Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Mr. Chairman, I think the statement should be a statement of the Committee. I don’t have any problem with the current governance structure, although I think it does make sense for everybody to vote on it since we hammer it out anyway. I wouldn’t change the language. We do have one sentence that we always repeat, which to me is a given—that our future policy actions will depend on the evolution of the outlook, et cetera, et cetera. I guess we should say that every time, but I’m not sure we have to say that every time. It’s a given. Otherwise, I’d keep it the same, although I promise to continue to lobby for the word “global” from here to infinity. [Laughter] Thank you.

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