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

Thank you very much, Mr. Chairman. [Applause] Well, this is a surprise. I don’t know what to say. Obviously, I’ve stayed on about a dozen years beyond the time when I could have retired because I liked the work. I joined the FOMC Secretariat in 1968 and have enjoyed the experience immensely ever since. I’ve especially liked the work atmosphere and the people I have been working with. In some cases, I’ve known you for quite a long period. For example, as I look around the table, I’m reminded that two of you were fellow staff members in the 1960s—President Poole and Governor Gramlich. And several of my former colleagues from the 1960s became members of the Board of Governors, including Nancy Teeters, Martha Seger, Lyle Gramley, Chuck Partee, and Bob Holland. Governor Kohn came somewhat later. [Laughter] Presidents Yellen and Minehan worked here at the Board as well. The one constant was the high quality of the staff and the Committee members with whom I have worked. I’ve enjoyed my association with all of you over these many years, and I thank you for the friendship that you have expressed and you, Mr. Chairman, for your very kind words this morning. Again, thank you all very much. [Applause]

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