hard to pass and put in place. especially the american rescue plan. but for all the progress we have made, we know we are still facing challenges, serious challenges. we know that there is a lot of fear and uncertainty in the country and we know it is tough for families to keep up with the rising costs of gasoline, food, housing, and other essentials. it's not just an american problem, it's a worldwide problem.
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every country is dealing with the same problems emerging from the pandemic. supply chain bottlenecks. disruptions caused by spikes in covid-19. elevated prices, it's all taking a bite out of our family budgets. perhaps no engine pays a more important role in navigating these challenges than the federal reserve because it is their job to balance two key goals, the first is maximum employment, to get as many americans working as possible. the second is to keep inflation low in stable. to meet these goals it will require patience, skill, and independence. that is why today i'm nominating jerome powell for a second term as chair of the federal reserve and i'm nominating lael brainard to take the position as vice chair of the federal reserve.
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in the country was hemorrhaging jobs last year and there was panic in the financial markets, jerome powell's study shipped stabilized markets and put the economy on track to a robust recovery. he is a believer in the benefits of what economists call maximum employment. an economy where companies have to compete to contract -- attract workers instead of workers competing with each other for jobs. where american workers get steady wage increases after decades of stagnation and where the benefits of economic growth are broadly shared by everyone in the country. not just concentrated at the top. he said it well last month, "an economy is healthier and stronger when as many people as possible are able to work. if entrenched inequities present -- prevent some americans from participating fully in the labor
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markets, not only will they be held back from opportunities but the economy overall will not realize its potential and of historically left behind have the best chance of prospering from a strong economy with plentiful job opportunities. he took a landmark review to reinforce the federal reserve mission towards delivering full employment and making strong progress towards that goal and i believe that he is the right person to cs through and finish that effort, while also addressing the threat of inflation. he and i have had a chance to discuss his views and priorities on the federal reserve and in the years ahead and he has made clear to me that the top priority will be to accelerate the effort to address and mitigate risks that climate change pose to our financial system and our economy. the extreme weather has costed the economy over 600 billion
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dollars over the last 10 years. we have to make sure our financial system can withstand climate change and is prepared to transition to clean energy. the fed must be a leader among central banks globally in addressing climate related financial issues. he has underscored the importance of the fed taking a more proactive role in the months and years ahead and making sure that our financial regulations are staying ahead of emerging risks, be they from innovations around cryptocurrency or the practice of less regulated non-bank financial institutions. having served as vice president during the debt of the 2009 financial crisis and having worked with president obama to put in place strong financial rules of the road, i understand the regulators and the dangers of them falling asleep at the switch.
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jay must nominate that we never expose our american economy and families to those risks again. i trust that he will follow through on his commitment to prioritize these issues with the skill that he has shown in his service to date. some will no doubt question why i am re-nominating him when he is a choice of up republican predecessor. why am i not picking fresh blood or taking the fed in a different direction? put directly, at this moment of both enormous potential and uncertainty for the economy, we need stability and independence at the reserve. jay has proven the independence that i value in a fed chair. in the last administration he stood up to unprecedented lytic interference and doing so successfully maintained the integrity and credibility of the institution, one of the many
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reasons he has support from across the political spectrum. in 2018 he was confirmed with 84 votes in the u.s. senate and his approach as fed chair has earned the respect and support of groups from the afl-cio to the business roundtable, which brings me to one more reason i have chosen to renominate him. i believe that having fed leadership with broad bipartisan support is important. especially now in such a politically divided nation. i believe we need to do everything we can to take the bitter partisanship out of today's politics out of something as important as the independence and credibility of the federal reserve. it's vital to maintain public trust in an institution like the federal reserve, which is why i am so proud as well to nominate dr. lael brainard to serve as
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the vice chair of the reserve. by promoting her today as the vice chair i'm elevating one of the country's most qualified and dedicated public servants, one of the nation's most leading macroeconomists who spend years at the treasury department representing american capitals along -- around the world on economic issues and spent nearly the last decade as a member of the federal working side-by-side with jay as the fed navigated historic crises and reaffirmed that commitment to a full employment economy. throughout her time at the fed, she has also been a steadfast voice for tougher rules to protect the pensions and savings of the american people, leading the efforts of the fed to make sure that the banking system serves everyone in the community so that of where you live or your background, every american can have access to the credit they need to start a business,
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buy a home, and just have a fair chance in life. she has done pioneering work on how the fed should account for the emerging risk of climate change to the financial system and like j, her expertise and leadership have earned her the respect and support of republicans and democrats alike. i am proud to nominate her to this vital role of vice chair of the federal reserve. beyond them, i look forward to nominating additional members to the board of governors in the coming weeks, including a new vice chair for supervision, the individuals that will help to safeguard our system and alongside their leadership help to support and continue this historic economic recovery. file jay and lael bring accountability, i pledge that my new additions will bring new diversity to the fed, which is
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much-needed and long overdue, in my opinion. last year the pandemic shutdown much of the global economy. now there is a worldwide reawakening creating incredible opportunities and tough challenges. as economies from across the world come back in the pandemic, america's leading the way. like every country in the world, we have to deal with the issues of rising costs. remember, we have the skill in the tools to get it under control. while other countries are stumbling out of the pandemic, we are racing ahead. so much of the rest of our economy is doing well. we have created so many new jobs as fast as we have and are in a position to attack inflation from a position of strength, not weakness. times like this we need steady, tested, principled leadership at the fed, people with proven
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courage and people of character and integrity who can be trusted to keep the focus on the right long-term goals of our country and for our country. i am confident that jay and lael are the. i'm going to give them a moment to say a few words. the floors yours. >> mr. president, thank you for this extraordinary opportunity to continue to serve the american people. if confirmed i pledge to do everything my power to meet the responsibilities that congress has entrusted the the federal reserve. i'm joined today by my wife and our three adult children.
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their love and support underpin and make possible all that i do. i'm also grateful to the exceptionally talented and dedicated team at the federal reserve, with whom it has been my great privilege to serve over the last decade. my predecessor, janet yellen, left the fed in a strong position to meet every challenge and i'm thankful for her leadership and friendship. when covid hit our shores, families and businesses were 10 years into a historic economic expansion with a robust jobs market reaching those who had been traditionally while -- left out. the pandemic brought in immediate and painful recession. fortunately, american resilience and vaccines cushioned the blows in that the stage for a strong recovery. today the economy is expanding at its fastest pace in many
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years, carrying a promise of return to maximum employment. challenges and opportunities remain, as always. the unprecedented reopening of the economy and the continued effects of the pandemic led to a burst of inflation. we know that high inflation takes a toll on families. especially those less able to meet the costs of essentials like food, housing, and transportation. we use our tools to support the economy, a strong labor market, and to prevent higher inflation from becoming entrenched. other key priorities include visual regarding the stability of the financial system, addressing evolving risks from cyber attacks, and facilitating the modernization of the payment system protecting consumers. i look forward to working closely with my colleague of the past seven years, lael brainard, as the fed confronts these and other issues. she rings for -- formidable
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talent and a wealth of other experience and good judgment to our work. in the federal reserve we understand that experience matters. i strongly share that sense of mission and am committed to making decisions with objectivity and integrity based on the best available evidence in the long-standing tradition of monetary policy independence. mr. president, thank you again. >> now i would like to give the floor to dr. brainard. >> mr. president, thank you. i'm deeply honored that you are entrusting me with this responsibility at a critical time. i'm committed to putting working americans at the center of my work at the federal reserve, meaning getting inflation down at a time when people are
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focused on their jobs and how far their paychecks will go, supporting a growing economy that includes everyone, ensuring that financial markets are thriving and resilient and that the economy is sustainable for future generations and serving all americans in every community across the country and ensuring that the federal reserve reflects the diversity of the communities that we serve. i was privileged to work with chair powell as we made every effort to protect workers, businesses, and families from the covid financial shock with the support of congress and i look forward to working with him in the months and years ahead to build a durable recovery. i also want to thank secretary yellen, with whom i have also been privileged to work. i am grateful to the many who supported my efforts. as a working mom i'm especially grateful for the levinson of my three dynamic donner's who took the afternoon off from school.
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my deeply devoted husband, and vivian, my sisters, and my amazing mother, who is here with me today. i'm confident that by working together we will see a strong recovery for all americans. thank you. >> well, folks, that's it. hope you have a happy thanksgiving. thank you to the families of the two nominees who will be willing to support their work. what they have to do will involve long hours, [indiscernible] ♪ >> friday, the sale go have been
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