October 14, 2026 Speech
Bangkok Economic Festival, Reinventing Bretton Woods Committee, Bangkok, Thailand.
The review notes that supervisory attention at SVB often centered on process, procedure, governance, and controls rather than on mitigating the underlying interest rate and liquidity exposures. SVB had 54 matters requiring attention or immediate attention between 2019 and the time of its failure, yet none of those supervisory findings required the bank to address its core financial risks.
October 6, 2026 Speech
2026 Community Banking Research Conference, sponsored by the Federal Reserve System, the Conference of State Bank Supervisors, and the Federal Deposit Insurance Corporation, St. Louis, Missouri.
Later this year, the Board will consider updates to fixed-dollar asset thresholds in the Board's regulations to account for inflation and economic growth. The proposal will increase static thresholds, with a mechanism to update them every five years.
October 1, 2026 Speech
Atlantic Council 2026 CEO & Senior Management Summit, Washington, D.C..
It is central to the transmission of monetary policy, the funding of the federal government, and the stability of the broader financial system. Because large banks play such a critical role in this market, bank regulations—particularly capital requirements—can significantly impact how well it functions.
September 29, 2026 Speech
Community Bank Cyber Workshop, Denver, Colorado (via pre-recorded video).
September 18, 2026 Speech
Luncheon of the Lord Mayor City of London at Mansion House, London, United Kingdom.
In my view, the early identification of that firm's vulnerability to interest rate risk and concentration of uninsured deposits would have made it nearly impossible to defer prompt and decisive action to require the firm to reduce its vulnerabilities. Combined with other supervisory evidence, it would have prompted earlier action.
September 18, 2026 Speech
Luncheon of the Lord Mayor City of London at Mansion House, London, United Kingdom.
Third , despite what it knew or should have known, supervisory staff did not take prompt and decisive action to encourage or require SVB to reduce its interest rate risk or concentration of vulnerabilities.
July 14, 2026 Speech
At "Next-Gen Financial Inclusion," the third annual Financial Inclusion Conference hosted by the Federal Reserve Board, Washington, D.C. (via pre-recorded video).
July 13, 2026 Speech
At a Bank Policy Institute London Conference, London, United Kingdom.
Therefore, we are working to address long outdated fixed asset thresholds that ignore economic growth and inflation. A bank with $10 billion in assets today is not the same as a bank with $10 billion in assets a decade ago, and banks with unchanged risk profiles face increasing regulatory burden over time, simply due to economic growth and stagnant thresholds.
July 7, 2026 Speech
Financial Stability Board Virtual Outreach Event.
June 4, 2026 Testimony
Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C..
Recent Developments Since I last appeared before the Committee, we have made substantial progress to modernize the regulatory and supervisory framework. Let me highlight a few of these initiatives.
May 29, 2026 SpeechDovish
Reykjavík Economic Conference 2026, Central Bank of Iceland, Reykjavík, Iceland.
With economic growth slowing, the unemployment rate continuing to rise, signs of a less dynamic labor market becoming clear, and inflation, excluding tariff effects, descending toward 2 percent, I preferred to begin the process of moving the policy stance from restrictive toward neutral. That action would have begun the process to proactively hedge against the risk of greater and more persistent damage to the labor market and weakening economic activity one meeting earlier.
May 14, 2026 Speech
Federal Reserve Bank of Kansas City 2026 Future of Banking Conference: Powering Progress, Protecting Trust, Kansas City, Missouri (via pre-recorded video).
May 8, 2026 Speech
Hoover Institution Annual Monetary Policy Conference, Stanford, California.
Instead of talking about monetary policy, my remarks will focus on this topic.
May 5, 2026 Speech
2026 Women in Housing and Finance Symposium, Washington, D.C..
May 1, 2026 Speech
Financial Stability Oversight Council Artificial Intelligence Series Roundtable on Cybersecurity and Risk Management, Washington, D.C..
March 31, 2026 Speech
At CBA LIVE 26, Consumer Bankers Association, San Diego, California.
According to the latest data from the Federal Reserve Bank of Kansas City's Small Business Lending Survey, 9 percent of banks, on net, reported tightening credit standards in the third quarter of 2025 on commercial and industrial (C&I) loans to small firms. Among banks that reported having tightened standards, 83 percent cited economic uncertainty as a reason for tightening.
March 12, 2026 Speech
Cato Institute Policy Forum: Basel III and Bank Capital Rules, Washington, D.C..
Stress test losses also increase capital requirements, and balance sheet expansion in line with economic growth and inflation has increased G-SIB surcharges. Changes to the G-SIB surcharge based on underlying risk are appropriate but increases driven mainly by real economic growth and inflation do not reflect increases in systemic risk.
March 3, 2026 Speech
At The Roundtable on Liquidity and Lender of Last Resort sponsored by the Committee on Capital Markets Regulation, Washington, D.C..
Some see tension between monetary policy implementation tools and regulatory objectives. In my mind, these goals should be compatible if we are modernizing the discount window to serve as an effective liquidity backstop, instead of a theoretical option.
February 26, 2026 Testimony
Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C..
Asset growth due, in part, to inflation and economic growth over time has resulted in small banks becoming subject to laws and regulations that were intended for much larger banks. I also support improvements to the Bank Secrecy Act and anti-money laundering framework that will assist law enforcement while minimizing the unnecessary regulatory burden that disproportionately falls on community banks.
February 19, 2026 Speech
Federal Reserve Bank of Atlanta 2026 Banking Outlook Conference: The Next Horizon in Banking, Atlanta, Georgia (via pre-recorded video).
On a personal note, I have enjoyed the opportunity to work with you over the years, and I am grateful for your insights and perspectives as a member of the FOMC. We have navigated extraordinary challenges together, and your contributions have been invaluable.
February 16, 2026 Speech
At The American Bankers Association 2026 Conference for Community Bankers, Orlando, Florida.
Successfully managing the volatility in MSR valuations as interest rates change requires sophisticated hedging capabilities or an effective borrower retention strategy during refinancing waves. Servicing can also carry substantial operational risk and compliance responsibility.
January 30, 2026 SpeechDovish
SW Graduate School of Banking at SMU Cox: 161st Assembly for Bank Directors, Oahu, Hawaii.
The Path Forward On the outlook for monetary policy, with inflation close to 2 percent, after excluding one-off tariff effects, and with unemployment near estimates of its natural rate but at risk of deteriorating, I continue to see policy as moderately restrictive. Downside risks to the labor market have not diminished, and we should not overemphasize the latest reading on the unemployment rate.
January 16, 2026 SpeechDovish
At Outlook 26: The New England Economic Forum, Foxborough, Massachusetts.
With inflation pressures easing—after excluding one-off tariff effects—and with the risk that labor market conditions could weaken further, I see policy as moderately restrictive. The labor market can appear to be stable right up until it doesn't.
January 7, 2026 Speech
California Bankers Association Bank Presidents Seminar, Laguna Beach, California (virtual).
The application process may also include standards that make little sense when applied to community banks, like using restrictive screens for evaluating the competitive effects of mergers in rural and underserved communities.
December 2, 2025 Testimony
Before the Committee on Financial Services, U.S. House of Representatives.
As you know, the Federal Reserve is currently in the pre-Federal Open Market Committee (FOMC) meeting blackout period during which FOMC members are not permitted to discuss monetary policy. Therefore, unfortunately, I will not be able to discuss monetary policy during today's hearing.
October 30, 2025 Speech
Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting, Federal Reserve Bank of Kansas City, Kansas City, Missouri.
These thresholds should also be indexed to account for economic growth and inflation.
October 16, 2025 Speech
2025 Federal Reserve Stress Testing Research Conference, Boston, Massachusetts (via pre-recorded video).
October 9, 2025 Speech
Community Bank Conference, hosted by the Board of Governors of the Federal Reserve System, Washington, D.C..
October 9, 2025 Speech
Community Bank Conference, hosted by the Board of Governors of the Federal Reserve System, Washington, D.C..
They fail to account for economic growth and inflation over time, resulting in firms with stable growth, consistent business models, and no change in risk profile crossing asset thresholds. These firms become subject to increasingly complex and burdensome regulatory requirements and supervisory expectations.
October 7, 2025 Speech
2025 Community Banking Research Conference, St. Louis, Missouri (via pre-recorded video).
September 26, 2025 SpeechDovish
Forecasters Club of New York Luncheon, New York, New York.
Challenges for Monetary Policy Ahead Throughout my tenure at the Federal Reserve Board, the U.S. economy has experienced many challenging times, including below-target inflation and low unemployment; the effects of the COVID-19 experience, with high unemployment, strong demand enabled by fiscal support, supply chain disruptions, and high inflation; several bank failures; extraordinary immigration; and last year's recalibration of our monetary policy stance.
September 23, 2025 SpeechDovish
2025 Kentucky Bankers Association Annual Convention, Asheville, North Carolina.
In my view, the Committee should have begun lowering the policy rate at the July meeting, so, of course, I supported reducing the policy rate at this meeting.
August 19, 2025 Speech
Wyoming Blockchain Symposium 2025, Teton Village, Wyoming.
Having clear and transparent rules is not effective if these rules are unnecessarily burdensome and restrictive. So, my second principle is that rules must be well-calibrated and tailored to address risks.
August 9, 2025 SpeechDovish
Kansas Bankers Association 2025 CEO & Senior Management Summit, Colorado Springs, Colorado.
As I recognize that economic conditions are shifting, I believe that beginning to move our policy rate at a gradual pace toward its neutral level will help maintain the labor market near full employment and ensure smooth progress toward achieving our dual mandate. I see the risk that a delay in taking action could result in a deterioration in labor market conditions and a further slowing in economic growth.
August 1, 2025 StatementDovish
I remain committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our dual goals of maximum employment and price stability.
July 15, 2025 Speech
At "Unleashing a Financially Inclusive Future," the second annual Financial Inclusion Conference hosted by the Federal Reserve Board, Washington, D.C. (via prerecorded video).
June 23, 2025 SpeechDovish
At "Assessing the Effectiveness of Monetary Policy during and after the COVID-19 Pandemic," a research conference sponsored by the International Journal of Central Banking and the Czech National Bank, Prague, Czech Republic.
Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market. In the meantime, I will continue to carefully monitor economic conditions as the Administration's policies, the economy, and financial markets continue to evolve.
June 6, 2025 Speech
Georgetown University McDonough School of Business Psaros Center for Financial Markets and Policy, Washington, D.C..
A random sample of examination reports demonstrates that supervisory focus has shifted away from core financial risks (credit risk, interest rate risk, and liquidity risk, for example), to process-related concerns. While process is important for effective management, there is a risk that overemphasis on process and supervisory box-checking can be a distraction from the core purpose of supervision, which is to probe financial condition and financial risk.
April 10, 2025 Testimony
Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.
I can assure the Committee that if I am confirmed as the Vice Chair for Supervision, I will be strongly committed to these values.
March 17, 2025 Statement
Federal Reserve Board, Washington.
March 7, 2025 SpeechHawkish
2025 U.S. Monetary Policy Forum, New York, New York.
Although the FOMC has been focused on lowering inflation in the past few years, as we continue to make progress on approaching our 2 percent target, I expect that the labor market and economic activity will become a larger factor in the FOMC's policy discussions. Accordingly, the stylized results on real activity effects in the paper will prove especially useful going forward.
February 27, 2025 Speech
At The Robbins Banking Institute Lecture Series, Hays, Kansas.
And while many factors influence the health of the community bank model—including the interest rate environment, economic conditions, and alternative sources of competition for credit—we should consider whether there are actions regulators can take to support and ensure the future of community banks.
February 17, 2025 SpeechDovish
At The American Bankers Association 2025 Conference for Community Bankers, Phoenix, Arizona.
Economic Outlook and Monetary Policy Toward the end of last year, the Federal Open Market Committee (FOMC) began the process of moving the target range for the federal funds rate to a more neutral setting to reflect the progress made since 2023 on lowering inflation and cooling the labor market.
February 11, 2025 Speech
2025 Iowa Bankers Association Bank Management and Policy Conference, Des Moines, Iowa (virtual).
February 5, 2025 Speech
Kansas Bankers Association Government Relations Conference, Topeka, Kansas.
However, in periods of banks' balance sheet expansion—as during COVID-19 when we saw significant deposit inflows—leverage ratios can become the binding constraint on banks and their affiliates, increasing the amount of required capital based on increased balance sheet size regardless of risk. When constrained in this way, bank-affiliated primary dealers may pull back on market intermediation activities.
January 31, 2025 SpeechDovish
At The New England CEO Summit, Portsmouth, New Hampshire.
I supported this action because, after recalibrating the level of the policy rate towards the end of last year to reflect the progress made since 2023 on lowering inflation and cooling the labor market, I think that policy is now in a good place to position the Committee to pay closer attention to the inflation data as it evolves.
January 9, 2025 Speech
California Bankers Association 2025 Bank Presidents Seminar, Laguna Beach, California.
Update on the Most Recent FOMC Meetings At the September meeting last year, the FOMC voted to lower the target range for the federal funds rate, for the first time since we began tightening monetary policy to combat inflation, by 1/2 percentage point to 4-3/4 to 5 percent.
