Some comments from his session in front of the Senate banking panel
- Fed can improve transparency in stress tests
- Protection of consumers is incredibly important
- He agrees to support Fed's dual mandate
- Dual mandate works because twin goals are complementary
- Fed inflation credibility key to low unemployment
- My monetary policy views don't impact inequality
- Fed transparency could be improved regarding reference rules for monetary policy
- Flexible FX allows Fed to act on domestic concerns
- It is critically important anchor long-run inflation in order to get monetary stimulus to the economy
- Can't be certain there are no asset bubbles forming
Goodfriend is President Donald Trump's third nomination to the Fed Board in Washington as he reshapes the U.S. central bank. Randal Quarles will be the vice chair of supervision. Jerome Powell takes over from Yellen early next month.
